Increase your DBplus pension with a purchase

Posted for Members, October 3, 2019

Your DBplus defined benefit pension from the CAAT Plan will provide you with a lifetime of monthly pension payments after you retire. But did you know that you have ways to increase your pension?

If any of the following situations apply to you, you may be able to increase your pension by purchasing the eligible period:

  • You have worked for a participating employer before joining the CAAT Plan
  • You have an unpaid leave of absence during your CAAT Plan membership
  • You were a member of a Canadian registered pension plan before working for a participating employer

With a purchase, not only can you maximize your pension, but you may be able to retire sooner than you had previously planned.

Your purchase could increase your pension, enabling you to retire with a larger pension, paid from one secure source. When you retire, your whole pension, including the purchased portion, receives conditional inflation protection and survivor benefits, making it even more valuable. Not only that, but while you’re working, your whole pension, including the purchased portion, will continue to grow throughout your membership as it receives Average Industrial Wage (AIW) enhancement increases.

Learn about the benefits of making a pension purchase on the DBplus Purchases page. Completing a pension purchase can take some time, so consider starting the process as soon as you can. Keep in mind, the closer you are to your normal retirement date, the less pension you can purchase.

To start the process, use the DBplus purchase tool to get an estimate of the maximum amount you can contribute for a purchase, and the amount of pension you would receive as a result of a purchase. Once you’ve seen your estimate, you can download the form to get started.

Watch the video to learn if a pension purchase is right for you.

Do you have questions about DBplus purchases? Read the FAQ to find answers to questions frequently asked by members.

Attend a presentation on DBplus pension purchases this fall

If you’d like to learn more about pension purchases, register for a webinar (this November). We offer webinars at multiple times, so you can choose a time that works best for you. Plus, you’ll have the opportunity to get answers to your questions from a pension expert.

To attend an in-person presentation, contact your HR department to find out when one is taking place near you this fall.

 

If you have a pension in DBprime, you can increase your pension with a DBprime service purchase

Purchasing pensionable service is an important way to maximize your retirement income, and possibly retire earlier with an unreduced pension in DBprime. It may be worth it for you to consider a purchase as soon as possible because your purchased service in DBprime increases your pensionable service. More pensionable service means a larger pension. Not only that, but when you retire, your whole pension, including the purchased portion, receives conditional inflation protection and survivor benefits, making it even more valuable.

Learn if you have eligible service to purchase on the DBprime purchases page.