Retirement Benefits

Please complete a Personal Information Change Form and submit it to our office if you have changed addresses.  Advising us of your change of address will ensure that you receive your T4A and any other correspondence in a timely manner.

 

Pension Payments

Monthly pension payments are made on the last business day of each month by direct deposit to your bank account.

 

Pension payment dates for 2018 are as follows:

 

January 31, 2018
February 28, 2018
March 29, 2018
April 30, 2018
May 31, 2018
June 29, 2018
July 31, 2018
August 31, 2018
September 28, 2018
October 31, 2018
November 30, 2018
December 31, 2018

 

 

Payment confirmation statements are not issued every month.  You will receive a statement the month your pension payment begins.  After that you will only receive a statement if there is a change to your net payment amount.

 

For security reasons we do not accept changes to banking information over the phone.  To change the account to which your pension payment is deposited please complete a Direct Deposit Authorization form, attach a void cheque or confirmation of account information from your Canadian financial institution, and forward them to our office.

 

To ensure that your payment is deposited to your new account in the current month please submit changes prior to the 15th of the month.  We cannot guarantee that requests received after the 15th of the month will result in the funds being deposited to your new account in that month.

 

We advise that you keep your old bank account open until you see that your payment has been deposited to your new account for the first time.

 

Receiving Your Pension Abroad

If you live outside of Canada and do not have a Canadian bank account to which your payment can be deposited, you will receive your payment by cheque payable in Canadian dollars.

 

If you will be travelling or living elsewhere than your place of residence on file for an extended period of time it is a good idea to inform the Möbius Benefit Administrators Inc. of your plans and address in case you need to be contacted or if you want correspondence to be sent to your foreign residence while you are away.

 

Please note that the income tax deducted from your employer and government pensions may be affected by your new country of residence.  It is a good idea to investigate with the Canada Revenue Agency (CRA) prior to your departure.

 

 

Taxes

At retirement you were required to complete both Federal and Provincial income tax (TD1) forms to determine the amount of taxes that would be withheld from your pension.

 

To have more or less tax withheld from your pension, or if you move between provinces, you must complete new forms indicating the amount of tax you would like withheld and submit them to the Möbius Benefit Administrators Inc.

 

Click here to download the Federal and Provincial TD1 forms.

 

 

Bridge Benefit

If you met the requirements for unreduced early retrement, and retired prior to age 65, you will receive an extra benefit called a bridge benefit from the time you retire up to the date of your 65th birthday.

The bridge benefit will cease at the end of the month in which you turn age 65.

 

Integrating Payments

If you retired prior to your 65th birthday and chose to have your pension integrated with the benefits which, upon your 65th birthday, are expected to be payable to you under the Canada Pension Plan (CPP) and the Old Age Security (OAS) program, you will receive an increased pension payment from the Plan until the last day of the month in which you turn age 65.

Upon turning age 65 your pension will be reduced by a re-payment amount for the remainder of your lifetime.

 

Cost of Living Adjustment

Your pension is protected against inflation through an annual cost of living adjustment (COLA).  Your pension payments will be increased by 1/2 of any increase in the Consumer Price Index (Canada) year over year at August 31 each year to a maximum of 3.00% in any one year.

 

Please note that if there is a reduction in the Consumer Price Index (Canada) there will be no change to your payments (you will not receive an increase, however, your payments will not be reduced).

 

The cost of living adjustment is applied annually on January 1.