Frequently Asked Questions

While in the Plan

• 1. What are my rights and obligations as a Plan member?
  Canada Life has placed a helpful summary of your rights and obligations as a Plan member at their website (My Canada Life at Work), logon, click Tools and resources → Planning and learning → Learning centre and use the drop down "Select a topic" menu and choose "Rights and responsibilities". Please also refer to the Member Booklet for your particular province for further details. These FAQs are designed to help you in exercising your rights and to help you with your responsibilities to be informed about the Plan making use of the tools provided to you.
• 2. How do I change my personal information (e.g. address, phone number, e-mail address, etc.)?
  There are three ways to change your information: 1. Go to the Canada Life website (My Canada Life at Work), logon, on your initials in the top right hand corner and click "profile", or, 2. Call Canada Life using the directions and toll-free number on the Accessing your profile tab, or, 3. Complete the form "Change of Member Information" and mail it to the Canada Life address shown on the form.
• 3. Can I choose not to participate in the Plan?
  If your employer is a Participating Employer in the Plan and you are eligible, then your employer must offer you the chance to join. If you do not wish to join, please sign the required Waiver form. On this form, you acknowledge that the plan was offered to you and that you chose not to participate. Please give the completed Waiver from to your employer. Your employer will retain the form and send a copy to CCCC. NOTE: Financial advisors strongly advise that eligible individuals should participate in a pension plan so as not to miss out on the opportunity to accumulate Employer contributions for your retirement.
• 4. I understand I can make extra contributions to the Plan. What are the rules and how do I do it?
  These are called Additional Voluntary Contributions and they can be made subject to the maximum set by the Income Tax Act. The total of all contributions (Employer, Employee and Additional Voluntary Contributions) cannot exceed the yearly limits. For example: if your employer is contributing 5% and you are required to match it with 5%, then you can make additional voluntary contributions up to the current yearly limit, set out in the table of contribution limits. Voluntary contributions MUST be submitted through your employer so that they can be recorded on your T4 slip and be part of the Pension Adjustment calculation to keep things in order when you file your annual income tax return.
• 5. Which is the best choice of the investment options from those set out by the Trustees of the Plan?
  This is a personal decision for you to make. Your choice of investments always depends on the amount of risk you think is appropriate. This can vary based on your overall financial situation, your time horizon (how long until you plan to retire) and other considerations. The Plan provides a range of options from guaranteed rates to equity funds for you to choose from. Canada Life has information for each of these funds at their website (My Canada Life at Work), logon, then click Tooks and resources → Investments → Fund reports. For assistance to help you make a decision that is best for you, you can take a survey to determine your risk tolerance and use planning tools at the Canada Life website (My Canada Life at Work), logon and click Tools and resources → Planning and learning → Plan your retirement.
• 6. What if I didn't make an investment choice when I filled out the membership enrollment form?
  Your contributions will be placed in the Fidelity ClearPath® Fund closest to your 65th birthday. This fund is made up of an asset allocation of equities and fixed income investments that maximize growth opportunities early on and gradually adjust to become more conservative (meaning less risk) as your expected retirement date approaches. This fund is the 'default' where funds are invested when the member has not made a choice of investments.
• 7. What does "locking-in/locked-in" mean?
  Locking-in occurs when provincial pension legislation does not allow you to take a cash settlement. Once locking-in has occurred, your employee and employer required contributions plus growth cannot be withdrawn in cash and must be used to provide you a pension at retirement.
• 8. Can I take funds out of my account while still employed by my employer (a Participating Employer in the Plan), ahead of my retirement?
  No.
• 9. How do I get a statement of my account?
  You will receive one in the mail from Canada Life once a year in January for the prior fiscal (calendar) year. You can print out a statement anytime from the Canada Life website (My Canada Life at Work), logon, click "Statements".
• 10. How do I know how well my investment choices are doing?"
  You can check your investment performance at any time at the Canada Life website (My Canada Life at Work), logon, click the "Your plan" button on the overview page to view your overall rate of return and the rate of return for each fund in which you are invested. More detailed statements are available under the "Statements" tab on the side menu.
• 11. Do I have to begin receiving my pension at age 65?
  Subject to your employer’s policy and applicable provincial legislation, you may postpone your retirement but you must commence receiving your pension by the end of the calendar year in which you attain age 71.
• 12. What happens to my account if I die before coming to retirement age?
  Your spouse or beneficiary will receive a death benefit equal to your Members Total Account. The payment of the death benefit will be subject to applicable provincial legislation. Some provinces allow a lump sum payout; in other provinces the funds must remain in a locked-in plan of some kind. Contact the Canada Life Access Line on the Accessing your profile tab.
• 13. I am about to take Maternity/Parental leave. Can I continue to contribute to the CCCC pension plan?
  If your employer’s participation agreement does not require employee contributions, your employer must continue to make contributions during your statutory maternity or parental leave. If your employer’s participation agreement does require employee contributions, you must continue to make employee contributions in order for the employer to continue to contribute. If you inform your employer in writing (using a specific Waiver Form available from your employer) that you do not intend to make contributions during your leave, then both you and your employer are not required to contribute during this time. Contributions must begin again when you return to work.
• 14. What is the difference between contributing to a RRSP (Registered Retirement Savings Plan) or a RPP (Registered Pension Plan) such as the CCCC Multi-Employer Pension Plan?
  A contribution to a RRSP can be used as a tax deduction when you file your tax return whereas a contribution to an RPP reduces your taxable income "at source" (i.e. each pay period). It depends on your individual circumstances which is most advantageous to you. Usually, the RPP is the best option (especially since your employer is contributing on your behalf and the employer’s contribution is not subject to statutory deductions - i.e. CPP, EI and taxes).
• 15. I haven't yet completed my Application for Membership form to join the plan because I am not sure which investment choices to select. Is there a resource to help me?
  Yes! Canada Life provides enrollment guides that includes a questionnaire and online access to fund reports to assist you with this decision. You may request a guide from your employer.
• 16. I would like some help filling out my Application for Membership and understanding my investment options. Is there someone I can speak to?
  Yes! A Health and Wealth Consultant is a customized member experience guide that can be contacted at Canada Life for personalized, one-on-one guidance. They can help with registering your online account, understanding the details of your plan, monitoring your savings goals, reviewing your investment options, and answering your group plan questions. Book your appointment today: http://www.canlife.co/bookanappointment

