Retirement & Benefit Information
Normal Receipt of First Pension ChequeChange of Address and/or Banking InformationAmount of PensionEarly RetirementPostponed RetirementDisability Pension
Re-employment after RetirementTermination from the Pension PlanDeath of a Pension MemberGeneral Questions regarding Retirement and Benefits
Normal Receipt of First Pension ChequeApproximately 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 the Assistant Superintendent for Fellowship Resources 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 InformationIt is important to notify the Pension Fund 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 PensionTo find out the exact amount you will receive each month upon retirement, it is necessary to personally contact
Mercer Consulting at
1-866-877-8481.
Early RetirementA 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
Mercer Consulting at
1-866-877-8481.
Postponed RetirementA member may elect to continue as an active contributing member of the Pension Fund 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 RetirementA 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 Fund at any time, transferring funds to another registered pension plan or to an RRSP. Contact
Mercer Consulting at
1-866-877-8481 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
Mercer Consulting at
1-866-877-8481 to start the termination process.
Death of a Pension MemberThe Pension Fund 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
PAOC Pension Hotline regarding survivor pension benefits.
Normal Form of Pension BenefitThe normal form of pension benefit is such that the surviving spouse receives an annual pension in the amount of 2/3 of the pension the member has accrued to the date of his/her death, which is indexed annually and continues throughout the lifetime of the spouse.
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 of 1/2 of the eligible spousal pension.
Optional Form of Pension Benefit
- Joint & 100% Survivor Pension: A member chooses to receive a reduced pension. Upon death of the member, the pension benefit at the full amount is provided to the elected surviving spouse or former spouse throughout their lifetime. If the spouse predeceases the member, this election becomes void.
- Joint and 80% Last Survivor Pension: A member chooses to receive a reduced pension. Upon death of the member, the pension benefit continues to be provided at a reduced amount to the elected surviving spouse.
General Questions regarding Retirement and Benefits
Karen Maier or Calvin Howson Phone: 905-542-7400
The Pension Fund Department Fax: 905-542-7313
The Pentecostal Assemblies of Canada Email: kmaier@paoc.org
2450 Milltower Court or chowson@paoc.org
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