Pension Calculation - CUPW Vancouver

RETIREMENTBENERTS TAB 7. PAGE 1 PARTICIPANT

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() Pension Calculation

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Retirement: Taking Charge of Your Future

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RETIREMENT BENEFITS TAB7.PAGE2 PARTICIPANT

Retirement benefits

~ The retirement benefits are designed to best meet the needs of retirement and its

various circumstances.

~ The benefits available to you will depend on your age, the years of service to

your credit and, in some cases, the reason why your employment ended.


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RETIREMENT BENEFITS TAB7,PAGE3

PARTICIPANT

Pensionable service

~ Pensionable service means the years (complete or partial) to your credit at

retirement, including any periods of elective service regardless of whether you

have fully paid for that service.

~ Please note that a year of part-time service counts as one year of eligible service

for threshold purposes.

Eligible service refers to time worked when you are eligible to make

pension contributions (whether you did or not) e.g. you only pay for a

portion of a year for most part-time work, but the entire year is counted

towards your 35 year maximum contributions.

~ You contribute a fixed percentage of your earnings for each pay period:

8.1% x your earnings up to the YMPE (2014)

• 11.6% x your earnings in excess of the YMPE. (2014)


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RETIREMENT BENEFITS TAB7.PAGE4

PARTICIPANT

Terminate Your Employment from Canada Post

When you retire or terminate your employment from Canada Post, you may be able

to choose how you receive your benefits from the plan.

RETIREMENT

Your retirement options from the pension plan depend on your age and your years of

pensionable service.

NORMAL RETIREMENT

You can retire with an unreduced pension anytime after you reach age 60, as long as

you have two or more years of eligibility service. However, if you have 30 years of

eligibility service, you can retire at age 55 with an unreduced pension.

Your pension is calculated using the formula described earlier, with your actual

highest average earnings and years of service.

If you retire ... You receive ... In what form ...

~ At age 60 or over with ~ An immediate pension ~ Unreduced at least two years of eligibility service

~ at age 55 or over with at least 30 years of eligibility service


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New Basic Formula Used to Calculate Benefits Under the New Canada Post Corporation

Registered Pension Plan

As of October 1st, 2000

THE FORMULA THAT DEFINES YOUR BENEFIT

The benefit formula is the key to calculating all the benefits from the plan. It

considers:

~ Your years of pensionable service, up to 35 years;

~ Your highest average earnings (HAE), that is the average of your earnings during

your five highest-paid consecutive years with Canada Post, and

~ The average maximum pensionable earnings (AMPE), that is the average

Canada or Quebec Pension Plan (CPP/QPP) earnings ceiling for the year you

retire and the four years before (your average earnings are used, if they are

lower).

Your pension is made up of two parts:

~ The lifetime pension that is payable from the date you retire until you die, and

~ The bridge pension, that is payable from the date you retire until age 65.


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RETIREMENT BENEFITS TAB 7. PAGE 6 PARTICIPANT

The bridge pension is designed to level your income during your retirement, because

usually you retire before age 65, which is the age at which unreduced benefits are

payable from CPP/QPP.

Bridge pension from Canada Post plan CPP/QPP pension

Lifetime pension from the Canada Post plan

t Retirement date Age65


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RETIREMENTBENER1S TAB7.PAGE7 PARTICIPANT

Here's How Your Total Pension will be Calculated, Both Before

and After Age 65

If your highest average earnings are lower than the average maximum Qensionable earnings (salarr,less ~491840 for 20141

Before Age 65 After Age 65

Lifetime pension 1.3% 1.3%

(for life) X X Your HAE Your HAE

X X Years of pensionable service Years of pensionable service

·----------------------- + -----------------------------------

Bridge pension 0.7% X HAE No longer paid

(until age 65) (since lower than AMPE) *

X Years of pensionable service

NOTE:

HAE means highest average earnings. That is the average of your earnings during

your five highest-paid consecutive years of contribution to the plan.

