how to join

Upgrading from a defined contribution (DC) plan

If your workplace currently offers a DC plan:

The process to join can take as little as a few months

The transition to DBplus is seamless and efficient – and will offer your employees a valuable and secure defined benefit pension, for a fixed contribution rate.

Following approval of the employer’s application, your employees can begin to build valuable lifetime pensions from the day contributions begin. If you choose to close the prior plan, your employees will also have the individual option to purchase additional pension in DBplus using their funds in the DC plan.

1. Initial contact

CAAT answers your questions about the plan design and easy steps to joining. You only need to consider two options: when to start contributing and how much you want to pay. If your organization is interested in proceeding to the next step, a non-disclosure agreement is signed, and non-identifying employee data is supplied to CAAT for preliminary analysis.

2. Due diligence

Both your organization and CAAT will perform due diligence activities, including reviewing and documenting the details in a Participation Agreement and New Employer Application. For CAAT, this includes a detailed demographic analysis and risk assessments. Alignment of key stakeholders is confirmed in a Participation Agreement that forms part of the employer’s application to join the Plan. The Participation Agreement is signed following approval by CAAT.

3. Support for participation

We will work with you to help inform employees, including holding information sessions and providing website tools and a helpline.

4. Onboarding and administration

CAAT takes on administration. Employees enrol, contributions begin, and pension purchase information sessions are held with employees. We work with you to ensure a smooth transition.

5. Wind up DC plan

If you choose to wind up your DC plan, you will work with your DC pension plan provider to wind up the plan in order to enable members to use their balance in the DC plan to increase their DBplus pension through a purchase.

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