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Pension Plan FAQs

The following are the most commonly asked questions by Members regarding their Pension Plans. If you have questions after reading this information, please contact the Plan Administrator.

Where can I get detailed information on my specific Pension Plan?
Every Member of every Pension Plan is issued a Pension Plan Booklet when they enroll in the Pension Plan. This should be your first resource for detailed information on your Pension Plan. If you have misplaced your booklet or did not receive one when you enrolled in your Plan, please contact the Plan Administrator.

What kind of Pension Plan does my company/union have?
There are two basic types of Pension Plans:

  • Traditionally, most Pension Plans were “Defined Benefit” Plans. This means that the formula that will be used to calculate your Pension benefits is pre-determined. Usually it is tied to your annual earnings while working. For example, the Pension benefit formula used to determine your annual Pension benefit at retirement might be: 50% of your earnings in the year immediately prior to retirement. If you earned $60,000 in your final year of employment, your Pension benefit would be $30,000/year.
  • The newer form of Pension is a “Defined Contribution” Plan. In a Defined Contribution Plan, the amount that the company contributes into your Pension Fund each year is determined in advance. The company might contribute a fixed amount each year (e.g. $1000) or they might contribute a percentage of your earnings in the year (e.g. 3%). The amount of Pension that you receive at retirement will be determined by how much the company contributes to the fund each year and how much interest is gained by the fund prior to your retirement.
Health Benefits

Health Benefits

Security against financial hardship accompanying sickness.

Protection against financial hardship that often accompanies sickness, accident or death is important to all of us. Your Plan is intended to bring greater peace of mind and an increased feeling of security to you and your family.

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Pension Plans

Pension Plans

Plans designed to provide income for life.

Walking along a tropical beach, hitting the links for 18 holes or just sitting under a shady tree with a cold drink – everyone’s idea of retirement is slightly different. Your group’s Pension Plan is an important part of being free to live out your dreams.

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Employers

Employers

We can help make sense of all your options.

We work with you to understand your needs and advise you of all the market has to offer. One size doesn’t fit all, so we propose customized solutions to each of our clients based on their unique needs and circumstances.

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Brokers

Brokers

We're in business to mind your business.

We pride ourselves on delivering exceptional service to our business partners. We survey the entire market so that you can be assured that the Plan we propose is the best that the market has to offer to your client.

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