Retirement & Benefit Information
Normal Receipt of First Pension Cheque
Change of Address and/or Banking Information
Amount of Pension
Early Retirement
Postponed Retirement
Disability Pension
Re-employment after Retirement
Termination from the Pension Plan
Death of a Pension Member
General Questions regarding Retirement and Benefits
Normal Receipt of First Pension Cheque
Approximately two months prior to the normal retirement date, which is the month in which a member turns 65 years of age, a letter will be sent by Pension Plan Administration informing you of the necessary steps to take to start your pension benefit.
If you request direct deposit of your pension cheque into your bank account, this will be done on the 8th day of each month. Otherwise, the cheque will be mailed out to your current address on the 8th day of the month.
Change of Address and/or Banking Information
It is important to notify the Pension Plan of any change of address or banking information. For direct deposit of your pension cheque into your bank account, we require receipt of a void cheque.
Amount of Pension
To find out the exact amount you will receive each month upon retirement, it is necessary to personally contact
The Pension Plan Call Centre.
Early Retirement
A member with more than 24 months of continuous service may elect to receive an early retirement pension, having attained the age of 55 years or more. Pension benefits will be actuarially reduced for an early retirement by 1/2 of 1% for each month by which the pension commencement date precedes the member's normal retirement date. In order to initiate an early retirement pension, contact
The Pension Plan Call Centre.
Postponed Retirement
A member may elect to continue as an active contributing member of the Pension Plan until the age of 69 years. The retirement pension must commence no later than December 1 in the year in which the member attains 69 years of age.
Disability Pension
Members who terminate before the normal retirement date as a result of total and permanent disability may be eligible for a Disability Pension. Total and permanent disability refers to a physical or mental impairment which prevents a member from engaging in any employment for which he/she is reasonably suited by virtue of his/her education, training or experience and that can reasonably be expected to continue for the remainder of the member's lifetime and which is determined by the employer to exist, based on a written report of a medical doctor licensed to practice in Canada or where the member resides.
Re-employment after Retirement
A member who is receiving a pension from the Plan, or another registered pension plan sponsored by the PAOC, shall continue to receive his/her pension during their period of re-employment. However, such member will no longer be able to make contributions towards the Plan.
Termination from the Pension Plan
A non-credentialed employee (excluding employees of the International Office) can exit from the Pension Plan at any time, transferring funds to another registered pension plan or to an RRSP. Contact
The Pension Plan Call Centre to obtain the exact amount of the payout.
Credential holders cannot terminate from the Pension Plan unless they give up their credentials. Contact your district office if you wish to take this course of action. When you no longer have credentials, contact
The Pension Plan Call Centre to start the termination process.
Death of a Pension Member
The Pension Plan provides benefits payable upon a member's death to his/her eligible spouse, dependent child or beneficiary.
Unless a member specifies prior to commencement of their pension to receive his/her pension benefit in either one of the optional forms offered under the Plan, it is the normal form of benefit payment that will be provided in monthly instalments to the surviving spouse, dependent child or beneficiary.
In the event of death, your spouse should contact the
The Pension Plan Call Centre regarding survivor pension benefits.
Normal Form of Pension Benefit
The normal form of pension benefit is such that an eligible surviving spouse will receive 66.67% of the monthly amount the member was receiving prior to their death, payable for a lifetime.
Note: If a member has no spouse at the date of his/her death, or if a surviving spouse who is receiving a death benefit from the member dies prior to any children attaining the age of 19 years, then the children are entitled to receive a death benefit. This benefit is equal to 1/3 of the member's pension or 1/2 of the eligible spousal pension.
Optional Form of Pension Benefit
- Joint and Last Survivor Pension Reducing to 80%: The member initially receives a slightly reduced pension. Upon the death of a member or the death of their spouse, the survivor will receive 80% of the amount the member was receiving, payable for life.
- Joint and Survivor Pension Without Reduction: The member initially receives a reduced pension and upon their death or the death of their spouse, the survivor will receive the same amount (no reduction), payable for life.
General Questions regarding Retirement and Benefits
The Pension Plan Call Centre Phone: 905-542-7400 or 1-866-877-8481
The Pentecostal Assemblies of Canada Fax: 905-542-7313
2450 Milltower Court Email: pensioninfo@paoc.org
Mississauga, Ontario L5N 5Z6
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