New Applicants
Eligibility for Enrolment in the Pension Plan
Benefits of Enrolment in the Pension Plan
How to Enrol in the Pension Plan
General Questions Concerning Enrolment in the Pension Plan
Eligibility for Enrolment in the Pension Plan
The following persons are eligible to become members:
1. Full-time employees who are:
- credential holders, employed by a PAOC local assembly, ministry, or institution;
- credentialed or non-credentialed employees of a district or the international office, or local affiliated assemblies and other PAOC institutions;
- a credential holder who is a self-employed evangelist.
2. Part-time employees, in the above-mentioned categories, who have:
- completed two years of continuous service, and who earn at least 35% of the YMPE* (Year's Maximum Pensionable Earnings for CPP purposes); or
- worked at least 700 hours in the two immediately prior consecutive calendar years.
* The YMPE for 2013 is $51,100
Note: Membership in the Pension Plan is mandatory for staff of the International Office, missionaries employed by the International Missions Department of The Pentecostal Assemblies of Canada, and for all credential holders in the Province of Manitoba.
It is not necessary to be a member of a PAOC church in order to participate in the Pension Plan, providing the hiring criteria used by your employer reflects the criteria for membership in the Local Church Constitution.
Pastoring a church on a transitional basis also does not impede enrolment in the pension plan. As long as the churches you are pastoring have a Participating Employer Agreement on file with us, they can contribute towards the pension fund on your behalf.
Benefits of Enrolment in the Pension Plan
Participation in the PAOC Pension Plan is an excellent way to ensure a guaranteed income for your retirement years for as long as you live. Now in operation for over 65 years, the Plan has multiplied its assets far beyond the original expectations of the plan. Assets are invested in First Mortgages from qualifying affiliated congregations and high quality equity investments in Canadian, U.S. and global markets. The consistent, stable long-term growth of the Plan keeps it annually listed among the leading Canadian pension funds.
How to Enrol in the Pension Plan
To enrol in the Pension Plan, download an Application. After completion of this form, either fax or mail it to the contact information given at the bottom of this page.
If you are a non-credential holder, this form needs to be accompanied by a letter (on church letterhead) from your pastor, stating that you are a member in good standing.
If your employer has not participated in the Pension Plan previously, it is necessary for them to complete a Participating Employer Agreement.
Once the above-mentioned documentation and a contribution are received by this office, you will be enrolled in the Pension Plan, as of the date that funds were first deducted from your paycheque.
General Questions Concerning Enrolment in the Pension Plan
The Pension Plan Call Centre
2450 Milltower Court
Mississauga, Ontario
L5N 5Z6
(905) 542-7400
1-866-877-8481 (Toll Free)
pensioninfo@paoc.org
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