Normal retirement age is 65. Current early retirement provisions in place under the plan with Trustee consent allow:
  • Unreduced pension at age 60 and over with no service requirements
  • Unreduced pension age 55 to 60 with 25 years of employment service
  • Reduced pension at age 50 to 55 with 30 years of employment service. (Reduction is approx.. 5.5-6.5% per year)
Planning on retiring soon? Please contact the Plan Office three months before your planned retirement date to complete the necessary paperwork and ensure you receive your pension payments on time.
The amount of pension you receive is based on career average benefit from all your years of credited service equal to 1.75% of gross earnings or a target benefit based on the last 3 calendar years of earnings with the approval of the Trustees; whichever is better. Each year you receive an annual statement that shows your pension value.
When you terminate your employment before the age of 55, you will be given the option to either remain in the plan and receive a pension from the plan in retirement, or take a lump-sum (commuted value) payout from the plan and end your membership.

You will have 60 days from the date of notice (or 90 days from date of termination, whichever is greater) to make a request to take your commuted value payout. You are not able to transfer out your pension after this deadline.
The commuted value of your pension is actuarially calculated as the value today of your future pension, based on your age, applicable interest rates and other assumptions in accordance with the Pension Benefits Standards Act. This calculation takes into consideration your accrued benefit, your age and prescribed interest rates at the date of termination. The calculation uses as assumption that you will retire at 65. This is the amount you can transfer to a “locked-in” RRSP if you are under the age of 55.
If you terminate the amount you get has nothing to do with either your contributions or the employers. You get the value of your accrued benefit at the time of termination.

The Employer contributions are used to fund the Plan for all retirement benefits and provisions and they are not refundable to a member.
If you die before retirement, the benefits payable depend on your service, age and beneficiary status at the date of death. Please Refer to Death before Retirement in the Pension Plan booklet for detailed information. If you die after retirement it will depend on the option you chose when you retired.

Please make sure that we always have your correct beneficiary contact details on file, and be sure to keep us informed of any changes to your spousal status.
Your pension does not begin automatically, so you must inform the Plan Office of your intention to retire. Your pension will not be backdated. We recommended applying for your pension three months before your anticipated retirement date.
The Canadian Pension Plan (CPP) is separate from the Telecommunication Workers Pension Plan. Whether or not you collect CCP has no impact on your pension from this plan.
According to federal pension legislation, when negotiated contributions do not cover the prescribed solvency standards the plan may be amended to reduce, subject to the Superintendent’s authorization pension benefits or pension benefit credits.

Good news: at its latest valuation, the pension plan was fully funded at a 122% solvency ratio.
Yes. Your pension option and income remain the same throughout your lifetime unless you select a level income pension option. (see next question) The exception to this is that whenever the plans funding allows the Trustees will provide ad-hoc increases to your pensions.
A Level Income Payment Option is designed for Plan members who wish to retire early and take more of their pension upfront prior to the age of 65 at which time it will be reduced for the balance of the member’s lifetime. The goal is to provide nearly equal monthly retirement payments to you before and after you become eligible for CPP.
There is no indexing and no promise of a pension increase. However the Trustees do review the financial position of the Plan annually and have provided adhoc increases depending on if there is a sufficient excess of funds to provide an increase over and above providing an "Updated" benefit to active members.
Every pension plan is different. This pension plan provides certain benefits such as the subsidized early retirement benefit (which half of all retirees receive) and the target benefit/ Updating formula used to calculate the best pension benefit possible. Indexing is not available for this plan. The terms of the pension plan are established by the board of trustees, who are appointed by USW 1944 and by TELUS. At the Plan Office, we simply administer the pension plan according to the plan rules.
A Defined Benefit Plan specifies the formula for determining the benefit entitlement and the employees are promised a "defined" amount of pension.

The defined benefit under the TW Pension Plan is 1.75% of gross earnings otherwise known as the "promised benefit".

On an annual basis the Trustees review the financial position of the Plan to provide for an "Update" formula for that year otherwise known as the "target benefit". Updating is the process of bringing forward 3 years of average earnings to produce a benefit on final earnings. Updating is only done if it increases your benefit and will never be done if it would reduce your benefit.
The Plan is registered under the Income Tax Act and the Federal Pension Benefits Standard Act.
The Administration can accept Applications for Pension three months prior to your retirement date. Applications submitted earlier than this will be returned with a request to resubmit within the three-month period.
If your children are age 18 and under we cannot issue benefit payments to them directly. We suggest you name either a person who could receive the benefits on behalf of the children or name your estate and make sure you have a Will. If you do name your minor children, benefits whether it be with the Pension office or a Will it will most likely be paid to the Public Trustee office or a court appointed guardian with an order to accept monies on behalf of the children.
If you go to a lower hourly rate or from a full-time position to a part-time position your pension is not reduced. You will still continue to accrue an annual pension based on the "promised" benefit formula of 1.75% of your gross earnings. You will just not accrue as much as you would have had you been at the higher paid or full-time position.