The amount of retirement income will be determined by using the value of the contributions to your credit at retirement towards the purchase of an annuity and/or L.I.F. (Life Income Fund).

The pension payable under this Plan is in addition to any benefits payable under the Canada/Quebec Pension Plan and Old Age Security.

Retirement Date

Your normal retirement date will be the first day of the month coincident with or immediately following the date you attain the age of 65. Early retirement may be taken at any time during the ten year period preceding your normal retirement date. Alternatively, you may elect to defer the commencement of your retirement benefits and may do so but not any later than December 31 of the year you turn age 71.

Funds Required for Retirement

When the contribution level for this Plan of 10% was set up it was based on the assumption that this level of contribution, when combined with government benefits, would provide approximately 70% of pre-retirement income after 30 to 35 years of participation. Specific circumstances will actually determine the level of retirement income you require.