Form 5 - Waiver Of 60% Joint Pension (Page 2 of 4) in pdf

Form 5 - Waiver Of 60% Joint Pension Page 2

Integrated pension

Means an option provided to retiring members by some pension plans at retirement. The member receives an

additional benefit in the form of higher pension payments from the plan until he or she starts receiving CPP/QPP

and/or OAS benefits and helps maintain a level income. This additional benefit stops and his or her pension is

reduced once the member starts receiving CPP/QPP and/or OAS benefits.

Joint survivor pension

Means a form of pension that pays a pension on retirement to the member or member-owner for his or her lifetime

and, after death, to the spouse or common-law partner for his or her lifetime.

Member

Means an employee or former employee who is accruing or entitled to a pension under a pension plan, but is not

yet retired and receiving a pension under the plan.

Member-owner

Means the individual identified in the LIRA contract as the annuitant and who as a former member of a pension

plan transferred a pension benefit credit directly or indirectly to that LIRA.

Spouse

Where used in relation to another spouse means the person who is married to that other spouse, and “spouses”

mean two persons who are married to each other.

Variable Benefit

Means a retirement benefit payable to a member from a pension plan that is subject to the requirements of the

Act and pays an adjustable flow of retirement income to the member based on prescribed annuity factors.

FORM 5 - Waiver of 60% Joint Pension Entitlement for Pension Plan or Locked-In Retirement Account

MAY 2012

Office of the Superintendent – Pension Commission

Form 5 - Waiver Of 60% Joint Pension Page 2