Algonquin College - Human Resources

CAAT Pension Survivor Benefits

What if I die before I retire?

If you have	Less than 2 years Pensionable Service or Plan Membership	More than 2 Years Pensionable Service or Plan Membership
An Eligible Spouse	Refund of your contributions plus interest to Spouse	Payment of Commuted Value or pension based on Commuted Value to Spouse **
No Eligible Spouse but Eligible Children	Refund of your contributions plus interest to your designated Beneficiary or estate*	Children's pension equal to 50% of accrued Lifetime Pension; also to your designated Beneficiary or estate, a payment of your Commuted Value less the Commuted Value of Children's pension
No Eligible Spouse, no Eligible Children	Refund of your contributions plus interest to your designated Beneficiary or estate	Payment of Commuted Value to your designated Beneficiary or estate

*Your benefit is paid to your designated Beneficiary or estate, not your Children unless you have designated them as your Beneficiaries.

** If you have an eligible Spouse and eligible Children and your Spouse dies while receiving a spousal pension, any remaining benefit resulting from the 60 Months Pension Guarantee is paid to your Spouse's designated Beneficiary or estate, not to your Children. Your Children may be entitled to the balance of the 60 Months Pension Guarantee if they have been designated as Beneficiary by your Spouse.

What if I die after I retire?

If you have	Pension Paid	On Death of Survivor or until Eligible Child Reaches age 18
An Eligible Spouse	To Spouse, a pension equal to 60% of the lifetime portion of the pension you were receiving for 75%	A Children's pension equal to Spousal pension, otherwise a payment to the Spouse's Beneficiary or the estate of the Spouse of any balance of 60 months of Pensioner's Lifetime Pension in excess of the total pension payments paid (residual payment )
No Eligible Spouse but Eligible Children	A pension equal to the spousal pension divided among the Children	A payment to the last eligible Child at age 18 or to the estate of the last eligible Child of any balance of 60 months of Pensioner's Lifetime Pension in excess of the total pension payments paid (residual payment)
No Eligible Spouse, no Eligible Children	Payment to your Beneficiary or estate of any balance of 60 months of your Lifetime Pension in excess of the total pension payments paid to you (residual payment)	Not applicable.