No. If you are age 53 or older, your benefit must be used to provide you with a monthly pension upon retirement. However, if you cease to work in covered employment for a period of time and this results in a termination of membership prior to age 53, you may be eligible to choose the portability option and transfer the commuted value of your pension to another registered pension plan; a locked-in RRSP to provide a pension no earlier than age 53; or you may purchase a life annuity contract. Please refer to the Plan Booklet for full details regarding the portability option, or you can contact Ellement Consulting Group directly by using the toll free number (877) 641‑3122 or by e-mail at painters@ellement.ca.
In the event of your death prior to retirement your spouse may also elect the portability option instead of receiving a monthly payment.
You should receive an annual pension statement in approximately June of each year that will detail your hours and service and provide your status with the Plan.
No, the pension plan contains provisions prohibiting any assignment, sale or attachment of this pension benefit. It cannot be used as security or collateral for a loan.
