Plan changes take effect next month
It’s finally happening – our plan changes are in effect as of January 1, 2025. This is good news for both our DBprime and DBplus members.
Here are the key changes:
DBprime: Your contribution rate is going down. This means that you will be paying less while continuing to earn the same valuable benefit.
DBplus: Your annual pension factor is going up. This means that your pension will grow faster.
For full details about the plan changes, check out the FAQ section on the website.
Your GROWTHplus Investment Account questions
Stop your scrolling! You can’t miss the answers to our members’ top questions about our new optional savings account.
Want to know even more about how CAAT’s new member-focused offering can help build your savings?
We thought so! Keep reading:
What is GROWTHplus?
CAAT’s GROWTHplus Investment Account launched on October 1. In addition to your valuable defined benefit pension, you have access to GROWTHplus – a simple way for you to grow your tax-sheltered retirement savings and benefit from CAAT’s investment returns.
Following our GROWTHplus Member Webinar on Oct. 9, we collected your top questions about this new account. Check out these questions and our resource guide.
How does the GROWTHplus Investment Account impact my pension?
GROWTHplus is an optional savings account separate from your secure lifetime CAAT defined benefit (DB) pension and does not replace or change your pension. GROWTHplus also has different rules and features from your DB pension. You can read all about the features in the GROWTHplus Member Handbook on our website.
Can I transfer in funds from a TFSA or non-tax-sheltered vehicles?
No, since GROWTHplus is a tax-sheltered account, you can only transfer-in funds from an existing tax-sheltered eligible registered retirement savings vehicle. You can transfer in both locked-in and non-locked-in tax-sheltered savings, including registered retirement savings plans (RRSPs), locked-in retirement accounts (LIRAs), and group registered pension plans (RPPs). A full list of vehicles is available on the GROWTHplus webpage at growthplus.ca.
How do I know if GROWTHplus is a suitable option for me?
Choosing to contribute to GROWTHplus is a personal decision based on a number of factors. GROWTHplus may be an option for you if you’d like to:
- Benefit from CAAT’s investment returns.
Leave the investment decisions to CAAT’s professionals and benefit from the Plan’s scale and asset mix, including private equity, infrastructure and real estate.
- Grow savings with a trusted organization.
Consolidate your tax-sheltered savings with an organization that focuses on long-term investment performance.
The Plan’s 10-year average net investment return was 9.3% as of December 31, 2023.
- Continue participating throughout your lifetime.
As an active, deferred or retired member of the Plan, you can continue to participate in GROWTHplus and benefit from the Plan’s investment returns.
Follow this quick guide to help take you through the questions you can ask yourself to determine if this is a suitable investment option for you. Before making a decision, you may also want to seek independent financial advice.
I’m ready to initiate a transfer. How do I get started?
To transfer-in your funds, you need to fill out the forms through My Pension and bring them to your financial institution to complete the transfer. We recommend you check with your financial institution on your ability to transfer into GROWTHplus and whether there are any associated fees involved on their end. Next, CAAT will process your funds once they are received from your financial institution. You can also use CAAT’s paper-based process. Contact CAAT for assistance with the paperwork. For either option, you’ll need to have your social insurance number and account details ready.
What happens if I change my job?
If you terminate employment with your CAAT employer and are not retiring, you remain an active member of the Plan during your 24-month Extension of Membership (EOM) period. During this time, you can continue to make deposits to your GROWTHplus account. You can also make optional withdrawals during the annual withdrawal window in May, and you also have the option to make a one-time withdrawal any time during your EOM period.
At the end of this period, if you are eligible and you choose to keep your deferred pension in the Plan, you continue with the same deposit and withdrawal rules as active members.
Resources guide
If you’re ready to learn more, here are some great resources to help you get started:
Multi-factor authentication coming to My Pension in 2025
We are introducing multi-factor authentication (MFA) for My Pension, your pension portal, in the spring to enhance the security of your information.
This means that you will need to set up MFA to access My Pension in 2025. You may already be familiar with MFA if you access your banking or other secure websites online.
We will be sending out your Member ID in the spring. Stay tuned for more information on our website and by email or mail.
Meet the Member Services team
Members are our number one priority at CAAT Pension Plan. Our commitment to all our members – 100,000 strong across the country – is a secure lifetime pension when they retire.
