Making a purchase in DBplus

For employees of City of Whitehorse earning a pension in DBplus.

Learn if a purchase is right for you

As a member of the CAAT Pension Plan, have the option to transfer some or all of your Group RRSP account balance from Sunlife into DBplus. This is called a “pension purchase”, and it will let you get a bigger pension from one of Canada’s most sustainable and fastest-growing pension plans.

The amount of pension you purchase using your Group RRSP funds will become part of your total DBplus pension. While you’re working, your total pension will grow with conditional AIW increases, and when you retire, it will continue to grow with conditional inflation protection. Your total pension – the portion you’re earning and the portion you purchase – will be paid to you when you retire for as long as you live.

Read your personalized purchase package

By mid March 2023, you will have received a purchase package in the mail which will contain a purchase quote and the documents you’ll need to complete your purchase. Read your package carefully to learn about your options and the steps you’ll need to take.

If you have not received your package by March 31, please contact CAAT directly by email at purchase@caatpension.ca or by phone (toll-free) at: 1-866-350-2228.

Also included in your purchase package, is the “Sun Life Financial Request to Withdraw Funds” form that you will use to transfer your Group RRSP funds into DBplus. See Frequently Asked Questions for details on how to fill the form out.

If you choose to make the purchase

When you’ve decided to make your purchase, the first thing to do is to notify the CAAT Pension Plan.

  • Complete the form included in your package from the CAAT Pension Plan by checking the box to choose your option. Be sure to sign and date the form. We recommend making a copy for yourself.
  • Send the completed form right away, to notify the CAAT Plan that you are moving ahead with the purchase. Your proof of age document must be sent submitted with the form.

If you don’t make the purchase within the deadline (May 26), the quote will become invalid. You can choose to make the purchase at any time while you are a contributing member, but the amount of pension you can purchase will be recalculated and may change.

The funds for a DBplus purchase must come from a registered retirement savings account such as an RRSP. You are responsible for arranging the transfer from your financial institution, and for paying any fees that your financial institution may charge. In most cases, you are responsible for the full cost of any purchase.

How to complete the T2033 form

Read this section if you are transferring money from your RRSP to make your pension purchase. If you are using RRIF, SPP, LIRA or PRPP funds for your purchase, contact the CAAT Plan if you are unable to complete the T2033 form.

The T2033 has already been pre-filled with information about the CAAT Pension Plan and signed by a CAAT Pension Plan representative. This confirms that the CAAT Pension Plan will accept the transfer and will make the process simpler. If you need another copy of the form, photocopy the one from your purchase package, or contact CAAT for additional pre-signed copies.

Terms you'll see on the T2033 form

  • Annuitant or member – that’s you. You’re the owner of the RRSP, RRIF, SPP, LIRA or PRPP funds and you’re a CAAT Pension Plan member who is making the purchase.
  • Transferor – that’s the financial institution you have your registered fund with. They will transfer the money to the CAAT Pension Plan to complete your purchase. If you are transferring Group RRSP funds, please contact the administrator for the transfer form.
  • Transferee – that’s the CAAT Pension Plan. It will receive the transfer for your purchase and add it to your pension.

Section I – Annuitant or Member

There are four parts in Section I, which you can complete with your financial institution.

  1. Member Information
  2. Part A – Transfer from an RRSP, a RRIF, an SPP, or a PRPP
  3. Part B – Description of amount to be transferred
  4. Part C – Identifying the RRSP, RRIF, FPP, SPP, PRPP or annuity to which the funds are being transferred

Member information

Enter your name, social insurance number, address, and telephone number.

Part A – Transfer from an RRSP, a RRIF, an SPP, or a PRPP

In Part A, your financial institution will fill out the information about your registered funds on the first line.

  • Check the appropriate box, for example: “I am the annuitant under the registered retirement savings plan (RRSP) for an RRSP transfer.
  • Put your account number on the top line.
  • The name and address of your financial institution goes at the bottom of Part A.

Part B – Description of amount to be transferred

Your financial institution will assist in completing the first two lines under subsection 1 in Part B of your T2033 form.

  • Your financial institution will compare the amount you want to use for your purchase, with the amount in your RRSP account, and tick either “all of the property” or “part of the property in a one-time payment”.
  • Do not tick “part of the property in several payments”. The CAAT Pension Plan will not accept multiple payments for a purchase.

In the second line, your financial institution will enter the total amount of money you will be transferring for the purchase, no matter which box you ticked. The transfer must be in cash.

You can use more than one RRSP account to make up the purchase amount. In that case, you’ll need one T2033 form for each RRSP you’ll be using. Photocopy the T2033 before it gets filled out or contact the CAAT Pension Plan for another copy.

You do not have to complete anything in subsection “2. For a transfer from a RRIF,” unless you are transferring from a Registered Retirement Income Fund.

Part C – Identifying the RRSP, RRIF, RPP, SPP, PRPP or annuity to which the funds are being transferred

This section is partially completed for you by the CAAT Pension Plan.

  • Make sure your financial institution knows that the cheque for the transferred funds should be made out to the CAAT Pension Plan. There are instructions in the letter “Notification to financial institution”.
  • The cheque must be sent to the CAAT Pension Plan at the address indicated on the form.

You, as the member, must sign and date Part C at the bottom.

Section II – Transferee

Remember, the Transferee is the CAAT Pension Plan. This is the CAAT Pension Plan’s portion of the form to complete. It tells your financial institution that the CAAT Pension Plan will accept the transfer for your purchase. The form in your purchase package will already be signed and dated by CAAT to make this step easier.

  • Pay special attention to the date this form was signed. If the transfer is completed more than 90 days from that date, this form will be invalid which means you’ll need to contact the CAAT Pension Plan to get a new form.

Section III – Transferor

Remember, the Transferor is your financial institution.

