HOW TO RETRIEVE YOUR DIGITAL PENSION STATEMENT
DEFINED BENEFIT AND HYBRID PLANS:
DEFINED BENEFIT PENSION (CS hired before June 27 2011):
DB – Defined Benefit Plans provide a monthly pension at retirement. The pension amount at retirement will be calculated using a predetermined formula – commonly based on a percentage of salary, multiplied by the number of years of participation in the plan.
DEFINED BENEFIT FORMULA:
You will need a current copy of your pension statement to determine your Allowable Service and Average Earnings.
- YMPE = Years’ Maximum Pensionable Earnings
- Average earnings is the highest 36 consecutive months of earnings
- Average YMPE is determined over the same period as Average Earnings
- Allowable service is limited to 35 years
HYBRID PENSION (CS hired on/after June 27 2011):
Hybrid plans are made up of both a DB and a DC component for the same member.
DC – Defined Contribution Plans provide pension savings at retirement, similarly to registered retirement savings plans (RRSP). The pay-out will be based, amongst other factors, on contributions made to the plan by the employee and the employer during years of participation, as well as investment returns on those contributions.
RESOURCES:
HR CONNEX PENSION (CANADIAN MEMBERS)
1-833-847-3675
MON-FRI | 0800-1800 EST
Unifor Pension Communications Committee for Air Canada Employees:
November 12 2021 – New agreement with Canadian unions and Pionairs to repurpose the 2009 pension share trust
RETIREMENT
HR CONNEX RETIREMENT LINKS
- Electing to Work Beyond Age 65
- Retirement Phase-In (RPI)
- Retirement Process
- Retirement Process – Frequently Asked Questions (FAQs)
- Initial Pension Payment Discrepancies
- Disability Retirement Pension
- Pionairs
CELEBRATING YOUR RETIREMENT WITH A FREE UNIFOR WATCH
If you’re retiring or joining the phase-in program, please send an email to info@yyzd301.com with your full name, employee number, mailing address, telephone and your selection of male or the female watch.
