If you work part time or on contract, you are earning your pension under the DBplus design as of January 1, 2019. Starting in April, you have the option to make a pension purchase to increase your income in retirement.
- Did you work part time or on contract for a participating employer before joining the CAAT Pension Plan, or have an unpaid leave of absence during your Plan membership?
- Before joining the CAAT Plan, did you work for an employer with a Canadian registered pension plan?
If these situations apply to you, you may be able to increase your DBplus pension by making a pension purchase.
How do I get started?
Use the resources on the Increasing your pension section of our website to see if a purchase is right for you:
- First, visit the DBplus purchases page to learn how a purchase can help you maximize your retirement pension. You’ll find a pamphlet, links to the DBplus purchase tools, and a list of the types of purchases you may be eligible to make.
- Next, use the DBplus Estimator to estimate your lifetime pension. Once you’ve done that, you can see how much value a purchase could add to your lifetime pension by entering the eligible funds available to you. (In DBplus, the funds for most purchases must come from a registered retirement savings account, such as a LIRA or an RRSP.)
- Then, if you decide that a purchase is right for you, visit the DBplus Purchase Tool to begin the purchase process. In this tool, you’ll enter information such as your T4 earnings for the period you wish to purchase, so that you can get a detailed estimate. With this information in hand, download and complete the form you’ll need to send to the CAAT Pension Plan, and the timeline that will guide you through the process. Purchases can be made at any time until you leave your job or retire.
You can use the DBplus Estimator and DBplus Purchase Tool as often as you want; your information is not saved or transferred to the Plan, and there is no obligation to make a purchase.
A purchase is a great way to increase your DBplus pension and consolidate your retirement income, so you can collect it from one source at retirement. The Plan will start processing purchases in April. To stay up to date and learn more, visit DBplus purchases.
If you work full time and you are earning a pension in DBprime, the purchase process hasn’t changed. Visit the updated Increasing your pension section of our website for more information.