DBplus Pension Purchase Tool

If you work part time or on contract, for an Ontario College or related employer, and you are earning a pension under the DBplus design, use this tool to get an estimate of the maximum amount you can contribute for a purchase, and the amount of pension you would receive as a result.

Get started with the DBplus Purchase Tool

Why make a pension purchase?

Your defined benefit pension from the CAAT Plan is the cornerstone of your retirement income. It will provide you with a lifetime of monthly pension payments after you retire.

When you make a purchase, you create a larger lifetime retirement income, from a secure and cost effective source. You may even be able to retire sooner than you had previously planned. And, you can rest assured that your purchased pension receives the same valuable additional benefits as the rest of your pension: conditional inflation protection in retirement and no-cost survivor benefits.

Who should use this tool?

If you are earning a pension under the DBplus design, and have eligible periods to purchase, use this tool to get an estimate of the maximum amount you can contribute for a purchase, and the amount of pension you would receive as a result of a purchase.

Once you’ve seen the estimate, you can download the form to get started.

When should you use this tool?

If you have a period you would like to purchase in DBplus, you need to use this tool to start the process. Remember that the funds for DBplus purchases must come from a registered retirement savings account such as an RRSP or LIRA.

This estimator assumes that you are between the ages of 16 and 70 years old. You can make a purchase until the end of November of the year you reach age 71. If you are already 70 years old, please contact the CAAT Pension Plan for a purchase estimate.

When not to use the tool

Contact your employer’s HR department if you are interested in purchasing an approved leave of absence, and it has been less than six months since you returned to work.

Visit the ACE Tool if you are a full time employee of a participating employer and you are earning a pension under DBprime.

Tips for using the tool

We suggest you have your T4 information on hand for the period you are interested in purchasing: it will make it easier to enter your information.

You can do as many estimates as you like.
It might be to your advantage to print the results from the tool, which will show all the T4 earnings information you enter. If you provide this information to your employer HR for verification, it may simplify the process.

To use the Estimator you must read and accept the Terms of Use.

The DBplus Purchase Tool was developed to provide estimates of the maximum amount you can contribute for a purchase, and the amount of pension you would receive as a result of the purchase.

Use of the DBplus Purchase Tool does not imply entitlement to a purchase.
These estimates are not binding on the CAAT Pension Plan or your employer.
The data you enter into the DBplus Purchase Tool is not saved or sent to the CAAT Pension Plan or your employer. You may want to print the results for future reference.
Your inputs and the results are not reviewed or verified by the CAAT Plan, and are based on the information you provide.
The maximum amount you can contribute is validated at the time you make a formal purchase request.
The amount of pension you will receive as a result of the purchase will be officially calculated by the CAAT Pension Plan only when a completed and signed purchase request form is received.
The amount of pension you receive as a result of your purchase will change, based on how close you are to your normal retirement date when the purchase is being made.

The results from the DBplus Purchase Tool should not be considered financial advice. We recommend you consult an independent financial advisor about the implications of a purchase.

I have read and understood the Terms of Use

DBplus Purchase Tool

After you have made changes, click on "Calculate" to see the impact on your pension. Click "Reset" to clear all inputs. For details on the impact of each assumption, refer to the "Help" files.

Purchase Amount

Maximum you can contribute for the purchase

The amount available for purchase cannot be higher than the maximum amount available to purchase.

Make the purchase using a different amount
The amount you enter cannot be higher than the calculated maximum shown above.

Basic Information

You must be between the ages of 19 and 70 to calculate the cost of a purchase. Please refer to the "Help" file for more information.

Enter your date of birth
(Select year first, followed by month and day)

(TEST) Purchase Date

Enter the period you wish to purchase.

Enter the period for which you wish to make a purchase Note: Purchases under DBplus are restricted to periods of employment on or after January 1, 1991. Refer to "Help" for more information.

Purchase Period

Start of period

End of period

Enter your T4 earnings for each year in the purchase period:

Enter your T4 earnings for each period

After you have made changes, click on "Calculate" to see the impact on your pension. Click "Reset" to clear all inputs. For details on the impact of each assumption, refer to the "Help" files.

