At retirement, you will have options available to convert your pension savings into a pension income. Today these options include:
In November 2014, Western's Board of Governors made a decision to select Sun Life Financial as a preferred external provider of a RIF for Western retirees. The Sun Life Retirement & Savings Plan for Western Retirees will provide access to a broader range of quality investment choices, familiar to those in the Western Pension Plan, a high degree of flexibility (including the option to transfer in outside assets and spousal accounts), and convenient financial planning support. Western has negotiated very competitive group fees, lower than you would expect to pay as an individual investor. For those who join the plan in 2015, or at any time in the next ten years, these fees are guaranteed for life.
You may also choose to establish a RIF at another financial institution of your choice.
Retirement counselling is available through Human Resource Services. To assist you in your retirement planning, we recommend that you meet with a Pension Consultant within two to five years of your planned retirement date. If you wish, you may also invite a spouse or trusted family member or friend to participate in the meeting. To book an appointment, call the Human Resources Communication Centre at 519-661-2111 x82194 or email firstname.lastname@example.org.
If you leave Western before you retire you are entitled to the total funds in your Regular and Voluntary accounts. While these funds are transferable, legislation may require they remain in a “locked-in” account to provide retirement income.
Within 60 days of leaving Western you will receive a package of information outlining your options. Please be sure to keep us up to date on your current address to ensure this reaches you. You may update your address by logging in to My Human Resources, or by completing a Personal Data Form.
With locked-in funds, your options include:
For members who joined the Western pension plan under the part-time eligibility rules, membership does not cease until six months after contributions have stopped. This 6-month period is to allow for the possibility the member may be successful in starting another position with Western and this would then allow immediate enrollment in the pension plan.
Following six months without contributions, your membership in the plan will end and you will receive a package of information outlining your options. Please be sure to keep us up to date on your current address to ensure this reaches you. You may update your address by logging in to My Human Resources, or by completing a Personal Data Form.
If you are leaving Western prior to retirement and wish more information on your pension savings, please call the Human Resources Communication Centre at 519-661-2111 x82194 or email email@example.com.