Questions And Answers print

I would like to retire. What should I do?
You should phone or visit the Plan Administrator to select a retirement date. Contact the Plan Administrator at least three to four months before you plan to retire to discuss your options and complete the required paperwork.

Is my pension indexed?
No. In the past, the Trustees have granted benefit increases to retirees on an “ad hoc” basis. While they cannot guarantee that there will be similar increases in the future, it is the Trustees’ intention to grant future benefit increases if the financial conditions of the Plan support it.

What is the lump sum value of my pension?
Since the lump sum value of any pension is based on current interest rates and assumed retirement age, the lump sum value of a member’s pension is calculated only when you terminate from the Plan.

What happens if I start my retirement pension and return to work for Overwaitea Foods/Save-On-Foods?
If you return to work in the industry and work less than 480 hours per year, you continue to receive your pension. If you work more than 480 hours per year, the Trustees have the right to suspend your pension and you would earn additional credited service and pension benefits. Once you stop working again, your retirement benefit would be recalculated based on your additional earnings. Regardless of the number of hours you work, employee contributions to the Plan will be deducted. These contributions with interest will be refunded to you once you stop work.

What happens if I move to another employer covered by this Plan?
If you move between Divisions of the Plan – for example, from  Overwaitea to Canada Safeway– your pension for service after the transfer will be calculated according to the provisions of the new Division. Your status under each Division will remain active, and you will be entitled to any benefit increases or improvements which may be granted.

What if I had service with Woodwards?
If you have past service credited to you under the Plan as a result of your employment with Woodwards Foods Ltd., you will receive a benefit under the Plan as determined in accordance with the Plan text. The amount of this benefit will be reflected annually on your statement and the Plan Administrator will provide you with additional details if requested.