Information for retired and former members

Merger process

If you are a retired member (or surviving spouse or beneficiary) receiving a monthly pension from the SP Bargaining Pension Plan, or a former member with a DB entitlement under the SP Bargaining Pension Plan, you will have received a Notice of Proposed Merger package prepared by Sanofi Pasteur Limited 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.

Objection process

The merger of the SP Bargaining 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 SP Bargaining 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 10, 2021

Your pension

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

Former members: You terminated employment with Sanofi Pasteur Limited (or are a surviving spouse or beneficiary of a former employee) and the DB pension you earned remains in the SP Bargaining 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 SP Bargaining Pension Plan and any applicable survivor benefits will be replicated and paid to you from the CAAT Pension Plan.

Once the merger is completed and the assets are transferred from the SP Bargaining Pension Plan to the CAAT Pension Plan, you will receive the CAAT Pension Plan’s conditional indexation provision (which is subject to the CAAT Pension Plan Funding Policy and equal to 75% of the CPI) applied at the beginning of each year starting January 1, 2023.

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 members of the SP Bargaining Pension Plan and the required regulatory approvals are received.

If you have questions about retirement prior to the merger or wish to change your personal or beneficiary information, please contact Sanofi Pension Plans Administration Services (Canada) at 1.866.616.8666 

For former members and others entitled to a deferred pension

If the proposed merger is approved by the Defined Benefit (DB) members of the SP Bargaining Pension Plan and the required regulatory approval is received, your pension under the SP Bargaining Pension Plan will be replicated and paid to you by the CAAT Pension Plan at your normal retirement date.Your SP Bargaining Pension Plan will be amended to allow for an early retirement at age 50 with an early start reduction equal to the actuarial equivalent of your pension if you were to retire at age 65.

Inflation Protection

If the merger is completed, when you are entitled to a pension, your pension will grow by CAAT’s conditional inflation protection which is subject to the CAAT Funding Policy and is equal to 75% of the Consumer Price Index (CPI). This will be assessed annually starting the later of January 1, 2023 or the January 1 of the year after you start your pension.

Your Notice of Proposed Merger

Your Notice of Proposed Merger shows the pension you are entitled to, payable at your normal retirement date, which would be replicated under the CAAT Pension Plan if the merger is approved by the membership of the SP Bargaining 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 Sanofi Pension Plans Administration Services (Canada) at 1.866.616.8666