Frequently Asked Questions

 

What is the difference between credited service and University service?

Credited Service is the period 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. However, you may participate in the Great-West Life Group R.R.S.P. Plan through payroll deduction. Please call 1-800-724-3402 for further information.

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.

What amounts are transferred to a Locked-In Retirement Account (LIRA)?

Both the Employee and Employer Contributions plus interest are transferred into your LIRA.

What does 'locked-in" mean?

Locked-in means that the funds are subject to the Manitoba Pension Benefits Act. For example, provisions such as the total amount must be used for retirement income, the funds are subject to division on marital separation and your spouse must be named as your beneficiary, are required under the Manitoba Pension Benefits Act.

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. Unfortunately, we cannot calculate this amount for you.

How do I change my beneficiary?

Call the Pension Office and arrange to have forms prepared and mailed to you.

If I'm thinking of retiring, what do I do?

Contact the Pension Office in writing indicating the date you are thinking of retiring. A retirement package will then be mailed to you.

How do I know how the fund is performing during the year?

The Quarterly Review provided this information to you. It is published 4 times a year, once the quarterly investment earnings have been determined.

 

 

 


 

 

Questions or comments regarding Pension Benefits 
please e-mail: Pension Administration