Definition of spouse
- a person who is married to or in a civil union with you;
- if you are not married or in a civil union, a person and who has been living in a conjugal relationship with you, for a period of not less than three years, or for a period of not less than one year if:
- at least one child is born, or to be born, of your union;
- you have adopted, jointly, at least one child while living together in a conjugal relationship; or
- one of you has adopted at least one child who is the child of the other, while living together in a conjugal relationship.
The birth or adoption of a child during a marriage, civil union or conjugal relationship prior to the current period of conjugal relationship may qualify the person as a spouse.
Definition of small pension
The commuted value of the pension is less than 20% of the Quebec Pension Plan Year’s Maximum Pensionable Earnings in the year the active membership ends.
Alternate payment options
If your jurisdiction of employment is Quebec, your pension includes some additional options you may choose. You must contact CAAT Pension Plan if any of these options apply to you and you want to select them.
10-year guarantee – chosen at retirement
You can choose a minimum payment guarantee of 10 years (120 months) instead of the CAAT default of 5 years (60 months).
- You must make the choice when you retire.
- Your pension will be actuarially reduced to pay for the 10-year guarantee.
- The option and cost impact will be shown on your pension documents from CAAT Pension Plan when you retire.
Note: Your CAAT pension is paid for as long as you live. The guarantee is relevant if you die within 10 years of starting your pension.
Portability
You can transfer the commuted value of your pension out of the CAAT Pension Plan until you reach age 55.
- You must have a deferred pension.
- You can make the choice one time every five years on the anniversary of your last day of active membership.
- Your last opportunity to choose the commuted value is 90 days before you turn age 55. After that, you will have a deferred pension only.
Alternate pension payment options
These options enable you to get some of your pension paid to you before you retire, if eligible. If you choose any of these options, your pension will be permanently lowered to reflect the amount of the alternate payment option.
Advance on retirement savings – Lump Sum
A lump sum cash payout of up to 40% of the year’s maximum pensionable earnings under the QPP.
- You must be between age 55 and 65.
- You are a member or surviving spouse with a deferred pension.
- The amount can only be paid once per year, each year before you start to collect your pension.
Temporary pension payment
A temporary pension (annual total up to 40% of the year’s maximum pensionable earnings under the QPP), paid until you turn age 65.
- You must be between age 55 and 65.
- You are a member or surviving spouse with a deferred pension.
- You cannot be receiving a temporary pension from another registered pension plan.
Phased retirement - advance lump sum with agreement
Replace part of your pension with a lump sum payment, while you are working.
- You must be between age 55 and 65.
- You must be working reduced hours based on an agreement with your employer.