For employees of City of Whitehorse earning a pension in DBplus.
As a member of the CAAT Pension Plan, have the option to transfer some or all of your Group RRSP account balance from Sunlife into DBplus. This is called a “pension purchase”, and it will let you get a bigger pension from one of Canada’s most sustainable and fastest-growing pension plans.
The amount of pension you purchase using your Group RRSP funds will become part of your total DBplus pension. While you’re working, your total pension will grow with conditional Average Industrial Wage (AIW) increases, and when you retire, it will continue to grow with conditional inflation protection. Your total pension – the portion you’re earning and the portion you purchase – will be paid to you when you retire for as long as you live.
By mid March 2023, you will have received a purchase package in the mail which will contain a purchase quote and the documents you’ll need to complete your purchase. Read your package carefully to learn about your options and the steps you’ll need to take.
If you have not received your package by March 31, please contact CAAT directly by email at purchase@caatpension.ca or by phone (toll-free) at: 1-866-350-2228.
Also included in your purchase package, is the “Sun Life Financial Request to Withdraw Funds” form that you will use to transfer your Group RRSP funds into DBplus. See Frequently Asked Questions for details on how to fill the form out.
When you’ve decided to make your purchase, the first thing to do is to notify the CAAT Pension Plan.
If you don’t make the purchase within the deadline (May 26), the quote will become invalid. You can choose to make the purchase at any time while you are a contributing member, but the amount of pension you can purchase will be recalculated and may change.
The funds for a DBplus purchase must come from a registered retirement savings account such as an RRSP. You are responsible for arranging the transfer from your financial institution, and for paying any fees that your financial institution may charge. In most cases, you are responsible for the full cost of any purchase.
Read this section if you are transferring money from your RRSP to make your pension purchase. If you are using RRIF, SPP, LIRA or PRPP funds for your purchase, contact the CAAT Plan if you are unable to complete the T2033 form.
The T2033 has already been pre-filled with information about the CAAT Pension Plan and signed by a CAAT Pension Plan representative. This confirms that the CAAT Pension Plan will accept the transfer and will make the process simpler. If you need another copy of the form, photocopy the one from your purchase package, or contact CAAT for additional pre-signed copies.
There are four parts in Section I, which you can complete with your financial institution.
Member information
Enter your name, social insurance number, address, and telephone number.
Part A – Transfer from an RRSP, a RRIF, an SPP, or a PRPP
In Part A, your financial institution will fill out the information about your registered funds on the first line.
Part B – Description of amount to be transferred
Your financial institution will assist in completing the first two lines under subsection 1 in Part B of your T2033 form.
In the second line, your financial institution will enter the total amount of money you will be transferring for the purchase, no matter which box you ticked. The transfer must be in cash.
You can use more than one RRSP account to make up the purchase amount. In that case, you’ll need one T2033 form for each RRSP you’ll be using. Photocopy the T2033 before it gets filled out or contact the CAAT Pension Plan for another copy.
You do not have to complete anything in subsection “2. For a transfer from a RRIF,” unless you are transferring from a Registered Retirement Income Fund.
Part C – Identifying the RRSP, RRIF, RPP, SPP, PRPP or annuity to which the funds are being transferred
This section is partially completed for you by the CAAT Pension Plan.
You, as the member, must sign and date Part C at the bottom.
Remember, the Transferee is the CAAT Pension Plan. This is the CAAT Pension Plan’s portion of the form to complete. It tells your financial institution that the CAAT Pension Plan will accept the transfer for your purchase. The form in your purchase package will already be signed and dated by CAAT to make this step easier.
Remember, the Transferor is your financial institution.
When the form is completed, and you have arranged to pay any fees, your financial institution will keep the form and process the transfer.
It’s up to you to keep an eye on your account to see if the transfer has been made. If the transfer isn’t completed in two weeks, it’s a good idea to call your financial institution to follow-up.
Before you make your purchase decision, we encourage you to attend a pension purchase session. These sessions are hosted by CAAT, and led by pension experts who can answer your questions about making a purchase.
Your pension will be paid to you every month when you retire, for the rest of your life. Making a purchase will enhance the DBplus pension you’re earning.
Here are five more reasons a DBplus pension purchase might be right for you:
Visit our online resources to learn more, and to estimate how a purchase can add value to your DBplus pension.
Purchases can be complex, but CAAT is making it easy by breaking down the purchase process into three stages – Learn, Return, Earn. Visit the DBplus purchases page for an overview, then access the following pages for details, videos and more.
After you enrol in the DBplus, you’ll be able to activate My Pension, CAAT’s online pension portal. There you’ll have access to your pension information along with an interactive pension estimator. With a few clicks, you can estimate your pension, then see how a purchase can increase it.
To activate your My Pension account, visit the Login page and click on My Pension to learn more.
If you haven’t enrolled in DBplus yet, you can still estimate the value of a purchase by visiting the DBplus Pension Estimator.
To get started, select Candu Energy from the available list of employers and agree to the terms of use. After you enter some key information such as your date of birth and your earnings, you’ll get an estimate of your pension at age 65. You’ll then have the option to “See the value of a purchase” to estimate how much your CERi plan balance with Manulife will purchase in DBplus, and the impact it will have on your overall pension.
Only you can decide if a purchase is a good idea for you, and if it’s a cost-effective way to increase your pension.
We’ve answered your most-asked questions about purchases. If you have further questions about how a purchase can add value to your CAAT pension, email our purchase experts at purchase@caatpension.ca.
There are Income Tax Act maximums that apply to the amount you can contribute for your purchase, which may vary depending on the type of purchase you make. Your purchase amount is limited to the lesser of:
You can choose an amount lower than the maximum amount shown in your purchase package. A partial purchase will result in an annual lifetime pension that is lower than the one provided in your purchase package. CAAT will calculate the amount of pension when your payment is received, and will notify you of that amount in writing within 30 days.
You can make a purchase at any time during your membership, but the sooner you make the purchase, the more valuable it is. For each year that you are over age 40 when you make the purchase, the amount of pension your purchase will buy will be reduced by 1.4%.
You must be enrolled in DBplus, and eligible under applicable pension and tax law. In general, to be eligible:
To get started, select The City of Whitehorse from the available list of employers and agree to the terms of use. After you enter some key information such as your date of birth and your earnings, you’ll get an estimate of your pension at age 65. You’ll then have the option to “See the value of a purchase” to estimate how much your available funds will purchase in DBplus, and the impact it will have on your overall pension.
You can find the Sun Life Financial Request to Withdraw Funds Form in the Purchase Package sent to you.
Section 1: Fill out your demographic information.
Section 2: Leave this section blank. It will be completed by the plan sponsor.
Section 3: Select “RRSP” for the product you are withdrawing. Select “Transfer” as the type of withdrawal. Select either “All available assets” or provide a dollar amount for the amount of withdrawal. Section 3 has been pre-authorized by the plan sponsor.
Section 4: Sign and date.
Once completed, email the form to benefits@whitehorse.ca