* AMPE for 2014 is $49,840



(} If your highest average earnings are higher than the average maximum Qensionable earnings (salarr. more than ~491840 for 20141

Before Age 65 After Age65

Lifetime pension 1.3% 1.3%

(for life} X X AMPE AMPE

X X Years of pensionable service Years of pensionable service

+ + 2% 2% X X

(HAE -$49,840 AMPE} (HAE-AMPE} X X

Years of pensionable service Years of pensionable service

+

C) Bridge pension 0.7% X ($49,840} AMPE No longer paid X

(until age 65} Years of pensionable service

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EXAMPLE:

Andrew is 60 years old with 30 years of pensionable service and decides to retire

November 1, 2014. His highest average earnings are $52,196 and the average

maximum pensionable earnings is $49,840 (the average of the YMPE for 2010,

2011, 2012, 2013 and 2014). Andrew is entitled to an immediate unreduced pension.

Andrew's annual lifetime pension

1.3% X $49,840= ($648) +

2% X ($52,196 - $49,840) = $47 X 30 =

$20,851

Andrew's annual bridge pension until age 65

0.7% X $49,840 X 30 = $10,466

Andrew's lifetime and bridge pensions combined are $31,318, the amount he will

receive until age 65. The bridge pension, $10,466, ends at age 65; the lifetime

pension of $20,851 continues until his death. Both pension amounts are indexed

every year to keep up with inflation.


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RETIREMENT BENEFITS TAB 7, PAGE 10 PARTICIPANT

New Formula Used to Calculate Benefits for "Part-Time"

Pensionable Service Under the New Canada Post Corporation

Registered Pension Plan

As of October 1st I 2000


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FOR THOSE WHO HAVE PART· TIME SERVICE

If you work part-time, your pensionable service is prorated. What this means is that,

before your pension is calculated, your years of pensionable service are multiplied

by the ratio of your average assigned hours worked to the hours a full-time employee

is regularly scheduled to work in the same position. Your earnings are annualized,

that is, expressed as the pay you would have received if you had worked for the

entire year.

Let's look at an example of a part-time employee entitled to an immediate unreduced

pension.

Marie is age 60 and worked 30 years half time. She decides to retire November 1 ,

2014. Her annualized highest average earnings are $52, 196*, and the average

maximum pensionable earnings is $49, 840.

Marie's part-time eligibility service

30 years

Marie's pensionable service

30 years X 0.5 = 15 years

Marie's annual lifetime pension

1.3% X $49,840 AMPE = $648 + +

2% X ($52, 196 - $49,840) $47 X

15 15 = =

$10,426 $10,426

Marie's annual bridge pension until age 65

0.7% X $49,840 X 15 = $5,233


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Marie's lifetime and bridge pensions combined are $15,659, the amount she will

receive until age 65. The bridge pension, $5,233, ends at age 65; the lifetime

pension of $10,426 continues until her death. Both pensions are indexed every year

to keep up with inflation.


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Regular or Early Retirement

REGULAR RETIREMENT

Upon regular retirement, you will receive an immediate unreduced pension. You

are eligible for regular retirement if you retire from Canada Post and have reached:

:> 60 years of age or more and have at least two years of eligible service;

:> 55 years of age or more and have at least 30 years of eligible service.

In those cases, your pension is calculated using the formula described earlier.

EARLY RETIREMENT

You can also retire early, up to 10 years before you are entitled to regular retirement.

You can retire early if you have reached:

:> 50 years of age or more and have at least two years of eligible service;

:> 45 years of age or more and have at least 30 years of eligible service.

If you opt for early retirement, you can choose between two options .

•••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••


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RETIREMENTBENERTS TAB 7. PAGE 14 PARTICIPANT

OPTION AI IMMEDIATE REDUCED ANNUITY

If you choose an immediate reduced annuity, the amount of the reduction depends on your age and years of eligible service when you retire.

You may receive an immediate annuity, which is reduced to take into account the fact that it will be paid over a longer period.

