Frequently Asked Questions - 1993 Pension Plan

What is the difference between credited service and University service?
Credited Service is the period of time of pension plan membership and University service is the period of time worked at the University of Manitoba.

Can I make voluntary contributions to the Pension Plan by payroll deductions?
No. The Plan does not permit this.
 
At what point does the University of Manitoba match my contributions?
Employee contributions are matched immediately by the Employer.

What happens to my pension if I die prior to retirement?
Your pension (death benefit) is paid out to your named beneficiary. If you have a spouse (legal or common-law) that person must be named as your beneficiary, unless your spouse has waived entitlement to the death benefit.

What happens to my pension if I terminate my employment?
You may have three options: cash (if subject to the small benefit commutation regulations), transfer to a Locked-in Retirement Account (LIRA) or purchasing an annuity with an insurer.

When does my pension vest?
The Plan has immediate vesting. This means that if your employment with the University terminates before retirement you will receive the full benefit from the Total Regular Contributions Accounts (Employee and University).

What amounts are transferred to a Locked-In Retirement Account (LIRA)?
The Employee and University Contributions Accounts plus interest are transferred into your LIRA.

What does locked-in mean?
Locked-in means your pension benefit entitlement continues to be subject to pension legislation requirements for pension sharing, survivor and death benefits, and may only be used to provide retirement income (i.e. you cannot get a cash refund).

I've misplaced my statement, Can another statement be produced?
An official statement cannot be reproduced, but a copy of the information can be provided.  If you require a current balance, please submit a request in writing to the Pension Office.

How do I determine my R.R.S.P. room?
When you file your tax return, an assessment is provided by Canada Revenue Agency (CRA) showing you the amount available to contribute to your R.R.S.P.

How do I change my beneficiary?
Call the Pension Office and arrange to have forms prepared and mailed to you or click on the forms section of this website.  Remember that all forms must be signed by you and returned to the Pension Office.

If I'm thinking of retiring, what will be my pension amount, what should I do?
Contact the Pension Office in writing indicating the date you are thinking of retiring or fill out the Application for Pension Estimate form located on this website. A retirement package will then be mailed to you.  You can also use the Formula Calculator which will give you an estimate of your pension.  If you have arranged for a meeting to discuss your retirement, your spouse or partner is welcome.

Does the Plan, have a “magic” number to determine eligibility?
No, the Plan does not use a magic number.  A member can retire as early as the first day of the month following your 55th birthday.  However, your Formula pension will be reduced by ¼% for each month (3% for each year) you retire before age 65.

Can I access any of my funds to pay off debt?
No, the current legislation does not permit accessing your pension funds due to financial hardship.

Will my monthly payments be taxable?
Once you start to receive any money from any registered plan – a pension plan, LIF, RRIF etc. the payments are taxable.  You will be asked to complete the CRA forms to determine the amount of tax to be withheld when the payment is set-up with the financial institution that will be responsible for your payment.  If you elect a monthly pension from the Plan, the custodian will ask you to complete the required forms.

How much notice do I need to give regarding my retirement decision?
You should check your collective agreement or the University policy for excluded employees.  Please remember to let the Pension Office know of your decision and the date you have selected for your retirement.

Information on OAS, CPP payments.
You should review the material on your eligibility and payment amounts for OAS and CPP by contacting Services Canada. 

Old Age Security (OAS) and Canada Pension Plan (CPP)  https://www.canada.ca/en/services/benefits/publicpensions.html