- When you retire, die or leave the Plan, you or your beneficiary can receive a lump sum payment instead of a pension if…
- Every year, you will receive an Annual Statement…
- If you work for an employer under a different pension plan…
When you retire, die or leave the Plan, you or your beneficiary can receive a lump sum payment instead of a pension if…
- the annual pension is less than 10 per cent of the Yearly Maximum Pensionable Earnings, or
- the commuted value of the pension is less than 20 per cent of the Yearly Maximum Pensionable Earnings.
If your pension is less than $25.00 per month, the Plan
will automatically pay the benefit as a lump sum equal to the commuted
value of the pension. 
Every year, you will receive an Annual Statement…
…summarizing the benefits you have earned, along with important information about self-payments. Be sure to read it carefully as soon as you receive it, because you may have some important decisions to make and deadlines to meet. Please carefully check that your worked hours are right, and advise the Plan Office if they are not.
If you work for an employer under a different pension plan…
…you may be able to transfer your hours worked to the Carpentry
Workers’ Pension Plan, or transfer your Carpenters’ hours
to the other plan. Check with the Plan Office to see if we have a reciprocal
agreement with the other pension plan. Reciprocal agreements allow
for the transfer of hours for up to one year.