You may receive an immediate reduced annuity in the following cases:


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RbtREMENT BENEFITS \,~j

OPTION A) IMMEDIATE REDUCED ANNUITY

Age at Number of years of . retirement eligible service Percentage of reduct1on

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PARTICIPANT

EXAMPLE

Between age 45 At least 30 years of • 5"/? x (55 minus age at time of • If you retire at age 48, your pension will and 49 service retirement) be reduced as follows:

5% X (55-48)= 35%

Between age 50 At least two years of • 5"/? x (60 minus age at time of • If you retire at age 52, your pension will d 59 · b t

1 th 25 retirement) be reduced as follows:

an serv1ce, u ess an • 5% x (60_52) = 40%

• 5% x (55 minus age at time of If you retire at age 54 and have 27 years of retirement) or eligible service, your pension will be

Between age 50 At least 25 years of • 5% x (30 minus years of eligible reduced by 15%, i.e. the highest and 54 service, but less than 30 service) percentage between:

whichever results in the greater • 5% x (55 =-54) = 5% and reduction • 5% X (30 - 27) = 15%

At least 30 ears of • 5"/? x (55 minus age at time of If you retire at age 52, your pension will s . Y ret1rement) be reduced as follows: ervlce • 5% x (55- 52)= 15%

• 5% x (60 minus age at time of • If you retire at age 58 and have 26 retirement or years of eligible service, your pension

Between age 55 At least 25 years of • 5% x (30 minus years of eligible will be reduced by 1 0%, i.e. the lowest and 59 service, but less than 30 service) percentage between:

whichever results in the lowest • 5% x (60- 58) = 10%, and reduction • 5%x (30-26) = 20%.


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OPTION 8! DEFERRED PENSION

A deferred pension is a pension payable at a later date, which is based on your pensionable service and average earnings at time of retirement.

You may decide to receive your pension at a later date. In such a case, you have the following options:


( Ftr:-nREMENT BENEELTS

·~ ~ TAB 7. PAGE 17

PARTICIPANT

OPTION 8) DEFERRED PENSION

Age at time of Years of eligible Pension deferred until Reduction EXAMPLE retirement service Underage 50 At least two years 60 No reduction n.a.

60 However, you can change your 5% x (60 minus age at time of If you ask to start receiving your mind later on and receive your retirement)) pension at age 52, it will be reduced pension starting at age 50. by:

• 5% X (60- 52)= 40% 60 However, you can change your mind later on and opt for the transfer value of your pension if you are under age 50 and have less than 30 years of eligible service when you choose this option.

At least 50 60 No reduction n.a. but less than At least two years 60

60 However, you can change your The reduction is based on your See the table for Option A, which mind later on and receive your age and your years of eligible shows how to calculate the pension starting at age 50. service at the time you request reduction.

your pension. See the table for Option A to find out what are the reduction rates, by replacing your "age at time of retiremenf' by your "age at the time you request your pension."

Underage45 At least 30 years 55 No reduction n.a. 55 However, you can change your 5% (55 minus age at time you If you retire at age 51, your pension mind later on and receive your request your pension) will be reduced by: pension starting at age 45. • 5%x (55-51)= 20%


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RETIREMENT BENEFITS

If you retire early ...

Between age 55 and 60, with between 25 and 30 years of eligibility service

Between age 50 and 55, with at least 25 years of eligibility service

Between age 50 and 59 (with at least two years of eligible service, but under 25)

Between age 45 and 49 (with at least 30 years of eligible service)

TAB 7. PAGE 18 PARTICIPANT

You receive ... In what form ...

:> A deferred pension :> The deferred pension payable at age 60, or would be unreduced

:> An immediate reduced :> The immediate pension is pension reduced by:

::::> 5% X (60- age), or

::::> 5% X (30 - eligibility service)

whichever results in the least reduction

:> A deferred pension :> The deferred pension payable at age 60, or would be unreduced

:> An immediate reduced :> The immediate pension is pension reduced by:

=> 5% X (55 - retirement age), or

=> 5% X (30 - eligibility service)

whichever results in the greater reduction

:> An immediate reduced :> Immediate pension is pension reduced by:

5% x (60- retirement age)

:> An immediate reduced :> Immediate pension is pension reduced by:

5% x (55- retirement age)


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Receivi-ng a Reduced Pension

~ Let's look at two examples of how reduced pensions work.

