A few simple steps

Normal Retirement

You should check with your College's Human Resources representatives to see when to apply for normal retirement, and what documents you will need. They will start the process by helping you complete and sign a TRD Pension Claim form to send to the CAAT Plan. This form details your service and earnings history.

The Plan will then calculate your pension and send you a Retirement Option Document and any other forms you may need to complete and sign, such as TD1 income tax forms. You'll need to supply a void cheque, and you may need to supply proof of age for yourself and for your spouse. To make sure your benefit starts as soon as possible, complete all paperwork accurately and submit it promptly.

Your pension is payable for the rest of your life on the first business day of each month following your retirement date. If the Plan receives your complete paperwork in a timely manner, you will get your first payment, by direct bank deposit, on the first business day of the month after you retire. Otherwise, your pension will start on the first business day of the next month, along with any retroactive payment. Income tax will be deducted from your payments, based on the amounts you claimed on the TD1 forms.

One other thing...

Although your official pension can only be calculated by the Plan at the time you retire, you can get an informal estimate using the online Pension Estimator. It provides an approximation of your pension amount based on your age, Highest Average Pensionable Earnings, and Pensionable Service. Your most recent Annual Pension Statement, which you receive from your College each year, is a good source of the information you need to complete an estimate.

January 2009