Retirement

Less than 40% of Canada’s working population is fortunate enough to belong to an employer-sponsored pension plan. As a member of the CAAT Plan you have access to a stable source of income from the time you retire until your death.

The pension is calculated when you retire, using a formula that takes into account your years of work and your salary. One of the most important things to remember is that you can’t outlive your CAAT Plan pension. Once you retire, your pension is paid to you every month for the rest of your life.

The CAAT Plan pension you will receive is more than just a monthly payment. It's composed of several pieces that not only protect you, but also your loved ones:

Early Retirement

One of the advantages of membership in the CAAT Pension Plan is the ability to retire at the right time for you – from as early as age 50 (if you have 20 years of service or more) or age 55 if you’re vested – and receive a pension income for the rest of your life. Your early pension will include an additional payment, called a bridge benefit which is payable until you turn 65.

Late retirement

The Plan’s flexibility extends beyond choosing to retire early. Some members, who are enjoying their work, choose to keep working in the college system well past age 65. With the CAAT Plan, as long as you are working you are building a bigger pension. The latest you can contribute to the plan and build your retirement benefit is age 71. At age 71, even if you continue to work, you have to start collecting your pension.

Inflation Protection

Your pension may increase each year thanks to an extra payment called “inflation protection”. It is a form of protection against increases in the cost of living and decreases in the value of a dollar. It also applies to bridge benefits, spousal pensions and deferred pensions.

Survivor Benefits

Survivor benefits provide your eligible surviving spouse with income upon your death. If you’re married when you die, your spouse will receive a pension equal to 60% of your lifetime pension at the date of your death, paid for the rest of his or her life.

Planning tools and support

Planning in advance is important if you have goals you would like to achieve in your retirement. Even if your aim is simply to maintain your current standard of living after you stop working, you will need to take the appropriate steps in advance to achieve it. The CAAT Pension Plan fits into your total retirement plan. Read on to learn more.

As a CAAT Plan member, you have access to tools that can help you with your retirement income goals. By using your Annual Pension Statements you can get an idea of your future pension. Or use our online Pension Estimator to model the best retirement time for you. This is an excellent starting point for mapping your retirement savings strategy and for determining if early retirement is a possibility.