As part of the ongoing initiative to provide more working Canadians with defined benefit pensions in retirement, CAAT has recently welcomed a number of new members from across the country. Provincial pension legislation defines minimum pension standards that may apply to individual member entitlements. Although most of these standards are consistent across the country, there are some differences that impact pension administration—for example, the definition of “spouse” varies by province. While provincial legislation sets the minimum standards that apply to member entitlements, it is important to note that the CAAT Plan terms generally provide a better benefit than the minimums permissible under legislation.
In November, the Plan’s Governors passed a series of “housekeeping” amendments to make the language in the Plan Text more generic and applicable to members employed outside of Ontario. For example, references to specific Ontario-based legislation now refer to “applicable legislation” instead. These changes ensure that each member’s pension is administered in accordance with the applicable legislation in their province of employment.
In addition, the Plan Text was updated to refer to the Ontario Regulator by its new name, the Financial Services Regulatory Authority of Ontario (FSRA) (previously known as the Financial Services Commission of Ontario (FSCO)). The CAAT Pension Plan continues to be registered in Ontario as the majority of Plan members are in Ontario.
These housekeeping amendments do not change the pension you are earning or receiving, and no action is required by you.