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Why make a pension purchase?
Your defined benefit pension from the CAAT Plan is the cornerstone of your retirement income. It will provide you with a lifetime of monthly pension payments after you retire.
When you make a purchase, you create a larger lifetime retirement income, from a secure and cost effective source. You may even be able to retire sooner than you had previously planned. And, you can rest assured that your purchased pension receives the same valuable additional benefits as the rest of your pension: conditional inflation protection in retirement and no-cost survivor benefits.
Who should use this tool?
If you are earning a pension under the DBplus design, and have eligible periods to purchase, use this tool to get an estimate of the maximum amount you can contribute for a purchase, and the amount of pension you would receive as a result of a purchase.
Once you’ve seen the estimate, you can download the form to get started.
When should you use this tool?
If you have a period of previous employment you would like to purchase in DBplus, you need to use this tool to start the process. Remember that the funds for DBplus purchases must come from a registered retirement savings account such as an RRSP or LIRA.
If you have a leave period or statutory leave you wish to purchase, you must contact your employer HR to get started.
Tips for using the tool
We suggest you have your T4 information on hand for the period you are interested in purchasing: it will make it easier to enter your information.
- You can do as many estimates as you like.
- It might be to your advantage to print the results from the tool, which will show all the T4 earnings information you enter. If you provide this information to your employer HR for verification, it may simplify the process.
To use the Estimator you must read and accept the Terms of Use.
The DBplus Purchase Tool was developed to provide estimates of the maximum amount you can contribute for a purchase, and the amount of pension you would receive as a result of the purchase.
- Use of the DBplus Purchase Tool does not imply entitlement to a purchase.
- These estimates are not binding on the CAAT Pension Plan or your employer.
- The data you enter into the DBplus Purchase Tool is not saved or sent to the CAAT Pension Plan or your employer. You may want to print the results for future reference.
- Your inputs and the results are not reviewed or verified by the CAAT Plan, and are based on the information you provide.
- The maximum amount you can contribute is validated at the time you make a formal purchase request.
- The amount of pension you will receive as a result of the purchase will be officially calculated by the CAAT Pension Plan only when a completed and signed purchase request form is received.
- The amount of pension you receive as a result of your purchase will change, based on how close you are to your normal retirement date when the purchase is being made.
The results from the DBplus Purchase Tool should not be considered financial advice. We recommend you consult an independent financial advisor about the implications of a purchase.