Are you considering joining DBplus?
As a part-time (or full-time contract) employee of a participating employer, you have the option to join the CAAT Pension Plan and begin earning a pension in DBplus at any point during your employment.
What is DBplus?
DBplus provides you with the opportunity to earn a valuable defined benefit pension with a fixed contribution rate. Your pension under DBplus includes the valuable features members want: a secure lifetime pension in retirement, and conditional inflation protection, and survivor benefits.
What happens when you join DBplus?
If you choose to join DBplus, you will begin contributing and building valuable, secure retirement income. Your employer also contributes to your pension on your behalf. When you retire, you will start collecting a lifetime pension which includes additional features such as inflation protection increases that help protect the buying power of your pension, and survivor benefits for your eligible spouse.
Only you can decide if joining is right for you. Once you have joined the Plan, you remain a member. As long as you are employed by a participating employer, you cannot opt out and stop contributing.
How do DBplus contributions work?
You will contribute for as long as you are employed by a participating employer, on every pay. Your employer will also make contributions to the Plan on your behalf, increasing your overall pension.
- DBplus contribution rates are set by your employer. Click here to see what your employer’s contribution rates are.
- Pension plan contributions are tax-deductible, which means they reduce your income for tax purposes.
- If you take on another contract, or work for another participating employer, you remain a contributing member, and build your pension on those earnings as well.
Consider if membership is right for you
While it’s never too early to start saving for retirement, it is important to consider if membership in DBplus fits into your budget and career plans. In deciding to join, you should think carefully about your own situation. Different factors will be relevant for each individual and only you can determine the action that is best for you. It's important to note that, once you have joined the Plan, you remain a member. While you are employed by a participating employer you cannot opt out and stop contributing. Speak to a financial planner about your specific situation.
Get answers to your DBplus questions
We've answered some of the most-asked questions about joining DBplus, below. If your question isn't answered here, contact us at info@DBplus.ca.
If you join DBplus, you will make contributions on every contract, at every employer, building a larger pension.
You must contact any other participating employer you work for and ensure that the HR department is aware that you are a member of the Plan. In this way, contributions can be deducted for all employers on a timely basis, which avoids missed contributions requiring catch-up.
If you are no longer employed by a participating employer, and you are not yet eligible to retire, you remain a Plan member for 24 months. If you take a job at a new employer that participates in the CAAT Plan during those 24 months, you will resume contributing to the Plan and you will earn additional benefits. Discover your options if you terminate employment before being eligible to retire.
Your benefit is locked-in, which means even if you leave the Plan before retirement, it must be used for retirement income, and cannot be taken as a cash payout.
If your total pension amount is under certain thresholds when you terminate employment, you may receive a “small pension” payout.
If your hours are flexible and your earnings go up or down, you still contribute to the Plan on every pay, based on your total earnings.
Your contributions are based on a percentage of your earnings. The rate is set by your employer. Click here to see the contribution rate that would apply to you.
Use the Pension Estimator. With a few simple inputs you can see the pension you could earn as a member of DBplus.
No. Once you have joined the CAAT Pension Plan, you remain a member and cannot opt-out or stop contributing so long as you are employed by a participating employer.
If you become a full-time employee you may be automatically enrolled in the CAAT Pension Plan. Contact your employer to confirm your eligibility under the Plan.
Yes. Click on Making a pension purchase to learn more about your purchase options.
Only you can decide if joining the CAAT Pension Plan is right for you. Once you’ve reviewed all the information you should be ready to decide if you want to join now and start building your retirement income in DBplus. You have the option to join at any time during your part-time employment, and begin building a pension from that point forward, but the sooner you join, the sooner you start building your future pension. Once you join, you can’t opt out.