- The Plan gives you four options...
- If you have a spouse, you must chose Option C or D…
- You can no longer change your choice of option…
The Plan gives you four options...
- A pension payable for your lifetime.
- A pension payable for your lifetime, or for 120 months (10 years), whichever is longer.
- A pension payable for your lifetime. Following your death, a lifetime pension continues for your spouse at 100 per cent of the amount payable during your lifetime.
- A pension payable for your lifetime. Following your death, a lifetime pension continues for your spouse at 60 per cent of the amount payable during your lifetime.
Options other than A will result in a reduced monthly pension, to reflect
the value of the longer guarantee period or the pension for your spouse.
If you have a spouse, you
must chose Option C or D unless your spouse signs a Spouse's Waiver Form (available
from the Plan office). Options C and D will continue pension payments
after your death to the spouse that you had when you retired. If your
spouse
dies and you later remarry, your new spouse would not be eligible for
the survivor’s pension. If you had elected Option B and
your spouse died, you could name a new beneficiary for the balance
of the guarantee period.
You can no longer change
your choice of option once you have received your first pension payment.
