Features & Benefits
The main purpose of the Fund is to provide you with a pension during your retirement. The normal retirement age is your 60th birthday. This is the age at which you will become entitled to a retirement pension. On retirement any Voluntary Account balance is paid to you as a lump sum. If your Compulsory Account balance is less than $45,000, it will be paid to you as a lump sum.
Should you continue to work past your 60th birthday and continue to make contributions; the value of your pension will be determined by your age and the balance of your Compulsory Account at your retirement date. You cannot re-join the Fund as a member after becoming a pension member.
There are other benefits, which are set out in more detail to follow.
The rates of pensions payable (“pension rates”) are the latest pension rates recommended by the Fund’s actuary and accepted by the Trustee and the Board. Pension rates are subject to change by the Trustee from time to time based on advice from the actuary and in consultation with the Board. The pension rates payable are not guaranteed, but will not be varied for a member from the time of their first pension payment.