Pension

I’m retired…. Now what?

You’ve worked long and hard and have finally reached that time in your life where you don’t have to report to anyone (except your spouse of course)… unless you have an address change.

Now that you are retired, your Pension Payments from your Pension Plan will be sent to you directly through CIBC Mellon. Your pension will be paid to you monthly on the 1st of the month in one of two ways: a cheque by mail or by direct deposit into your bank account.

You will receive important information from time to time from both our office as well as CIBC Mellon, therefore, it is essential to keep your address current with us both. To notify us of an address change, please email or phone our office. (Note: Our office will inform CIBC Mellon for you if you have not already done so.)

Can I still work after I retire?

If you are under the age of 71 and receive a pension from the LCCPP, you can work on a part-time basis (less than 15 hours weekly) or on a temporary basis (more than 15 hours per week but no more than five months per year). This restriction applies only if you work for an LCC employer who participates in the Worker Benefit Plans. There are no restrictions on the number of hours and months, if you are over age 71 or if you work for a non-participating employer.

What happens to my pension when I die?

If You Have a Spouse on the Date You Retire

If you have a spouse, the normal form of payment is a lifetime pension with a five-year guaranteed term and a 66-2/3% surviving spouse’s pension (known as a joint and survivor pension). This means if you die within five years of retiring, your spouse will continue to receive 100% of your monthly pension for the balance of the five years. After that, 66-2/3% of your pension will continue to your spouse for the rest of his or her lifetime. If you die after the end of the five-year guaranteed term, your spouse will begin to receive 66-2/3% of your pension immediately.

If You Do Not Have a Spouse on the Date You Retire

If you don’t have a spouse, the normal payment form is a lifetime pension with a 10-year guarantee. This means that if you die within 10 years of retiring, your designated beneficiary or estate will receive 100% of your monthly pension for the balance of the 10 years.

If you are still working but contemplating retirement, please visit our “Active Workers” site.