We decided to give you an inside peek into the minds of the leaders of our Member Services team.
- Sonny Khindria, Vice President, Member Services
- Betty Gin, Director, Member Services
- Maria Peduto, Director, Client Services
1: First up, let’s meet the team. What’s your role at CAAT and how does your team help our members?
Sonny: I lead a team of pension professionals that are focused on supporting our members with administrative and support services. We are here for our members and are committed to providing resources and expertise to help you to maximize your CAAT defined benefit (DB) pension and deliver a trusted and predictable retirement income.
Betty: My team and I are dedicated to supporting you every step of the way in navigating your pension. We work for you, making sure you have the resources needed to fully understand your pension, including how to make purchases and planning your retirement. These resources will guide you to making informed decisions. Whether it is helping you by answering questions about your options, we are here to ensure your pension serves you.
Maria: We play a vital role in helping members with their pension-related questions by providing clear, accurate information and addressing concerns with care and empathy. We want you to look at CAAT as a trusted partner. We are here to help you understand your pension plan benefits and to guide you through complex topics with ease to help you make informed decisions about your financial future.
2: Members want to know -- what’s the best way for them to reach out with questions?
Maria: We are here for you and can be reached through multiple accessible channels, ensuring convenience and quick response time. We really encourage members to use My Pension, our self-service member portal, where you can find answers to common questions, access your personal account details and submit queries directly through secure message. If your employer joined CAAT through a merger, you have access to CAAT’s administrative partner for expert services for your DBplus pension. You also have access to My Pension to participate in our new GROWTHplus Investment Account. Visit our website to learn more. These options ensure you can choose the most convenient method for your needs while receiving prompt, personalized support.
Sonny: I’d also like to highlight the options to reach us for direct member support via telephone and email. Members can contact CAAT during our regular business hours and also send us an email message. You can also visit our website to learn more about the plan and access additional information about your CAAT DB pension benefit and what’s available to you.
3: What’s one thing a member can do today to help themselves in retirement?
Maria: One key step to ready yourself for retirement is to use the CAAT estimator tools through the member portal to understand where you are at and where you would like to be in retirement. Understanding your financial goals at retirement will eliminate any surprises when you are ready to retire. It’s easy to set up your My Pension account. Follow the steps on our log in page.
Sonny: The estimator on the portal will help you model different scenarios as you progress through your career. While on the portal, engage with our educational resources on the website and learn more about the benefits, opportunities to maximize and contribute additional monies to CAAT. The more you learn, the more you understand, the better you will be prepared for retirement. And if you have a question, call us. We can help!
4: What’s something you’d like a new member to know?
Betty: We want all new members to understand the incredible value of their pension. Your pension is a powerful asset for your retirement, and we are here to help you maximize its potential. By staying engaged with the resources we provide and working with us –such as our Member newsletter, blog and through learning sessions – you can make confident decisions that will strengthen your future.
Maria: We also want new members to know that we are here to support you through life events and your retirement journey. We encourage you to stay informed and keep us informed – whether you have recently gotten married, had a child, moved, or are looking at increasing your pension with a purchase. We can provide you with next steps or direct you through your options.
Sonny: There is so much value in your pension and perks to being a CAAT member. For instance, in addition to your secure lifetime pension with CAAT, you can also participate in GROWTHplus, which is an optional savings account for CAAT Plan members to growth their tax-sheltered savings (think RRSPs, LIRAs and more) and benefit from CAAT’s investment returns. This is all part of our commitment to meet the evolving needs of our Plan members. Learn all about whether GROWTHplus could be right for you.
Extra things you need to know
Visit My Pension for a pension estimate
Beginning January 1, we are retiring the general pension estimator on our website for the majority of our members. Our pension estimator on My Pension is secure and tailored to your personal information. It is also a great resource for your retirement planning. If you haven’t registered for My Pension, you can do this on our website.
If your employer joined CAAT through a merger, you can continue to use the specific estimator for your employer on CAAT’s website. Find your employer to get started.
Update your information
Did you get married this year? Have a child? Change addresses? It’s important to keep CAAT (not just your employer!) informed of these changes. Call us at 1-866-350-2228 (Monday to Friday between 8:30 am and 4:30 pm in the Toronto area) or make the change on My Pension, your pension portal with CAAT. If you joined CAAT through a merger, changes to your personal information remain with your employer.