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Is my NSAHO Pension Plan pension inflation-protected?
Yes, the NSAHO Pension Plan provides guaranteed
cost-of-living adjustments (COLA) for pensions in payment. Each January 1st,
your monthly lifetime pension (and bridging benefit, if applicable) will be
adjusted by 100% of the increase in the previous year’s cost of living index,
up to a maximum of 3% per year. To measure the year-over-year increase in the
cost of living, we use the Consumer Price Index (CPI) figures for Canada as of
each September 30th.
If the year-over-year increase in the CPI exceeds the
3% maximum covered by the Plan, the Board of Trustees will consider whether
further increases for any amount over 3% will be granted.
Please take note that if you started to receive your
pension part way through the year, you will receive only part of the annual
increase in the year following your retirement. For example, if you start to
collect a pension July 1, you will receive one-half of the annual cost-of-living adjustment on the following January 1st.
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When are T4As sent to pensioners?
RT Financial (the payment custodian for the NSAHO
Pension Plan) will prepare your annual T4A by February 28th of each year. If
you have not received your T4A by early March, please contact us
and we will track down your T4A for you. Remember to advise us of any
address changes that occur during the year to avoid problems with receiving
your T4A.
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What happens to my NSAHO Pension Plan pension when I reach 65?
If you retired with a bridging benefit, your bridging
benefit will stop at age 65 (or when you die, if earlier). This means that your
monthly pension from the NSAHO Pension Plan will decrease by the amount of your
monthly bridging benefit at age 65.
The reason for the decrease is that the bridging
benefit is a temporary benefit paid in addition to your monthly
lifetime pension. In short, the bridging benefit is designed to supplement your
monthly income until age 65 when you qualify for CPP benefits.
Your lifetime pension will not decrease at
age 65 - it continues until your death.
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How do I tell the NSAHO Pension Plan that I have changed my address?
You can write, send us an email, or you can call the
NSAHO Pension Plan at 832-8500 (local calls) or 1-866-400-4400 (toll free if
you are outside the Bedford local calling area). In order to process a change
of address, we need your full name, Social Insurance Number, your present
address, your new address, and the effective date of your new address.
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How do I tell the NSAHO Pension Plan that I have changed my banking information?
For banking changes, you must send us a signed
letter, by mail or fax. For reasons of security, we cannot accept any changes
by email or over the phone.
Your letter must include your full name, Social
Insurance Number, the effective date of the change, and your signature. If your
account is a chequing account, you must include a blank voided cheque with your
letter.
If your account is a savings account (which means a
blank voided cheque is not available), you must provide a statement from the
bank indicating the bank’s full address, the bank transit number, and your bank
account number. The statement must be signed by a bank representative.
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Is tax deducted from my pension?
The NSAHO Pension Plan is required, by law, to deduct
tax from your pension if it exceeds prescribed levels. How much tax is deducted
will depend on government tax tables, as well as other information.
You may be able to arrange for less tax to be
deducted if you are eligible for federal or provincial tax credits. To tell us
about any tax credits you may be eligible for, simply send us a completed
TD1 form.
If you want us to deduct more tax (perhaps because
you have income from other sources), please send us a completed TD3 form.
Alternatively, you may write to us explaining the specifics. Please ensure that
you specify the exact dollar amount of the extra tax that you want
taken from your pension over and above any tax that will be normally deducted
as required by government tax tables.
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What happens to my NSAHO Pension Plan survivor pension if
I remarry?
If you are receiving a survivor pension from the
NSAHO Pension Plan, it is payable for your lifetime, even if you remarry.
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What will happen to my NSAHO Pension Plan benefit if I
start collecting Canada Pension Plan benefits before age 65?
Neither your lifetime pension nor any early
retirement bridging benefit you may be entitled to receive will be affected by
your decision to start to receive CPP benefits before age 65.
Keep in mind, however, that any bridging benefits you
may be entitled to receive will stop at age 65 or when you die, whichever comes
first. The bridging benefit is not payable to any surviving spouse or beneficiary
after you die.
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