FAQ
What is the normal retirement date?
What is the early retirement date?
How do I apply for my pension?
How much of a monthly pension will I receive at retirement?
Does CPP or OAS affect my CMSG pension?
Are my contributions locked-in?
Can I leave my money in the plan if I'm no longer a Guild member?
If I am married, can I designate a beneficiary other than my spouse?
Is my spouse entitled to any portion of my pension on marriage breakdown?
What is the normal retirement date?
The normal retirement date of the plan is the first day of the month coincident with or following your 60 th birthday.
What is the early retirement date?
You may retire on the first day of any month following or coincident with your attainment of age 50. Early retirement will impact the amount of pension you will receive.
How do I apply for my pension?
Once you have determined your retirement date please contact our office and we will be pleased to provide all optional forms of pension for your consideration along with the applicable retirement forms.
Please note that your file will be processed only once all contributions (including contributions for lay days) have been remitted by your employer. This may result in a slight delay in the issue of your first pension payment.
Arrangements for the purchase of an annuity should be made at least four weeks prior to the date of purchase since you will be required to complete additional forms for the chosen insurance company(ies).
How much of a monthly pension will I receive at retirement?
The Canadian Merchant Service Guild Eastern Branch Pension Plan is a defined contribution pension plan, also known as a money purchase plan. Upon your retirement, at or after age 50, your total contributions with investment earnings may be used to purchase a life annuity or a life income fund (LIF). The amount of pension that can be provided to you will depend on your age, the investment earnings of the fund and the interest rates prevailing at the time of your retirement.
Does CPP or OAS affect my CMSG pension?
No. The Canadian Merchant Service Guild pension plan is in addition to the Canada Pension Plan (CPP) and Old Age Security (OAS).
Are my contributions locked-in?
If the total of your Employer and Member contributions plus accumulated interest exceed 20% of the Year’s Maximum Pensionable Earnings (YMPE for 2025 = $71,300) as defined by the Canada Pension Plan, your contributions are locked-in.
Can I leave my money in the plan if I'm no longer a Guild member?
Yes, you can leave your pension contributions in the Plan until your retirement. However, the retirement date must be no later than the end of the calendar year in which you attain the age of 71.
If I am married, can I designate a beneficiary other than my spouse?
Pension legislation protects the rights of your spouse. It is important for you to realize that your spouse or common-law partner is entitled to different types of pension benefits at different times during your membership in the plan.
There are basically three triggering events:
- legal separation or divorce;
- retirement; and
- death.
Three distinct waivers are required. On legal separation or divorce, your former spouse is entitled to a share of the assets accumulated during the relationship. On retirement, you must select a form of pension which will provide a survivor pension of at least 60 per cent of the amount payable prior to your death. On death, your surviving spouse is entitled to 100 per cent of the assets in your account, less any assets which were previously assigned to a former spouse or common-law partner.
All waivers must be notarized at your expense.
Is my spouse entitled to any portion of my pension on marriage breakdown?
If you need the assistance of the plan administrator to provide information to a court in connection with a marriage breakdown, you will be required to directly pay for the cost of the services provided to you.
Under the Family Relations Act, your spouse is entitled to all or a portion of the pension accumulated during the relationship as described in the court order or separation agreement.
In any case, the pension entitlement assigned to your spouse continues to be subject to the locked-in provisions.
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