Start the purchase

Estimated annual purchased pension as of today, and at age 65

Detailed Explanation

Purchased pension
The DBplus Purchase Tool assumes your pension purchase is made today.

Estimated DBplus purchased pension as of [today’s date]: $NN,NNN

Estimated DBplus purchased pension at age 65:
DBplus purchased pension: $NN,NNN
DBplus AIW increase: $NN,NNN
Total: $NN,NNN

Data you entered
Date of birth: DD-MM-YYYY
Period of purchase: [Start date] – [End date]
T4 earnings for period:
[Start date – end date of period]: [$N,NNN]

Maximum you can contribute for the purchase: $N,NNN
Purchase amount: $N,NNN

Additional purchase information
Date of purchase: [YYYY-MM-DD]
Purchase adjustment factor: [NN.NN%]
This amount depends on your years from normal retirement at the date of the purchase. If you make your purchase when you are more than 25 years from your normal retirement date the adjustment factor is 100%, i.e. the purchased benefit is equal to the applicable Annual Pension Factor, multiplied by the purchase amount. If you are less than 25 years from your normal retirement date, the 100% adjustment is decreased by 1.4% per year, calculated on a day-by-day basis, reducing the purchased benefit. The amount eligible for purchase is limited by the Income Tax Act. The estimator does not validate that the funds you input are eligible for purchase. That validation is done as part of the purchase process.

Assumptions
Purchase date: [DD-MM-YYYY –today]
Retirement date: [show normal retirement date]
AIW increase: 3.05%
Annual Pension Factor: 8.5%

The APF is used to calculate the amount of pension a member receives for a purchase. For pre-enrolment purchases, the APF used in the calculation is 8.5%.

All amounts shown are gross.

Do you wish to proceed with the purchase?

Choose the type of purchase you will be making and download the form to get started.

I was a member of a Canadian registered pension plan (not the CAAT Plan), before joining the CAAT Plan.

To get started with the process, download these two documents:

DBplus purchase application (Transfer in of funds related to a former employer’s pension plan) form - Follow the instructions on the form to collect the information the CAAT Plan needs to calculate the maximum you can contribute for the purchase, and the amount of pension you would receive as a result of the purchase.
Purchase Timeline – this timeline will guide you through the steps of the process.

If the information provided by your former employer is incomplete or no longer available, or if you are unable to provide proof of eligibility and employment history, we will not be able to proceed with the purchase. Your current CAAT Plan employer cannot assist you in collecting the information needed to complete the pension purchase. Only your former employer has the information pertaining to your previous employment that is required to start the purchase process.

The purchase process can take several months.

I worked for an employer that participates in the CAAT Pension Plan before joining the Pension Plan.

I was a member of the CAAT Pension Plan before, but terminated and took a refund of my contributions or commuted value.

To get started with the process for any of the above purchase types, download these two documents:

DBplus purchase application (Period of employment with an employer that participates in the CAAT Pension Plan) form - Follow the instructions on the form to collect the information the CAAT Plan needs to calculate the maximum you can contribute for the purchase, and the amount of pension you would receive as a result of the purchase.
Purchase Timeline – this timeline will guide you through the steps of the process.

The purchase process can take several months.

You will need Adobe Reader to view the forms.

Next steps

Once we have received the completed form from you, we will check your eligibility and calculate the maximum amount you can purchase, and the amount of pension you will receive as a result of the purchase. We will mail a purchase package to you at your home address.

Disclaimer

This DBplus Purchase Estimator was developed to provide basic purchase estimates only. Results are based on information provided by you, and are neither reviewed nor verified by the CAAT Pension Plan. These estimates are not binding on the CAAT Pension Plan. At the time of a purchase, the CAAT Plan will validate the funds for purchase based on the information provided by you, your current employer, and former employer, if applicable.

The assumptions used by the DBplus Purchase Tool may be different on the date of your purchase request.