How the Plan Works
- You can start collecting your pension as early as age 55 or as late as age 71.
- Collecting your pension before age 65 will reduce your pension payments, starting after 65 will increase your payments.
- You can continue working after you start collecting your pension, but any contributions made will not change your pension. Note: This is true for the Canada Pension Plan, Old Age Security and for the Cement Masons’ Pension Plan.
It is advisable that you consult a financial planner to help you plan your money needs. If you retire at age 65, the odds are that you will live at least 20 years or longer and you will need to be able to pay your bills with only your retirement income. By law, you must convert any RRSP savings you have into an income stream no later than December 31 in the year you turn 71. There are also rules about how much you must withdraw from savings every year that a financial advisor may be able to help you with. Also, consider purchasing extended health insurance for any medical expenses are likely to be a concern.
To Apply
You must formally apply for your Cement Masons’ pension – it isn’t automatic.
What We Need from You
1. Pick up your application form
Call the office (Bilsland Griffith Benefit Administrators) at 1-877-623-6368, email [email protected] or make an appointment in person to pick up your application form.
2. Complete your application form
The application form has three parts:
- Application to Retire – In this section, fill in your name, address, phone number and the date you want to retire. This is important because pension payment and amounts can vary depending on your actual age in years and months on your retirement date. Note that your retirement date can’t be in the past or too far in the future.
- Spousal Declaration – If you are legally married or common-law, your spouse has rights regarding your pension. If you are separated or divorced at the time of your retirement, you will have to provide a copy of a binding separation agreement or divorce decree that indicates any property division.
- Designation of Beneficiary – If you have already designated your beneficiary, completion of this section isn’t crucial unless there are changes you wish to make. Note: If you are married, by law, your spouse is automatically your primary beneficiary.
- You must also provide proof of your age and identity.
- We require formal authorization for Direct Deposit so we can pay your pension. Note that pension payments are not paid by cheque unless you move out of country. In this case, please contact the office as special arrangements may be needed.
Once your application is completed, it will take approximately two weeks for the Plan’s Actuary to calculate your pension options. We will then prepare a formal Retirement Statement to explain these options for you to choose from.
Feel free to sit down with the Plan Administrator to talk about any of these issues. Call the office Bilsland Griffith Benefit Administrators at 1-877-623-6368 to make an appointment.