1. Fred is 56 years old, wtth 21 years of pensionable service and highest

average earnings of $52,196. Fred decides to retire November 1, 2014. The

average maximum pensionable earnings is $49,840 (the average of the

YMPE for 2010, 2011, 2012, 2013 and 2014). Fred decides to take an

immediate reduced pension.

Fred's annual lifetime pension 1.3% X $49,840 = $648

+ + 2% X ($52, 196- $49,840) = $47

X X

21 21

= = $14,596 $14,596

Fred's annual bridge pension 0.7% X $49,840 X 21 = $7,326

Fred's annual lifetime plus bridge pension, if deferred to age 60

$14,506 + $7,326 = $21,833

If he receives it now, Fred's pension will be reduced: 5% X (age Fred is eligible for an unreduced pension 5% X (60 - 56) = 20%

-Fred's age Fred's pension will be reduced by:

20% X $21 ,833 = $4,367


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In this case, Fred gets lifetime and bridge pensions combined of $17, 466 ($21 ,833 •

$4,367), the amount he will receive until age 65. The bridge pension, $7,326 ends at

age 65; the reduced lifetime pension of $10,140 continues until his death. Both

pension amounts are indexed every year to keep up with inflation.


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:> Now let's consider another sHuation.

2. George is age 52, with 26 years of pensionable service and highest average

earnings of $52,196. George retires November 1, 2014. The average

maximum pensionable earnings is $49,840 (the average of the YMPE for

2010, 2011, 2012, 2013 and 2014). He decides to take an immediate reduced

pension instead of a deferred but unreduced pension.

George's annual lifetime pension

1.3% X $49,840 = $648 + +

2% X ($52, 196 - $49,840) = $47 X X 26 26 = =

$18,071 !1:1R071 George's annual bridge pension

0.?0/o X $49,840 X 26 = $9,071 George's annual lifetime plus bridge pension, deferred to age 60

$18,685 + $9,071 = $27,755 If he receives it now, George's pension will be reduced by whichever formula gives

the greater reduction: :> 5% X (55- George's age) :> 5% X (55-52) = 15% :> 5% X (30- George's service) :> 5% X (30-26} = 20%

George's pension will be reduced by: 20% X $27,755 = $5,551

In this case, George gets lifetime and bridge pensions combined of $22,204

($27,755 - $5,551}, the amount he will receive until age 65. The bridge pension,

$9,071 ends at age 65; the reduced lifetime pension of $13,134 continues until his

death. Both pension amounts are indexed every year to keep up with inflation.


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Termination of Employment Prior to Retirement

TERMINATION OF EMPLOYMENT PRIOR TO RETIREMENT

If you leave Canada You receive ... In what form ... Post ...

At any age, with less :> A return of your :> A lump sum, or than 2 years of contributions to the eligibility service plan, with interest :> A transfer to a registered

retirement savings plan

At any age, with 2 or :> Deferred pension :> The deferred pension would more years of payable at age 60, or be unreduced eligibility service,

:> The commuted value :> The commuted value of your before you are entitled to an of your pension pension transferred to: immediate pension

~ A locked-in registered retirement savings plan (RRSP) or Life Income Fund,

~ Your new employer's registered pension plan, if that plan accepts such transfers, or

~ An insurance company to purchase an annuity


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Transfer Value

TRANSFERING A COMMUTED VALUE INSTEAD OF RECEIVING A PENSION

If you leave Canada Post before you are entitled to receive an immediate pension

and have two or more years of eligibility service, you may choose to transfer the

commuted value of your pension to:

:> A locked-in registered retirement savings plan (RASP) or Life Income Fund,

:> Your new employer's registered pension plan, if that plan accepts such transfers,

or

:> An insurance company to purchase an annuity.

The commuted value of your pension is the estimated amount of money, in today's

dollars, that your pension is worth. An actuary calculates the amount using

assumptions set out in the laws governing the pension plan.

