Did you ever keep a coin jar when you were little? You know the mason jar where you’d throw in a quarter here, a bit of your allowance there? Every time you'd receive money, you would set some aside in the jar so you could afford that toy or gadget you'd had your eye on. Over time you’d see your contributions add up, little by little, and build into this precious pot; ready to use whenever you met your goal. Well, much like the ‘slow and steady’ savings method of your “piggy bank days”, a pension plan has similar qualities.

As working adults, our savings goals differ from when we were kids. We’ve got bigger things on the horizon - like retirement planning - to think about. Consider pension plans like the adult version of your savings jar. The longer that you and your employer contribute to the Plan, the larger your monthly pension will be when you retire. However, unlike a mason jar, those savings will never run out – your pension is paid for your lifetime.

Although not exactly synonymous with each other, the similarities between the features of a savings jar and a pension plan are great in understanding your pension's value.

1. Airtight lid: Just like the mason jar, CAAT safeguards your retirement income so you can access it when you retire. You can rest easy knowing you've got predictable, secure monthly pension payments after you retire.
2. Transparent Glass: Just like the transparent nature of the mason jar, the CAAT Plan takes pride in keeping members in the loop on what’s happening in the Plan. Through our joint-governance structure, representatives of both members and employers have an equal say in Plan decisions.
3. Simplicity: One of the great things about the savings jar is the ease with which you can save. With CAAT's DB pension, your contributions are automatically deducted from your pay cheque, and your employer also contributes.
4. Sustainability: Just like the mason jar is designed to last, CAAT's DB pension plan is managed by professionals focused on keeping the plan strong and sustainable over the long term.

If you have more questions about your retirement with the CAAT Pension Plan, visit our Member page, contact us using secure messaging through your My Pension account or call us at 1-866-350-2228.