Your pension plan is a defined benefit (DB) pension plan whose primary purpose is to provide you with regular and secure monthly pension income after your retirement for the remainder of your lifetime. In certain circumstances, the pension fund may also provide benefits in the event of your disability or death. The pension plan operates like the Canada Pension Plan (CPP) in that your pension is determined by a formula that does not consider the amount of contributions remitted on your behalf, but rather the number of hours worked each year and the years that you worked. The monthly pension you will receive from this pension plan is in addition to any assistance from CPP or Old Age Security (OAS).
Your pension is determined by your number of hours in covered employment and the contribution rate at which your employer remits contributions on your behalf. For example, assuming retirement at age 65, active members who work 1,000 hours will earn $83.50 monthly pension ($1,002 annually).
All of the employer contributions remitted to the pension fund, along with all of the investment earnings generated from the pension fund's investments, are used to cover the cost of all expenses and pay for all the pension benefits payable to members, their spouses and their beneficiaries.
Find the form you are looking for in the list provided here and follow the instructions on each to submit them. You can submit your forms via email or fax, but they must have a wet (ink) signature to be processed. Electronic or digital signatures are not accepted at this time.
Book an appointment online or in-person (Ottawa office only) with a PensionAnalyst for information about your pension benefit and assistance completing your pension application.
We will be adding pension plan forms in the coming days. Please feel free to reach out to us if you have any questions.
Participation in the pension fund is automatic if you work under a IBEW Local 586 collective agreement, but you must complete the Registration Form to complete the registration process.
The pension fund provides an annual statement to members advising if they are eligible to receive a pension and the monthly pension amount earned to date.
The amount of employer contributions remitted on your behalf does not directly affect your eligibility or pension benefit. What matters is the number of hours you worked under a Local 586 collective agreement and the hourly contribution rate stipulated in the collective agreement for those hours.
You can find the amount of pension you have earned to date on the annual pension statement mailed to you.
To request a copy or your annual statement, please contact us.