The CCCC office will be closed on March 29th for Good Friday. Normal business hours will resume on Monday, April 1st.

Frequently Asked Questions

While in the Plan

When leaving employment before retirement

  • 17. Can I begin receiving pension benefits before age 65?
    You may retire earlier (than age 65) on the first of any month after the attainment of age 55.
  • 18. What do I need to do when terminating employment?
    Your employer will have a form called "Notice of Member Termination". This needs to be completed and sent to Canada Life. Canada Life will then send you a statement of your account along with your options upon termination.
  • 19. What are my options for my funds when I terminate employment?
    This depends on whether your funds are "Locked-in" or not and on the applicable legislation of your province of employment. You will always have the options of leaving your funds in the CCCC plan (until you reach the age of 71) or transferring your funds to another financial institution or transferring your funds to another registered pension plan (if your next employer has such a plan). If some or all of your funds are not locked-in, you may request a cash payout. Remember that tax will be withheld on any cash payout and the amount of the payout is considered part of your taxable income for that year. You can contact Canada Life for advice on your particular options. See the contact information on the Accessing Your Account page.
  • 20. Will I be able to take all my funds in cash when I leave the Plan (terminate employment)?
    This depends on whether you have any funds that are not locked-in. If you have made any voluntary contributions they will be available to be taken in cash. Otherwise, it depends on the applicable legislation for your province of employment. Remember that any cash payout of your funds must be included in your taxable income for that year and that tax will be withheld on the payout. You can contact Canada Life for advice on your particular options. See the Canada Life contact information on the Accessing Your Account page.
  • 21. If my funds are locked-in and my employment is terminated, what are my options?
    You may leave your funds with the Plan, or, you can have them transferred to any Canadian financial institution. They must be transferred to another plan or financial vehicle which is locked-in. The financial institution receiving your funds is required by law to keep your funds on a locked-in basis. Such plans may include Locked-in RRSP’s, Life Income Funds (LIF) or Locked-in Retirement Accounts (LIRA). You can also transfer your funds to another Registered Pension Plan (RPP) if your new employer has such a plan and can accept such transfers. Locked-in funds must be accepted on a locked-in basis and retained on a locked-in basis until your retirement. Contact Canada Life or ask your financial adviser for details. See the Canada Life contact information on the Accessing Your Account page.
  • 22. When I leave my employer do I have to remove my funds from the CCCC pension plan?
    No, you can leave your funds in the CCCC plan to accumulate growth until the end of the year in which you turn 71. At age 71, your funds must be converted to a pension generating financial vehicle. NOTE: Keep Canada Life updated with your current address so you can continue to receive statements and information.

When retirement is immient

  • 23. What do I do when my retirement is imminent?
    You should discuss your options with a qualified financial advisor. Your account with the CCCC pension plan is to be used to purchase a pension generating financial vehicle. Your individual circumstances need to be considered when choosing the plan that best meets your needs.
  • 24. Can I begin receiving pension benefits before age 65?
    You may retire earlier (than age 65) on the first of any month after the attainment of age 55.
  • 25. Do I have to begin receiving my pension at age 65?
    Subject to your employer's policy and applicable provincial legislation, you may postpone your retirement but you must commence receiving your pension by the end of the calendar year in which you attain age 71.
  • 26. Does CCCC pay me my pension when I retire?
    No, the CCCC pension plan is a Defined Contribution ("Money Purchase") Plan which means it is designed to accumulate employer and employee contributions and growth on a tax sheltered basis. The member's total account is then used to purchase a pension generating financial vehicle upon retirement. Such instruments can include Annuities, Life Income Funds (LIF) and Locked-in Retirement Income Funds (LRIF). You should discuss your options with a qualified financial advisor.
  • 27. I now live in the USA (or other foreign country) and I am nearing retirement age. How do I get my pension income?
    Your account must be used to purchase a pension generating plan in a Canadian financial institution. Some banks will work with you regarding receiving your benefits in the USA (or other foreign country) but your account cannot be transferred to an American or foreign financial institution. You should first contact the financial institution with whom you did your banking while in Canada to see if they can assist you. Should you have any difficulties, please contact us at the CCCC office by phone at 519-669-5137 or by email.
  • 28. What if I plan to continue working past age 71?
    Contributions to your pension cannot continue past December 31st of the calendar year in which you turn 71. You are required to begin collecting your pension benefit by December 31st. During the year you turn 71, Canada Life will be in touch with you regarding your options and request that you make an election (decision) of your plans by October 31st. Additional resources to assist you with your planning are available on this page
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