An important way to maximize your retirement income
A service purchase is a great way to consolidate your pension and provide more flexibility when it’s time to retire. By purchasing any past periods of leave or other eligible service, you can increase your pensionable service and reach certain early retirement milestones sooner.
The more pensionable service you have in the Plan when you retire, the greater your pension will be. You may also be able to retire with an unreduced pension sooner (or with a smaller reduction if you choose to retire with a reduced pension).
You can choose to make a purchase any time until you leave your job or retire, but keep in mind that purchases take time to complete. The cost of a purchase is based on factors such as your age and earnings and may increase the longer you wait. Consider your options as early as possible, so you can start the purchase process today for a more secure tomorrow.
Although every purchase is unique, they each flow through three stages – Learn, Return and Earn.
If you’re just getting started, the Learn stage covers your purchase options, running an estimate and the application form that applies to your purchase.
As you move on in the process, the Return stage has instructions for completing and submitting the purchase application form as well as what to do with the purchase package you’ll receive from the CAAT Pension Plan.
If you’ve decided to make a purchase, the Earn stage tells you about how to pay for it and the tax implications that may apply. Then you’re all set to receive confirmation and future statements from CAAT.
Options, estimates and applications
Apply, submit and receive