This page is for members who were deferred from the ROM Pension Plan before January 1, 2016. If you became a deferred member after January 1, 2016, this page does not apply to you. Please visit the active member page for more information on how your combined ROM Pension Plan and CAAT Pension Plan benefits are determined and the options available to you.
Do you work part-time or on contract?
Visit the DBplus page to discover how DBplus will maximize the lifetime pensions of members who work part-time or on contract.
How do I start collecting my Deferred pension?
Contact the CAAT Pension Plan directly if you want to start your deferred pension.
You can email us at email@example.com, or call 416-673-4801 / 1-866-350-2228.
Payment of pension entitlements after the merger
Your pension entitlements from the ROM Pension Plan have been transferred to the CAAT Pension Plan and will be paid from the CAAT Pension Plan when you start your pension. You can start receiving your deferred pension as an unreduced pension on the first of the month coincident with, or following your 65th birthday, or any time after your 55th birthday, with a reduction.
If you choose to start your deferred pension early (before age 65 and after age 55), the pension will be reduced on an actuarially equivalent basis for pension benefits earned after January 1, 2010 and reduced on the same basis as an early retirement pension for pensionable service before January 1, 2010.
- If member retires at age 60 or older the reduction is: 2% per year the member is away from age 65
- If the member retires before age 60, the reduction is: 5% per year from retirement age to age 60, and 2% per year from age 60 to age 65
The pension benefit does not change as a result of the merger and, as described below, is once in payment, is also eligible to receive the CAAT Pension Plan’s conditional inflation protection provisions. You will not be able to transfer the value of your pension out of the CAAT Pension Plan, unless the transfer is made prior to your normal retirement date and is to another registered pension plan in Canada provided it is not an individual pension plan.
How the inflation protection applies to your pension
When you start your pension, it qualifies for the CAAT Pension Plan’s conditional inflation protection provision. Under this provision, inflation protection increases for pensions in pay are made whenever the CAAT Pension Plan’s funded status is over 100%.
Provided the CAAT Pension Plan’s funded status is over 100%, increases are applied each January 1 to pensions in pay and are equal to 75% of the annual percentage increase in the CPI.
In no event will the cumulative amount of inflation protection increases provided under the CAAT Pension Plan’s conditional indexing provisions on and after January 1, 2016 be less than the cumulative increases you would have received under the ROM Pension Plan based on its indexation provisions had your pension remained payable from the ROM Plan on and after January 1, 2016.
Under the terms of the pension plan merger, ROM Pension Plan pre-retirement and post-retirement survivor benefit provisions are replicated under the CAAT Pension Plan. If a deferred member dies prior to starting their pension, the pre-retirement survivor benefit is a lump-sum equal to the value of the deferred pension for pensionable service after December 31, 1986, plus a refund of contributions for pensionable service before January 1, 1987 with interest. The post-retirement survivor benefit will depend on your marital status when you start your pension.
Normal form of pension
Your survivor benefits will depend on your marital status when you start your pension:
Spouse at retirement
If you have a spouse when your pension starts, your pension will include a survivor pension. If, when you die, that spouse is alive, your spouse will receive 60% of your pension at the date of your death for the rest of his or her life (with additional provisions for dependent children on the death of the spouse). If total payments to you, your spouse and any dependent children are less than your contributions with interest at your pension start date, the excess will be payable to the estate of either you, your spouse or your dependent children.
No spouse at retirement
If you do not have a spouse when your pension starts, your pension is payable for life and guaranteed for 60 months. That means if you die before 60 pension payments have been made, the remaining amount will be paid in a lump sum (less withholding taxes) to your beneficiary or estate.
Income Tax Act (ITA) Maximum Pension
Both the ROM Pension Plan and the CAAT Pension Plan are registered pension plans, which can only pay pensions up to the Income Tax Act (ITA) maximum pension.