Unifor Pension Communications Committee:
If you have questions or concerns about your pension please reach out to one of the 3 Unifor Pension communications committee below for assistance.
Marilyne Boettger
Stephen Lussier
Joanne Goulet
https://www.unifor2002.org/Services-Departments/Pensions-Pension-Communications/Air-Canada
AIR CANADA PENSION BUYBACK
pension@aircanada.ca
HR Connex Pension (Alight): 1-833-8473675
– Selected your preferred language
– Select option 1 for active employees
– Select 4 for pension plans
– Select 1 for Alight.
Hybrid Pension Plans
DB (Defined Benefits) PENSION PLANS:
(Employees hired before June 27)
HYBRID PENSION PLANS: are a combination of a Defined Benefit (DB) Component and a Defined Contribution (DC) Component:
(Employees hired after June 27)
Pensions at a glance: CAW Members Hired on or after June 27, 2011 (PDF)
Glossory:
What is Allowable Service?
Allowable service is used for the determination of benefits and is equal to service in the Plan, with part-time service pro rated for hours worked.
When do I become a Member?
Membership in both pension plans (DB and DC) is mandatory from date of hire. All benefits are vested immediately.
Can I transfer out my pension upon termination and/or retirement?
Members have the option to transfer the lump sum value of their accumulated DC account into a locked-in retirement savings account upon termination and/or retirement at any age. A member who terminates or retires prior to age 55 can transfer the lump sum value of the DB pension into a locked-in retirement savings account. Members who retire or terminate on or after age 55 must receive their DB pension amount as a monthly pension benefit which is currently paid out of the pension fund.
Do I have death benefits?
Its important to designate a beneficiary on your HR profile.
Aeronet > HR Connex > HR Connex Pension > Select a Beneficiary (Quick Links) > Add Beneficiary
Death Benefits in Service:
If you die while in service, your spouse, estate or beneficiary is entitled to the full value of your individual DC account.
For the DB portion of your pension, the lump sum value of your accrued pension is payable to your spouse if you have less than 15 years of qualifying at the date of death. If you have more than 15 years of qualifying service, 50% of the accrued pension is payable to your spouse. If you have no spouse, the lump sum value of your accrued DB pension is payable to your beneficiary or estate. Qualifying service is equal to service in all Air Canada plans, without adjustment for part-time service.
Death Benefits in Retirement:
If you die after retirement, the DC portion of your pension will be payable to your spouse or beneficiary or estate in accordance with the terms of the pension option selected at the date of retirement.
If you have a spouse at the date of retirement, the DB portion of your pension must be paid out as a joint and 60% survivor benefit with the amount determined on an actuarial basis, unless waived by the spouse. If you do not have a spouse at the date of retirement, the pension is payable for your life only, with a minimum guarantee of your contributions with interest.