Your membership in the Plan will terminate on:
- the first day of the 12th month after your last day of work or longer if certain conditions in the Plan are satisfied, e.g. your employment is not reinstated within 24 months after lay off; or,
- your death; or,
- your retirement.
If your membership terminates prior to age 55 for a reason other than death or retirement, you will be entitled to a pension benefit equal to the amount of pension benefit you have earned to your date of termination of membership.
You may choose one of the following options by completing the Pension Plan Benefit Application:
- transfer the value of your deferred pension benefit to the registered pension plan of your new employer, if that plan permits such transfer; or,
- transfer the value of your deferred pension benefit to a prescribed retirement savings plan; or,
- use the value of your deferred pension benefit to purchase an immediate or a deferred life annuity from an insurance company as prescribed by the regulation made under the Pension Benefits Standards Act, 1985 (Canada).
If this benefit is below the small benefit threshold, you will be paid a single lump sum payment equal to the value of your deferred pension benefit.