How to use the DBplus Purchase Tool

Deciding whether or not to make a purchase is entirely up to you. The CAAT Plan provides tools to help you determine if a purchase is right and affordable for you, before you make the commitment to buy.

With the DBplus Purchase Tool, you can get an estimate directly from our website. The DBplus Purchase Tool will show you the maximum amount you are eligible to contribute for the purchase, and the amount of pension you would receive as a result of the purchase. You can also get an estimate of your pension if you were to contribute a lower amount for the purchase.

Once you’ve received your estimate and have decided to pursue the purchase, you can download and complete the purchase application form, which is generated once you use the DBplus Purchase Tool. Your current employer, and possibly your former employer will have to assist you to complete the form.

Once you’ve received your estimate, you are under no obligation to proceed with the purchase.

Step 1 – Get an Estimate using the DBplus Purchase Tool

To get started, you will input a few pieces of information into the DBplus Purchase Tool. You can then enter the amount of funds you have available for the purchase from your registered savings account (RRSP or LIRA), and the date you would like to make the purchase. The tool will calculate the maximum you can contribute for the purchase, and the amount of pension you would receive as a result of the purchase. It also estimates the value you would receive throughout your retirement as the result of having added the purchased pension to your total pension.

You can also enter an amount lower than the maximum, if you wish to make a purchase using less than the maximum amount.

Once you have an idea of the value of the purchase, you can decide whether or not a purchase is right for you.

It’s important to note that the cost and pension amount you can purchase shown by the tool are estimates only. The actual amounts will only be determined once you’ve submitted the appropriate forms to receive a formal quote.

Step 2 - Submit your Pension Purchase Application form

The DBplus Purchase Tool makes it easy to start the process! Once you’ve completed your estimate, download the Purchase Application Form. To find the form, click “Detailed Explanation” on the tool.

You and your employer (or former employer, if applicable) will complete the form. The information provided on the form is used by the CAAT Plan to determine the maximum amount you can purchase, and the pension you would receive as a result of the purchase.

When the form is completed, your employer will send it to the CAAT Pension Plan.

Note: There may be some situations in which it may be difficult to retrieve your earnings data, (e.g. old employment records no longer exist). In these cases you may have to provide other documents such as T4s, employment contracts, annual pension statements or termination option documents from the prior plan to verify your earnings for the period of the purchase.

Step 3 – Make your purchase

You will receive an information package by mail, which shows the maximum amount you can contribute for the purchase, the amount of pension you will receive as a result of the purchase, and deadlines to complete the process.

You can make your final purchase decision when you have received the package. If you don’t make the purchase within 90 days, you can choose to make it any time while you are a contributing member, but the amount of pension you can purchase will be recalculated and will change.  

Step 4 – Confirmation Letter

Once your payment is received, the CAAT Plan will mail you a confirmation letter.

Note: You may wish to seek independent financial advice, particularly around the tax implications of this purchase.