An RASP is locked-in when the money can't be taken out in cash. Instead, it has to

be used to give you retirement income. If you take the commuted value and transfer

it to a locked-in RASP, the administrator of that plan will have to give proof to

Canada Post that they will follow this rule.

If you wish to take the commuted value rather than receiving a pension from the

plan, you must notify Canada Post within 90 days of the date you receive your

pension plan option statement.


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REI IREMENT ON GROUNDS OF DISABILITY

:> Disability is defined as a physical or mental impairment that prevents the

individual from engaging in any employment for which the individual is

reasonably suited and that can reasonably be expected to last for the rest of the

individual's life.

For you to qualify for retirement on grounds of disability, Health Canada must

certify that you meet this definition.

:> If, before age 60, you become totally and permanently disabled and are unable to

work at any occupation, you will be entttled to a disability pension. This pension

CJ is based on your highest average earnings and years of pensionable service as

of the date of your disability. It is payable on an unreduced basis.

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:> This provision applies whether you are actively at work when you become

disabled or are entitled to or receiving a pension. This disability pension will

include the bridge, which will be payable until you are age 65 or eligible to

receive the Canada or Quebec Pension Plan disability pension, whichever occurs

first.

:> If you are receiving a disability pension and later regain your health, the disability

pension is terminated. When you receive your retirement pension, it will be

adjusted to reflect the payments you received while you were disabled.


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REnREMENTBENERTs TAB 7. PAGE 25 PARTICIPANT

PENALTY TABLE 1 NUMBER OF YEARS OF CONTRIBUTION TO THE PENSION PLAN

Ag~ 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50

51 45 45 45 45 45 45 45 45 45 45 45 45 45 45 45

52 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40

53 35 35 35 35 35 35 35 35 35 35 35 35 35 35 35

54 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30

55 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25

56 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20

57 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15

58 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10

59 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

60 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0



n PENAL TV TABLE 2

NUMBER OF YEARS OF CONTRIBUTION TO THE PENSION PLAN

Aget 25 26 27 28 29 30 31 32 33 34 35

50 25 25 25 25 25 25 25 25 25 25 25

51 25 20 20 20 20 20 20 20 20 20 20

52 25 20 15 15 15 15 15 15 15 15 15

53 25 20 15 10 10 10 10 10 10 10 10

54 25 20 15 10 5 5 5 5 5 5 5

55 25 20 15 10 5 0 0 0 0 0 0

C! 56 20 20 15 10 5 0 0 0 0 0 0

57 15 15 15 10 5 0 0 0 0 0 0

58 10 10 10 10 5 0 0 0 0 0 0

59 5 5 5 5 5 0 0 0 0 0 0

60 0 0 0 0 0 0 0 0 0 0 0


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--Years i 1 o I 11 I 12 I 13 I 14 I 15 I 16 I 17 I 18 I 19 I 20 I 21 I 22

