Regulatory amendment following the assent of the Act Respecting the Pension Plan of Management Personnel and other legislative provisions (L.Q. 2012, c. 6)

Changes to Your Pension Plan

A regulatory amendment following the assent, on May 3, 2012, of the Act Respecting the Pension Plan of Management Personnel and other legislative provisions (L.Q. 2012, c. 6) has changed the deferred pension reduction rate for which payment would be anticipated, with reference to the time when the pension is payable without reduction, which is at 65 years old.

Deferred Pension Reduction Rate

Plan concerned: PPMP

Coming into effect on July 1, 2013

A reduction rate of 0.33% per anticipated month (4% a year) will apply to all deferred pensions received on or after July 1 and for which payment will be anticipated, with reference to the time when the pension is payable without reduction, which is at 65 years old.

You are eligible to a deferred pension if, at the time you cease participating in the plan, you have at least 2 years of credited service and you are less than 55 years old.

Your deferred pension will be payable from your 65th birthday. If you request its payment between your 55th and your 65th birthday, your pension will be reduced.

If you wish to receive the advance payment of your deferred pension to take advantage of the present reduction rate of 0.25% per anticipated month (3% a year), we recommend you apply for your pension as soon as possible, or before July 1, 2013. To do so, you must fill out and send us the Application for a Retirement Pension (079A) form.