OPTIONAL FORMS OF PENSION PAYMENTS



 As mentioned previously, if you have a Spouse at retirement, your choice of an optional form of pension will be restricted unless your Spouse completes a waiver in the form prescribed by the government authorities. Subject to these restrictions, you may choose any one of the following optional types of pension in lieu of the normal form:
  • An increased pension payable for your lifetime only. No payments are made to anyone else after your death.

  • A reduced pension payable for your lifetime, but with a guarantee that if you have not received 120 monthly payments at the time of your death the balance of the 120 payments will be made to your beneficiary.

  • A reduced pension payable for your lifetime and, in the event of your death, a pension payable to your Spouse for his/her lifetime. The amount payable after your death will depend on your election and can be either equal to the pension you received or 60% of the pension you received.
The Trustees may offer other optional forms from time to time, provided these are acceptable to the Tax Department and under the Pension Benefits Standards Act. A Member who has had pensionable service with an employer who is not subject to federal law may be restricted in the options he can elect in accordance with various provincial laws.

If you elect an optional type of pension, the amount of pension payable will be adjusted from the normal form to reflect the optional type chosen.


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Prairie Teamsters Administration Services Ltd.
209, 7260 - 12 St SE Calgary, Alberta T2H 2S5
Telephone 403-252-6924 - Toll Free1-877-817-7526 - Fax 403-253-3231