- Retirement Planner
- Retirement Checklist
- Receiving Your Pension
- Retiring Allowance – Professional Services
Familiarize yourself with retirement and pension information on our Receiving your Pension section below– implications of retiring early or postponing retirement are discussed.
If you are planning on retiring in the next two to five years, please use the Retirement Planner to estimate your pension for various projected pension commencement dates.
If you are planning to retire by July 1 in the current year, there are a number of important arrangements that you will need to make over the next few months. We strongly encourage you to set up a meeting with one of our Pension Specialists to advise of your plans, discuss your options, and sign the necessary paperwork.
If you are currently employed by Carleton and joined the Carleton University Retirement Plan prior to July 1st last year, you can access the Carleton Retirement Planner. For assistance with this tool please refer to our Retirement Planner User Guide.
It is a good idea to start making arrangements to retire about six months before your retirement date. This checklist covers what you need to do in the months before your planned retirement date.
You will receive your pension benefit, commencing with the first payment at the end of the month of your retirement and payable in monthly installments for your remaining lifetime, in an amount equal to the greater of your Money Purchase Pension or Minimum Guarantee Pension plus your Pension from Additional Voluntary Contributions (if applicable).
Pensions are directly deposited into the account that you specify at retirement.
After you retire, your pension will be adjusted each year based on the average investment experience of the Fund for that year and the 3 preceding years less 6%.
The investment experience for any pre-retirement year that is included in the formula is deemed to be 6%. Adjustments can produce a reduction as well as an increase in your pension. However, the portion of your pension that relates to pre-July 1, 2003 pension credits and contributions will not reduce.
If you have thirteen (13) or more years of continuous service at retirement you may be eligible to receive a retiring allowance equal to one week’s salary for each year of continuous service to a maximum of fifteen (15) years.
You can transfer all or part of the retiring allowance to an RRSP. The amount eligible for transfer is limited to:
- $2,000 for each year or part of a year before 1996 that you worked for Carleton University, plus
- An additional $1,500 for each year before 1989 that you were employed at Carleton University but not a member of the pension plan.
Professional Services includes the following groups: Admin. Management, Admin/Tech exempt, CUPE 2424, CUPE 910, and CUPE 3778.