Your Annual Statement

As an active member of the CAAT Pension Plan, you receive an Annual Statement with information about your pension. It summarizes how much pension you earned at the end of the previous year, and shows you up to three possible retirement dates.

This isn’t just another statement you receive — it is a personalized tool just for you, making it one of the most powerful available resources. Not only is it an ongoing record of your membership, but it’s also:

  • a way to see how much pension you have earned
  • proof of a growing pension
  • a way to plan for retirement

Quick Facts

62: The average retirement age in the CAAT Pension Plan

91.3%: The percentage of members who rated the Plan’s value for their contributions as excellent, good, or reasonably good

800%: The percentage of their contributions an average retired member can expect to receive back in pension payments

Where are you in your membership?

Choose your membership stage to see how the Annual Statement can help you the most, along with other important information you may need.

I joined in the last five years

As a new member to the CAAT Pension Plan, you can use your Annual Statement to check your data and watch your pension grow. It will give you an understanding of how your pension is calculated and will show how the longer you are in the Plan, the bigger your pension gets. This will come in handy down the road when you begin making retirement plans.

If you haven’t been a member for very long, you may want to read some of our information booklets. These will help you understand how the CAAT Plan is here for you — through any life or career changes. Whether you want to increase your service through a transfer or purchase, learn about survivor benefits, or the process if leaving your job, we have a variety of resources for your needs.

Start with the Member Handbook, then try our online tools:

  • The ACE Tool shows you the estimated cost of a transfer from a previous employer’s pension plan
  • The 3-Step Estimator gives you an estimate of your pension at any retirement age you choose.

The further along in your membership you go, the more important your Annual Statement becomes. Please feel free to ask us any questions you have or to attend a New Member presentation at your employer. If you haven’t already subscribed to our email news service, visit My Pension NewsLink now, and get updates about your pension plan first.

I'm in the middle of my career

As someone who has been with the CAAT Pension Plan for a number of years, you might be starting to think about different retirement scenarios. Use our 3-Step Pension Estimator along with your Annual Statement to get a more detailed idea of your retirement options.

This is also a good time to refresh your CAAT Plan knowledge. Be sure to read our Member Handbook, which is full of useful information and tools to help you throughout your membership. Whether you have questions about survivor benefits, leaving your job, or marital status changes, we have the answers for you.

The further along in your membership you go, the more important your Annual Statement becomes. Please feel free to ask us any questions you have or to attend a Planning to Retire presentation at your employer. If you haven’t already subscribed to our email news service, visit My Pension NewsLink now, and get updates about your pension plan first.

I'm close to retirement

As a member who is close to retiring, you can apply the information in your Annual Statement to our 3-Step Pension Estimator to help with your future planning. However, if you’re within five years of retirement, you may want to request an estimate directly from the Plan. You can download a Pension Estimate form, complete it, and send it back to us.

When you’re preparing to retire, don’t forget to download Countdown to Retirement — it has all the information you’ll need in five easy steps.

Please feel free to ask us any questions you have, and be sure to attend a Planning to Retire presentation at your employer before you retire. If you haven’t already subscribed to our email news service, visit My Pension NewsLink now, and get updates about your pension plan first.

Where do you fit in our flexible retirement options?

If you are actively employed, please use the following drop-down menus, along with pages three and five of your Annual Statement, to assess your own circumstances in relation to retirement planning.

I am 65-70 years old

You are eligible for an immediate pension. All members who have terminated employment can start an immediate pension at age 65 (called “normal retirement”). If you keep working past 65, you will continue to build your pension right up to either the termination of your employment or November 30th of the year in which you turn 71 years old (at which time your pension must begin, even if you have not terminated employment).

I am 60 years old with 20 years of pensionable service

You have reached the “magic number” and qualify for an early unreduced pension. This means you can terminate employment and retire before age 65, without having your pension payments reduced. You will also receive a payment called a bridge benefit, which lasts until you turn 65.

My age plus my years of service add up to at least 85 (e.g. 55 + 30)

You have reached the “magic number” and qualify for an early unreduced pension. This means you can terminate employment and retire before age 65, without having your pension payments reduced. You will also receive a payment called a bridge benefit, which lasts until you turn 65.

I am at least 55 years old

You qualify for an early reduced pension. This means you can terminate employment and retire before age 65, but your lifetime pension payments will be reduced by 3% for each year you are away from reaching one of the following:

  • Age + pensionable service = 85
  • Age 60 + 20 or more years of pensionable service
  • Age 65

You will, however, also receive a payment called a bridge benefit, which lasts until you turn 65. Your bridge benefit will be reduced by the same percentage as applied to your lifetime pension.

