Deciding whether or not to purchase this service is entirely up to you. The CAAT Plan provides tools to help you determine if a service purchase is right and affordable for you, before you make the commitment to buy.
With our Actuarial Cost Estimate (ACE) Tool, you can get an estimate of the service purchase cost directly from our website.
An actuarial cost is the estimated cost of purchasing your service based on your current age and salary rate. Using the ACE tool, you can determine the cost of purchasing a certain number of years of service or the number of years of service you can purchase with a certain amount of money.
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 ACE Tool. Your current employer, and possibly your former employer will have to assist you to complete the form.
The Actuarial Cost Estimate is the estimated cost of purchasing your service, based on your current age and salary rate. Using the ACE Tool, you can determine the cost of purchasing a certain number of years of service or the number of years of service you can purchase with a certain amount of money.
Once you’ve received your Actuarial Cost Estimate, you are under no obligation to proceed with the purchase.
Step 1 - Get an Actuarial Cost Estimate
Before you can get a formal purchase quote, you will need to visit our online Actuarial Cost Estimate tool.
Simply input a few pieces of information, such as your current age, current service and salary, and our online tool will provide an estimate of the cost of purchasing your service.
Once you have an idea of the approximate cost of purchasing this service, you can decide whether or not a purchase is right for you. It may be that the funds available to you from your previous employer will not be enough to purchase all of the service available to you. In that case you may decide to purchase less service. It may help to use our online Pension Estimator to see how much the additional service will affect your CAAT Plan pension.
It’s important to note that the cost shown is an estimate only. The actual cost will only be determined once you’ve submitted the appropriate forms to receive a formal quote.
Step 2 - Submit your Service Purchase Application form
After you’ve used the online ACE Tool to complete your estimate, you will be able to download a Purchase Application form. If you decide to proceed with the purchase, this form will have to be completed and returned to the CAAT Pension Plan. There’s no deadline to submit the form to us.
The “member” portion of the form asks for basic information that will identify you. Complete this section and submit the form to your previous employer. The details that your previous employer will provide, such as your earnings and service history, will be used by the CAAT Plan to prepare a formal quote based on actual data.
Return the completed and signed purchase application form to the CAAT Pension Plan.
Note: There may be some situations in which it may be difficult to retrieve your earnings and service data, (e.g. old employment records no longer exist). In these cases you will have to prove your eligible service using documents such as T4s, employment contracts, annual pension statements and termination option documents from the prior plan.
Step 3 – Make your purchase
You will receive an information package by mail. It will include a formal quote which will provide the actual cost of purchasing the service, along with your payment options and deadlines. Once you’ve received the quote, you’ll have 90 days to let the Plan know if you intend to proceed with the purchase.
If you don’t make the purchase within 90 days, but choose to make it at a later date, the CAAT Plan will prepare a new quote based on your age and salary at the time.
Step 4 - Confirmation letter
Once your payment is received, the CAAT Plan will mail you a confirmation letter.