||Plan History & Objective
Amendment or Termination of the Plan
- When was the Plan established?
- What is the objective of the Plan?
Operation of the Plan
- Can the Plan be changed or terminated?
- Do I have any protection from future amendments?
- What happens if the Plan is terminated?
- Can a Participating Employer ever get a refund of Pension fund money?
- How is the Plan run?
- How is the Board of Trustees set up?
Exercising Your Rights
- Are benefits taxable?
- How can I learn more about the Plan?
- Can I assign or borrow against my Pension?
- What other sources of retirement income are available to me?
- What else should I know?
- How do I exercise my rights?
Plan History & Objective
1. When was the Plan established?
The Plan went into effect on May 1, 1983. The Plan was
most recently amended in November 2000.
2. What is the objective of the Plan?
The Plan is designed to provide monthly income for life to Plan Members who retire under the Plan.
Additionally, benefits are payable if you leave the Plan, become disabled or die prior to retirement.
Amendment or Termination of the Plan
the Plan be changed or terminated?
Yes, the Trustees could cause the Plan to be terminated.
However, it is their intention that the Plan be maintained
Do I have any protection from future amendments?
Yes, amendments cannot cause the value of benefits accrued
to the date of amendment to be reduced.
What happens if the Plan is terminated?
In the unlikely event of Plan termination, you would be
entitled to the total of all contributions your employer(s)
have made to the Plan, with interest.
Can a Participating Employer ever get a refund of pension fund
Only if they have over-contributed to the Plan.
||Operation of the Plan
1. How is the Plan
The Trustees (see next question) interpret the
Plan, provide certain guidelines to the Plan administrator,
custodian, investment manager and consultant, and oversee the
running of the Plan.
The Plan Administrator (currently D.A. Townley and
Associates) administers the Plan by keeping records of service
and contributions and by calculating pensions and benefits
under the Plan.
The Custodian of assets (currently Royal Trust) holds
the pension fund assets and invests them following
instructions from the investment manager. All contributions
are made to the custodian, and all pensions and benefits are
paid by the custodian.
The Investment Manager (currently Brinson Canada) makes
investment decisions within guidelines and objectives set by
The Consultant (currently D.A. Townley and Associates)
provides direction and advice to the Trustees.
The Plan is subject to the rules for registration under
the Income Tax Act (federal) and the Alberta Employment
Pensions Plan Act and is subject to change from time to time
when those rules change.
How is the Board of Trustees set up?
The Board is a jointly Trusteed Board, meaning it has
representatives from both management and union. Four Trustees
from both sides sit on the Board, which meets semi-annually.
1. Are benefits taxable?
Benefits are included in your income for income tax
purposes when they are paid (except for lump sums transferred
directly to another registered pension plan or RRSP).
2. How can I learn more about the Plan?
In addition to this written explanation, Plan members are
entitled to read the complete Plan text and the trust
agreement. These documents are on file at the Plan
If you have any questions or require
clarification of any pension matter, contact the
administrator, at (604) 299-7482 or (800) 663-1356 by phone,
If you wish to contact the Trustees, you can write them, care
of the Plan Administrator’s office.
3. Can I assign or borrow against my pension?
Benefits under the Plan may not be assigned in any way,
except in cases where the benefits are split upon divorce.
Your pension is fully protected against all creditors except
Canada Customs and Revenue Agency.
4. What other sources of retirement income are available to me?
Old Age Security (OAS) is available at age 65 to every
senior in Canada. OAS will provide you with about $5,200 a
year (in 2001). There is a Canadian residency requirement for
this benefit, but you will receive it no matter your level of
income. If in total you make above $57,000 (in 2002) the
benefit will be adjusted downward.
Since you have been working
and contributing to the Canada Pension Plan (CPP), you will
also receive a CPP benefit. The amount of pension available
depends on how much and for how long you contribute to the CPP.
If you worked or were self-employed in most years between the
ages of 18 and 65 and earn at least the average Canadian Wage
each (about $39,100 in 2002), at age 65 you will receive a CPP
retirement pension of about $9,500 annually. You can take CPP
as early as age 60, with a 6% per year reduction from age 65
(e.g. a 30% reduction at age 60)
Both OAS and CPP are fully
indexed to the cost of living.
CPP also provides disability
and survivor benefits. Your Spouse will also be entitled to
OAS and may be eligible for CPP as well. Both these benefits
are administered by Human Resources Development Canada.
Further information is available from them on their website at
or toll free at 1-877-454-4051.
5. What else should I know?
It is your responsibility to make application to the
Trustees to receive benefits when you are entitled to them. If
the Trustees receive no application, they will attempt to
contact the person eligible to receive the payment. If they
are unable to do so, your benefit may be forfeited.
name someone as your beneficiary please advise him or her and
give them the information on how to contact the Plan
Administrator. When you change your beneficiary, please advise
the Plan Administrator. If you have not completed and filed a
beneficiary card recently, please complete the necessary
enrolment card and send it to the Plan Administrator. The card
is available through the Plan Administrator’s office.
||Exercising Your Rights
1. How do I exercise my rights?
The following rights under the Plan can be exercised at
In each case,
you should contact the Plan Administrator, D.A. Townley &
Associates, at (604) 299-7482 or (800) 663-1356. In most
cases, you will be provided with the appropriate forms to
complete. You must complete the forms and return them to the
Administrator to initiate action.
- to join
- to elect benefit options
- to commence benefits
- to obtain information.
In the following cases,
there are suggested guidelines for exercising your options:
New hire joins Plan:
Elect optional form of pension:
3 months following hire.
At least 60 days notice.
Elect 60 days
prior to election.
At least 30 days notice.