  • Your financial institution completes Section III. They will indicate the amount transferred, and any other instructions, as well as sign and date the form.
  • Note: Your financial institution may charge you fees for this transfer. These fees can come from any account. They do not impact the transfer amount, but you are responsible for paying them. To avoid underpayment, make sure you advise your financial institution to make the payment to CAAT “net of fees”.
  • You do not have to provide any information about your spouse in this section of the form.

Section IV – Receipt by transferee

When the form is completed, and you have arranged to pay any fees, your financial institution will keep the form and process the transfer.

It’s up to you to keep an eye on your account to see if the transfer has been made. If the transfer isn’t completed in two weeks, it’s a good idea to call your financial institution to follow-up.

Plan to attend an information session to learn more

Before you make your purchase decision, we encourage you to attend a pension purchase session. These sessions are hosted by CAAT, and led by pension experts who can answer your questions about making a purchase.


Why make a purchase in DBplus?

Your pension will be paid to you every month when you retire, for the rest of your life. Making a purchase will enhance the DBplus pension you’re earning.

Here are five more reasons a DBplus pension purchase might be right for you:

  1. A bigger pension: The amount of pension you purchase will be added to the pension you’re earning in DBplus, increasing your lifetime pension.
  2. A simpler retirement: Consolidating your retirement savings into will spare you the time, effort and stress associated with managing your own investments.
  3. No commission; no additional fees: Your pension is securely managed by CAAT’s pension and investment professionals.
  4. Retire when the time is right for you: Choose your retirement date without worrying about market performance or outliving your savings. You may even be able to retire sooner than you originally planned.
  5. Valuable benefits included: Your pension includes conditional inflation protection increases after you retire and a survivor pension at no additional cost to you or your spouse.

Where to find more information

Visit our online resources to learn more, and to estimate how a purchase can add value to your DBplus pension.

Visit CAAT’s purchase webpages

Purchases can be complex, but CAAT is making it easy by breaking down the purchase process into three stages – Learn, Return, Earn. Visit the DBplus purchases page for an overview, then access the following pages for details, videos and more.

Log in to My Pension

After you enrol in the DBplus, you’ll be able to activate My Pension, CAAT’s online pension portal. There you’ll have access to your pension information along with an interactive pension estimator. With a few clicks, you can estimate your pension, then see how a purchase can increase it.

To activate your My Pension account, visit the Login page and click on My Pension to learn more.

My Pension login page

Use the DBplus Estimator

If you haven’t enrolled in DBplus yet, you can still estimate the value of a purchase by visiting the DBplus Pension Estimator.

DBplus Pension Estimator

To get started, select Candu Energy from the available list of employers and agree to the terms of use. After you enter some key information such as your date of birth and your earnings, you’ll get an estimate of your pension at age 65. You’ll then have the option to “See the value of a purchase” to estimate how much your CERi plan balance with Manulife will purchase in DBplus, and the impact it will have on your overall pension.

Group of colleagues

Only you can decide if a purchase is a good idea for you, and if it’s a cost-effective way to increase your pension.


Frequently Asked Questions

We’ve answered your most-asked questions about purchases. If you have further questions about how a purchase can add value to your CAAT pension, email our purchase experts at purchase@caatpension.ca.

What is the maximum amount I can purchase?

There are Income Tax Act maximums that apply to the amount you can contribute for your purchase, which may vary depending on the type of purchase you make. Your purchase amount is limited to the lesser of:

  • 18% of your T4 earnings for the period you are purchasing, or
  • the amount of funds in your registered retirement savings accounts.

Can I choose to purchase less than the maximum amount?

You can choose an amount lower than the maximum amount shown in your purchase package. A partial purchase will result in an annual lifetime pension that is lower than the one provided in your purchase package. CAAT will calculate the amount of pension when your payment is received, and will notify you of that amount in writing within 30 days.

Is there a time limit for making a purchase?

You can make a purchase at any time during your membership, but the sooner you make the purchase, the more valuable it is. For each year that you are over age 40 when you make the purchase, the amount of pension your purchase will buy will be reduced by 1.4%.

Are there any restrictions on purchases?

You must be enrolled in DBplus, and eligible under applicable pension and tax law. In general, to be eligible:

  • the purchase must be tied to eligible periods of employment after 1990 with your current employer or during which you participated in a previous employer’s Canadian registered pension plan;
  • the funds must come from a registered retirement vehicle (e.g., LIRA, RRSP, or defined contribution (DC) pension plan; and
  • the amount you can transfer for a purchase is limited by the Income Tax Act to 18% of cumulative T4 earnings (excluding taxable benefits) for a pre-enrolment period being purchased.

    Use the DBplus Estimator

    If you haven’t enrolled in DBplus yet, you can still estimate the value of a purchase by visiting the DBplus Pension Estimator.

    DBplus Pension Estimator

    To get started, select The City of Whitehorse from the available list of employers and agree to the terms of use. After you enter some key information such as your date of birth and your earnings, you’ll get an estimate of your pension at age 65. You’ll then have the option to “See the value of a purchase” to estimate how much your available funds will purchase in DBplus, and the impact it will have on your overall pension.

    How do I fill out the Sun Life Financial Request to Withdraw Funds Form?

    You can find the Sun Life Financial Request to Withdraw Funds Form in the Purchase Package sent to you.

    Section 1: Fill out your demographic information.

    Section 2: Leave this section blank. It will be completed by the plan sponsor.

    Section 3: Select “RRSP” for the product you are withdrawing. Select “Transfer” as the type of withdrawal. Select either “All available assets” or provide a dollar amount for the amount of withdrawal. Section 3 has been pre-authorized by the plan sponsor.

    Section 4: Sign and date.

    Once completed, email the form to benefits@whitehorse.ca