Forms of Pension

Normal Form of Pension Payment

The normal form of pension payable to a Member shall be a pension payable for the life of the Member with one hundred and twenty (120) payments guaranteed.

Member with a Spouse:

The Retirement Benefit payable to a Member who has a Spouse at the time his pension commences, shall be paid to the Member and his Spouse as a joint and sixty percent (60%) survivor pension during the joint lives of the Member and his Spouse, which is Actuarially Equivalent to the normal form of pension that is described above.

Optional Forms of Pension Payment

A Member may elect to have his pension paid in any one of the following or other forms of pension which is the Actuarial Equivalent of the normal form of pension described above, subject to Applicable Legislation and provided the Member and his Spouse complete and file with the administrator the prescribed Wavier of Joint and Survivor Pension.

  • Life Pension - Pension payments will be made monthly for the Member's lifetime ceasing on the first of the month immediately following the Member's date of death.
  • Life Pension with Guaranteed Term - Pension payments will be made monthly until the death of the Member; and further, if the Member dies before he has received all payments for the guaranteed term elected by him, (either 5 years, 10 or 15 years) then the monthly payments will continue to his designated Beneficiary for the remainder of the guaranteed term. The maximum guaranteed period permitted is the lesser of fifteen (15) years and the period from the date of retirement to the day before the Member's 84th birthday. If the designated Beneficiary is the estate, the Actuarial Equivalent of the balance of the guaranteed payments may be paid in a lump sum to the estate of the deceased Member.
  • Joint and Survivor Pension Continuing in Full - Pension Payments will be made monthly for the Member's lifetime and the lifetime of his Spouse.
  • Life Pension Integrated with C/QPP or OAS - Pension payments will be made monthly to age sixty-five (65) then reduced by an amount approximating the Canada/Quebec Pension and /or the Old Age Security Pension being paid at the date of retirement with the reduced pension payable monthly for the Member’s lifetime.

Insulators Local 95 Benefit Trust Fund c/o Benefit Plan Administrators 
90 Burnhamthorpe Road West, Suite 300 Mississauga, Ontario L5B 3C3