Agf 50 I 10.0% I 11.0% I 12.0% I 13.0% I 14.0% I 15.0% I 16.0% I 17.0% I 18.0% I 19.0% I 20.o% I 21.0% I 22.0%

51 I 11.0% I 12.1% I 13.2% I 14.3% I 15.4% I 16.5% I 17.6% I 18.7% I 19.8% I 20.9% I 22.0% I 23.1% I 24.2%

52 I 12.0% I 13.2"/o I 14.4% I 15.6% I 16.8% I 18.0% I 19.2% I 20.4% I 21.6% I 22.8% I 24.0% I 25.2% I 26.4%

53 I 13.0% I 14.3% I 15.6% I 16.9% I 18.2% I 19.5% I 20.8% I 22.1% I 23.4% I 24.7% I 26.0% I 27.3% I 28.6%

54 II 14.0% I 15.4% I 16.8% I 18.2% I 19.6% I 21.0% I 22.4% I 23.8% I 25.2% I 26.6% I 28.0% I 29.4% I 30.8%

55 I 15.0% I 16.5% I 18.0% I 19.5% I 21.0% I 22.5% I 24.0% I 25.5% I 27.0% I 28.5% I 30.0% I 31.5% I 33.0%

56 ~ 16.0% I 17.6% I 19.2% I 20.8% I 22.4% I 24.0% I 25.6% I 27.2% I 28.5% I 30.4% I 32.0% I 33.6% I 35.2%

57 II 17.0% I 18.7% I 20.4% I 22.1% I 23.8% I 25.5% I 27.2% I 28.9% I 30.6% I 32.3% I 34.0% I 35.7% I 37.4%

58 II 18.0% I 19.8% I 21.6% I 23.4% I 25.2% I 27.0% I 28.9% I 30.6% I 32.4% I 34.2% I 36.0% I 37.8% I 39.6%

59 I 19.0% I 20.9% I 22.8% I 24.7% I 26.6% I 28.5% I 30.4% I 32.3% I 34.2% I 36.1% I 38.0% I 39.9% I 41.8%

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-Years

Agf

50

51

52

53

54

55

56

57

58

59

60

23 I 24 25 26 27

23.0% I 24.0% 37.5% 39.0% 40.5%

25.3% I 26.4% 37.5% 41.6% 43.2%

27.6% I 28.8% 37.5% 41.6% 45.9%

29.9% I 31.2% 37.5% 41.6% 45.9%

32.2% I 33.6% 37.5% 41.6% 45.9%

34.5% I 36.0% 37.5% 41.6% 45.9%

36.8% I 38.4% 40.0% 41.6% 45.9%

39.1% I 40.8% 42.5% 44.2% 45.9%

41.4% I 43.2% 45.0% 46.8% 48.6%

43.7% I 45.6% 47.5% 49.4% 51.3%

46.0% I 48.0% 50.0% 52.0% 54.0%

28 29 30 31

42.0% 43.5% 45.0% 46.5%

44.8% 46.4% 48.0% 49.6%

47.6% 49.3% 51.0% 52.7"/o

50.4% 52.2% 54.0% 55.8%

50.4% 55.1% 57.0% 58.9%

50.4% 55.1% 60.0% 62.0%

50.4% 55.1% 60.0% 62.0%

50.4% 55.1% 60.0% 62.0%

50.4% 55.1% 60.0% 62.0%

53.2% 55.1% 60.0% 62.0%

56.0% 58.0% 60.0% 62.0%

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32 33 34 I 35

48.0% 49.5% 51.0% I 52.5%

51.2% 52.8% 54.4% I 56.0%

54.4% 56.1% 57.8% I 59.5%

57.6% 58.4% 61.2% I 63.0%

60.8% 62.7% 64.6% I 66.5%

64.0% 66.0% 68.0% I 70.0%

64.0% 66.0% 68.0% I 70.0%

64.0% 66.0% 68.0% I 70.0%

64.0% 66.0% 68.0% I 70.0%

64.0% 66.0% 68.0% I 70.0%

64.0% 66.0% 68.0% I 70.0%

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c J WHO IS ELIGIBLE FOR AN UNREDUCED PENSION?

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1. Those who are 60 or older with two or more years of eligibility service.

2. Those who are 55 or older with 30 or more years of eligibility service.

3. Those declared disabled by their physician and Health Canada with two or

more years of eligibility service.

WHO IS ELIGIBLE FOR AN IMMEDIATE REDUCED PENSION?

~ Those between the ages of 45 and 49 with at least 30 years of eligibility service.

~ Those between the ages of 50 and 59 inclusively with at least two or more years

of eligibility service.

WHO IS ELIGIBLE FOR A DEFERRED ANNUITY OR A TRANSFER VALUE OPTION?

~ Those under 50 with two or more years of eligibility service.

~ Those 45 or older with at least 30 years of eligibility service.

WHO IS NOT ELIGIBLE FOR RETIREMENT BENEFITS?

~ Those with less than two years of eligibility service.

Only one option: reimbursement of contributions in cash with income tax deduction

or transfer into an RRSP without income tax deduction.


Pension Calculation - CUPW Vancouver

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