When leaving employment before retirement

• 17. Can I begin receiving pension benefits before age 65?
  You may retire earlier (than age 65) on the first of any month after the attainment of age 55.
• 18. What do I need to do when terminating employment?
  Your employer will have a form called "Notice of Member Termination". This needs to be completed and sent to Canada Life. Canada Life will then send you a statement of your account along with your options upon termination.
• 19. What are my options for my funds when I terminate employment?
  This depends on whether your funds are "Locked-in" or not and on the applicable legislation of your province of employment. You will always have the options of leaving your funds in the CCCC plan (until you reach the age of 71) or transferring your funds to another financial institution or transferring your funds to another registered pension plan (if your next employer has such a plan). If some or all of your funds are not locked-in, you may request a cash payout. Remember that tax will be withheld on any cash payout and the amount of the payout is considered part of your taxable income for that year. You can contact Canada Life for advice on your particular options. See the contact information on the Accessing Your Account page.
• 20. Will I be able to take all my funds in cash when I leave the Plan (terminate employment)?
  This depends on whether you have any funds that are not locked-in. If you have made any voluntary contributions they will be available to be taken in cash. Otherwise, it depends on the applicable legislation for your province of employment. Remember that any cash payout of your funds must be included in your taxable income for that year and that tax will be withheld on the payout. You can contact Canada Life for advice on your particular options. See the Canada Life contact information on the Accessing Your Account page.
• 21. If my funds are locked-in and my employment is terminated, what are my options?
  You may leave your funds with the Plan, or, you can have them transferred to any Canadian financial institution. They must be transferred to another plan or financial vehicle which is locked-in. The financial institution receiving your funds is required by law to keep your funds on a locked-in basis. Such plans may include Locked-in RRSP’s, Life Income Funds (LIF) or Locked-in Retirement Accounts (LIRA). You can also transfer your funds to another Registered Pension Plan (RPP) if your new employer has such a plan and can accept such transfers. Locked-in funds must be accepted on a locked-in basis and retained on a locked-in basis until your retirement. Contact Canada Life or ask your financial adviser for details. See the Canada Life contact information on the Accessing Your Account page.
• 22. When I leave my employer do I have to remove my funds from the CCCC pension plan?
  No, you can leave your funds in the CCCC plan to accumulate growth until the end of the year in which you turn 71. At age 71, your funds must be converted to a pension generating financial vehicle. NOTE: Keep Canada Life updated with your current address so you can continue to receive statements and information.

When retirement is immient

• 23. What do I do when my retirement is imminent?
  You should discuss your options with a qualified financial advisor. Your account with the CCCC pension plan is to be used to purchase a pension generating financial vehicle. Your individual circumstances need to be considered when choosing the plan that best meets your needs.
• 24. Can I begin receiving pension benefits before age 65?
  You may retire earlier (than age 65) on the first of any month after the attainment of age 55.
• 25. Do I have to begin receiving my pension at age 65?
  Subject to your employer's policy and applicable provincial legislation, you may postpone your retirement but you must commence receiving your pension by the end of the calendar year in which you attain age 71.
• 26. Does CCCC pay me my pension when I retire?
  No, the CCCC pension plan is a Defined Contribution ("Money Purchase") Plan which means it is designed to accumulate employer and employee contributions and growth on a tax sheltered basis. The member's total account is then used to purchase a pension generating financial vehicle upon retirement. Such instruments can include Annuities, Life Income Funds (LIF) and Locked-in Retirement Income Funds (LRIF). You should discuss your options with a qualified financial advisor.
• 27. I now live in the USA (or other foreign country) and I am nearing retirement age. How do I get my pension income?
  Your account must be used to purchase a pension generating plan in a Canadian financial institution. Some banks will work with you regarding receiving your benefits in the USA (or other foreign country) but your account cannot be transferred to an American or foreign financial institution. You should first contact the financial institution with whom you did your banking while in Canada to see if they can assist you. Should you have any difficulties, please contact us at the CCCC office by phone at 519-669-5137 or by email.
• 28. What if I plan to continue working past age 71?
  Contributions to your pension cannot continue past December 31st of the calendar year in which you turn 71. You are required to begin collecting your pension benefit by December 31st. During the year you turn 71, Canada Life will be in touch with you regarding your options and request that you make an election (decision) of your plans by October 31st. Additional resources to assist you with your planning are available on this page.