Members > Pamphlets > Terminating Employment

Getting the process started

Termination

Member Handbook - Termination

Once the date of your departure is established, your College will outline the options you have, and will give you the forms you need.

The first step is to complete and sign a TRD Pension Claim, with the help of your College. The options available to you will depend on your age, how long you have been a Plan Member, and the amount of Pensionable Service you have.

So what's a...Deferred Pension?

This is the pension you earned, which you choose to start at a later time. The pension money remains in the fund until you let the Plan know that you are ready to start receiving it. It is expected that you will begin to receive it at age 65. You can choose to start it any time after you reach age 55, but there will be a reduction of 5% per year if you do. This reflects the extended length of time you are expected to collect it. It's important to keep the Plan informed of any change of address if you choose a Deferred Pension.

So what's a...Commuted Value transfer?

This is what your pension is worth today, in a lump sum. You can transfer this amount to a locked-in RRSP, to another registered pension plan you are joining (if that plan accepts such transfers), or to an insurance company to purchase an annuity. The Commuted Value transfer is not available to Members who have reached age 55.

Once you have transferred your Commuted Value, you will be entirely responsible for subsequent investment returns, and you will receive no other benefits from the CAAT Plan.

So what's an...Early retirement pension?

This is any pension that begins before a Member reaches age 65. Depending on your circumstances, this pension may or may not be reduced. For more information, get a copy of the pamphlet called Early Retirement.

January 2009