Retired and former members

Merger process

If you are a retired member (or surviving spouse or beneficiary) receiving a monthly pension from the SJA Pension Plan, or a former member with a DB entitlement under the SJA Pension Plan, you will have received a Notice of Proposed Merger package prepared by St. John Ambulance with the assistance of the CAAT Pension Plan. This package contains personalized documentation that shows you the effect of the proposed merger on your pension. The following provides an overview of the Notice of Proposed Merger package you received. We encourage you to read it thoroughly for information specific to your personal situation.

Vote on the merger

The merger of the SJA Pension Plan and the CAAT Pension Plan is subject to the Pension Benefits Act (Ontario) and regulations. This legislation requires at least two-thirds of active members with a Defined Benefit (DB) entitlement under the SJA Pension Plan to vote in favour of the merger, and no more than one-third of inactive members with a DB entitlement can object to the merger, in writing.

Attend an information session

The CAAT Pension Plan will be holding member information sessions where you can ask questions.

If you agree to the merger, no action is required by you.

 

If you object to the merger, your objection must be received by March 22, 2021

Your pension

Retired members: You are currently in receipt of a pension or a survivor or beneficiary benefit from the DB provision of the SJA Pension Plan.

Former members: You terminated employment with St. John Ambulance (or are a surviving spouse or beneficiary of a former employee) and the DB pension you earned remains in the SJA Pension Plan.

If you are unsure which option applies to you, refer to the Notice of Proposed Merger package you received in the mail.

For retired members and recipients of a survivor pension

Merger with the CAAT Pension Plan

If the merger is completed, your pension under the SJA Pension Plan and any applicable survivor benefits will be replicated and paid to you from the CAAT Pension Plan.

Also if the merger is approved, you will continue to receive SJA Pension Plan’s indexation which is 75% of the change in the Consumer Price Index (CPI) minus 1% to a maximum of 11% of the CPI.

Once the merger is completed and the assets are transferred from the SJA Pension Plan to the CAAT Pension Plan, you will receive the greater of the CAAT Pension Plan’s conditional indexation provision (which is subject to the CAAT Pension Plan Funding Policy and equal to 75% of the change in CPI) or the SJA Pension Plan indexing provision (75% of the change in CPI minus 1% to a maximum of 11% CPI), compared on a cumulative basis. This “greater of indexation” will be applied at the beginning of each year starting January 1, 2022.

Your Notice of Proposed Merger

Your Notice of Proposed Merger shows your current pension, and details of the survivor benefits you chose at retirement (if applicable), which would be replicated under the CAAT Pension Plan if the merger is approved by the DB membership of the SJA Pension Plan and the required regulatory consent is received.

For former members with a deferred pension

If the proposed merger is approved by the Defined Benefit (DB) members of the SJA Pension Plan and the required regulatory approval is received, your pension under the SJA Pension Plan will be replicated and paid to you by the CAAT Pension Plan at your normal retirement date. If you decide to start your pension before age 65, it will be subject to any early retirement reductions applicable to your SJA Pension Plan terms.

Inflation Protection

If the merger is completed, when you retire your pension will grow by the greater of: CAAT’s conditional inflation protection which is subject to the CAAT Funding Policy and is equal to 75% of the change in the Consumer Price Index (CPI), or the SJA Pension Plan indexation provision of 75% of the change in CPI minus 1%, with a maximum CPI of 11%. This will be assessed annually starting January 1, 2022, so that you will get the better of the two indexation formulas on a cumulative basis in retirement.

Your Notice of Proposed Merger

Your Notice of Proposed Merger shows the pension you have earned, payable at your normal retirement date, which would be replicated under the CAAT Pension Plan if the merger is approved by the DB membership of the SJA Pension Plan and the required regulatory approval is received.

If you have questions about retirement prior to the merger or wish to change your personal or beneficiary information, please contact:

St. John Ambulance Plan Administration

Phone: 1-877-386-6586

Email: stjohn@hroffice.com