Pension Plan (Canada) - IUPAT

In order to elect either of these optional forms ofpayment, you must file a written request with theFund Office prior to the date your pension is scheduledto begin. See Applying for Benefits sectionfor further details.What if I Don’t Have a Spouse on the Date MyPension Begins?Your normal, early, disability or deferred retirementpension will be paid to you in equal monthly paymentsfor as long as you live, with a minimum guaranteeof 60 monthly payments. If you die beforereceiving 60 monthly payments, your beneficiary orestate will continue to receive benefit payments untilthe balance of the 60 guaranteed payments hasbeen paid. If you die after receiving 60 monthlypayments, your pension payments will cease withthe last payment payable in the month of your death.Your beneficiary is the person or persons you havedesignated to receive benefits from the Plan uponyour death.Optional Form—10-Year GuaranteeThis option gives you a monthly pension paymentfor as long as you live, with the first 120 monthlypayments guaranteed. If you die before receiving120 payments, your beneficiary will continue toreceive benefits until a total of 120 monthly payments,before and after your death, have beenmade. If you die after receiving at least 120 monthlypayments, your pension payments will cease withthe last payment payable in the month of your death.If you elect this option and you are age 65, theamount of your monthly pension benefit will be 94%of the unreduced pension to which you are entitled.This factor will be decreased by 0.9% for each yearthat you are older than age 65. For each year thatyou are younger than age 65, the factor will be increasedby 0.4%. The factor will never exceed 99%.For example, if you are age 66 when you retire andelect the ten year guarantee form of payment, thepension payments you receive would be 93.1 % ofthe unreduced pension to which you would havebeen entitled.In order to elect this optional form of payment, youmust file a written request with the Fund Office priorto the date your pension is scheduled to begin. SeeApplying for Benefits section for further details.Survivor BenefitsIs My Spouse Protected if I Die Before I Retire?If you are vested and die before you retire, yourspouse (providing he/she meets the definition ofspouse as defined by law) is entitled to a pre-retirementspouse’s benefit. The benefit is payable as animmediate monthly pension for the lifetime of yourspouse. The value of this monthly pension is equalto the lump sum value of the benefits you haveearned to the date of your death.Depending on the province in which you live, yourspouse may have the option of receiving this benefitas a lump sum cash payment or transferring thelump sum amount under the portability option. (SeeWhat Is the Portability Option? section above). Yourspouse will be advised of the available option at thetime of application for benefit.If you are employed in Ontario, British Columbia, orManitoba, you and your spouse may waive the paymentof the pre-retirement spouse’s benefit by submittinga Spousal Waiver Form to the Fund Office.Once you file the waiver form with the Trustees, yourspouse will not be eligible for the pre-retirementspouse’s benefit, and you can designate a beneficiaryfor the pre-retirement death benefit explainedbelow.What Happens to My Benefits if I Don’t Have aSpouse?If you are vested, and die before you retire, and youdo not have a spouse eligible for the pre-retirementspouse’s benefit, your beneficiary is entitled to receivethe pre-retirement death benefit. This benefit ispayable to your beneficiary (or estate if you havenot designated a beneficiary) as a single lump sumwhich is equal to the value of the benefits youearned up to the date of your death.—15—