I am 50 years old with 20 years of pensionable service

You qualify for an early reduced pension. This means you can terminate employment and retire before age 65, but your lifetime pension payments will be reduced by 3% for each year you are away from reaching one of the following:

  • Age + pensionable service = 85
  • Age 60 + 20 or more years of pensionable service
  • Age 65

You will, however, also receive a payment called a bridge benefit, which lasts until you turn 65. Your bridge benefit will be reduced by the same percentage as applied to your lifetime pension.


Questions about your Statement?

Review the Frequently Asked Questions, below, or contact our Member Services team by phone at 1.866.350.2228 or email member@caatpension.on.ca.

Q. Why do I receive a Statement each year?

This important document contains a variety of information, focusing on your estimated retirement dates and future pension you are expected to receive. Your Statement provides you with the most detailed information possible about your Plan membership, allowing you to see how the pension formula is applied to your individual circumstances. Over time, you can track how your benefit grows as your service increases. If you're approaching retirement, you'll be able to see at a glance the pension you have earned to the end of the previous year, as well as your projected earliest retirement dates.

Q. When can I expect to receive my Statement?

Your employer provides the Plan with payroll data such as your earnings, breaks in employment and service purchases for the previous year. Once we have received all of the required information, the Statements are processed. Your statement will be mailed to your home address before June of each year. If you have not received your statement by July, contact Member Services by phone at 1.866.350.2228 or email member@caatpension.on.ca.

Q. How is my personal information protected?

Each employer transmits member information to the Plan over a secure network. It is stored in a password-protected database, which can only be accessed by the CAAT Plan staff members who process and verify the data. Statements are then delivered to members in a lined envelope for added security.

Q. Does the Statement show my employer's contributions?

No. Your Statement only shows your contributions, service and earnings. It does not show the matching contributions made to the Plan by your Employer. With the exception of any service purchases that you have made (which will show on your Statement), your employer's contributions, including interest, are identical to your contributions.

Q. What should I do with my Statement once I receive it?

Take a close look at your Statement to make sure that the information it contains matches your records. Notify your college if there are any changes to be made to your personal information so that your file can be updated for next year. Your Statements are important financial documents and, as such, should be filed in a safe location.

Q. Why did I get a Change of information form in my Statement package?

Every year, we include a Change of information form that you can use to notify the Plan of any change to your marital status or your beneficiary designation during the year.

The forms do not allow you to change your spousal information or beneficiary designations for other benefits to which you may be entitled, for example, health benefits. To make those changes, you must contact your employer HR department.

Q. Why does my spouse show up in the Beneficiary section of my Statement?

If you have not named a designated beneficiary, and you have a spouse, your spouse name is displayed in the “beneficiary” field of your Member’s Annual Statement. Please review the Plan’s Survivor Benefits information to learn about beneficiary designations and pre-retirement death benefits.

Q. Why did my Statement arrive in the mail? In the past, I got it from my employer.

We are now mailing  Statements directly to member’s home addresses rather than sending them to employers for distribution. This change is part of the effort to provide more communication to members directly from the CAAT Pension Plan.

Q. I was on LTD. Does my annual statement include that service?

Yes. Your Statement includes all your service including LTD service, (for which neither you nor your employer made contributions).

Q. I have worked for multiple participating employers in the Plan. Does my Statement include all my employment history?

Yes. Your Statement is made up of all your Plan data – it includes your total service, earnings, and contributions – even if you earned them in multiple different employers.

Q. Why is the information in my annual statement based on last year’s data?

The Pension Benefits Act requires annual statements to be issued to members within six months of a pension plan’s year end. Our year end is December 31, so it may take up to the end of June for your statement to be mailed to you.

The process to collect and verify your pensionable earnings and service data needed to update your pension record and, from that record, produce your updated annual statement takes some time. Your employer provides the data up to December 31 of the prior year in Mid-March of the following  year. The Plan checks for any unexpected variations in the data and follows up with your employer if needed. Once the data is validated, your pension record is updated and your annual statement is mailed to you. This lengthy process is currently conducted only on an annual basis.

Q. I misplaced my annual statement. Can I get another copy?

Yes. You can contact the Plan by phone at 1.866.350.2228 or email member@caatpension.on.ca to request a copy of your annual statement.

Q. Can I see my annual statement online?

At this point we do not have a secure website where members can access their personal pension information. You can, however, use our online 3 Step Pension Estimator with or without your printed annual statement, to project your pension to various retirement dates. The 3 Step Pension Estimator can be found here.

Q. Can I receive my annual statement by email?

We do not yet have the capability to deliver annual statements electronically and securely. Security is vital given the personal and private information contained in the statements. This is a service that we are working toward in future.


 

Want to learn more? Read what our Annual Statement expert has to say!