|
Personal Information Changes
You should contact the Fund Office to report any of the following changes to your personal information.
Please click on the links below for further instructions and links to the required forms.
- New Address
- New Banking Information or To Start Direct Deposit
- other Personal Changes
- Marriage Breakdown
- If you become ill and have a Shortened Life Expectancy
Address Changes
Changing your Address
Whether you receive your pension cheque by mail or by direct deposit directly into your bank account, it is very important that you inform the Fund office of any change in your address. Also, you want to be sure that you will be able to receive your T4A slip and any other information that the Fund office may send to you from time to time.
When you move or change other contact information, you can submit a Pensioner Change of Information Form and mail or fax it:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
Fax: 289-291-0651
You may also send a signed letter with your new information. In your letter/or form include:
- your full name (printed)
- your social insurance number and/or file number
- the effective date of the change
- your new address and telephone number
For your protection, LPF cannot accept address changes via email or by telephone or from any unauthorized persons.
Banking Changes
Changing Your Banking Information
If you want to switch banks for your direct deposit, or if you changed your account, please complete the Pensioner Change of Information Form, and mail it or fax it to our office to:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
Fax: 289-291-0651
You may also send a signed letter with your new information. In your letter/or form include:
- your full name (printed)
- your social insurance number
- the effective date of the change
- your new information (bank, branch and account number)
or a voided cheque
- your address and telephone number
For your protection, the Pension Fund office will not accept changes to your banking information over the telephone, by e-mail, or from any unauthorized persons.
LPF requires 15 days' notice. For example, if you want to switch banks effective July 1, please submit your signed form no later than June 15.
Once you've submitted your form, do not close your old account until payments are being deposited in the new one. Taking this precaution will ensure there is no interruption in your payments.
To Start Direct Deposit
If you currently receive your pension by cheque, please consider switching to direct deposit (EFT – electronic funds transfer) if you bank with a Canadian financial institution.
Payments are automatically deposited into your account on the first business day of the month.
- it’s safe and secure;
- you don’t have to wait for the cheque to arrive in the mail;
- will be deposited on its due date every month
- you don’t have to worry about interruptions or delays in postal service
- peace of mind if you go away on holidays
To have your pension directly deposited into your bank account in Canada, please download and complete our form, Pensioner Change of Information Form, and mail or fax it to our office to:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
Fax: 289-291-0651
You may also send a signed letter with your new information. In your letter/or form include:
- your full name (printed)
- your social insurance number and/or file number
- the effective date of the change
- your banking information (bank, branch, and account number) or a voided cheque
- your address and telephone number
For your protection, LPF will not accept your banking information over the telephone or by e-mail.
LPF requires 15 days' notice. For example, if you want to start your direct deposit effective July 1, please submit your signed form no later than June 15.
Tax Deduction Changes
Changing the amount of your tax deductions
Unless you complete the correct government forms, LPF assumes that your LPF pension is your only source of retirement income, and that you have no tax credits to claim beyond the basic personal credit.
Federal and Provincial governments adjust their tax rates sometimes twice a year. These changes affect the amounts being deducted from your pension.
To check the current tax rates, visit Canada Revenue Agency's website. CRA offers a Payroll Deductions Online Calculator to model the tax on your pension or other income.
To reduce the federal and provincial tax deductions
If your have additional tax credits, such as a spousal credit, age credit or tuition credit, you will need to complete both a Federal TD1 and/or a Provincial TD1. Provincial tax credits are claimed on one form, and federal credits on the other. Please click here to download the applicable TD1 forms from the Canada Revenue Agency website.
Upon receiving the signed forms, LPF will adjust the amount of tax withheld from your monthly pension.
To have additional tax deducted from your pension payments
Send a signed letter, which must include your full name (printed), social insurance number and the additional monthly dollar amount you want withheld to:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
Fax: 289-291-0651
or
Click here to download the applicable forms from the Canada Revenue Agency website.
If, in the future, you want to change or reduce the amount of additional tax you asked us to withhold, please send another signed letter or TD1 forms.
Personal Changes
You have a Power of Attorney
If you have appointed someone to look after your financial matters (in the event you become ill and cannot handle your own affairs), please send a copy of the power of attorney document to our office:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
For pension-related purposes, your power of attorney requires (continuing) power of attorney for property.
Your Spouse Passed Away
If your Spouse dies, please provide our office with a certified copy of the Death Certificate (click here for information about certified copies) so that we may update our records. Please mail it to:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
Please quote your Social Insurance Number and/or file number in all correspondence. For more information, please Contact Us.
Name change – Pensioner or Beneficiary
To notify LPF that your name has changed due to marriage, remarriage or divorce, please send a signed letter and proof of your name change to:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
In the letter include:
- your former full name (printed)
- your new full name (printed)
- Social Insurance Number and/or file number
- a photocopy providing proof of the name change (e.g., marriage certificate or divorce decree)
For more information, please Contact Us.
Your Social Insurance Number Changed
If you have a new Social Insurance Number, please notify the Fund office as soon as possible by sending the following information to our office at:
Labourers’ Pension Fund
PO Box 9002
STN Main
Oakville ON L6J 0B9
In your letter include:
- your full name (printed)
- your old Social Insurance Number
- your new Social Insurance Number
- supporting documentation providing proof of the Social Insurance Number change
For more information, please Contact Us.
You are getting married or remarried
Depending on the pension choice you made at retirement and/or your personal circumstances at that time, you may need to update your Beneficiary Designation.
If you were married and elected to receive a Joint & Survivor Pension, the person you were married to at that time is the person entitled to the Survivor Pension. Therefore, should you re-marry due to the death or divorce of your spouse at retirement, the Survivor Pension benefit will not continue to your new spouse.
If you were not married when you applied for your pension and received your first pension payment, you are currently receiving a pension payable for your life with pension payments guaranteed for the first five years of retirement except if you are receiving a disability pension. This option cannot be changed. If you have not received five years of pension payments, you may wish to update your Beneficiary Designation by completing and submitting the Beneficiary Designation Form.
For more information please Contact Us.
You are getting separated or divorced from your Spouse
If you and your spouse are getting separated or divorced, the pension you have earned in the LPF, or in any other registered pension plan, during your marriage or common-law relationship, is considered to be a part of “family property” and may be divided between the spouses.
You may be required to include the value of any pension benefits you accumulated in the LPF Pension Plan during the period of your marriage or spousal relationship in your calculation of net family property. Although it is not mandatory to divide your pension, when you make arrangements to split your assets you may choose or need to pay a portion of your pension to your former spouse.
Please note that Marriage Breakdown Rules vary from province to Province. On our website we provide the information pertaining to Ontario, which is the LPF’s province of registration.
If your court order, family arbitration award or a domestic contract such as a separation agreement was signed or executed on or before December 31, 2011 please read the section Marriage Breakdown Rules before 2012
If your court order, family arbitration award or a domestic contract such as a separation agreement was signed or executed on or after January 1, 2012 please read the section New Ontario Marriage Breakdown Rules Effective January 2012
When you have a separation agreement finalized or a court order, please forward a copy of any such signed agreement to our office.
For more information please Contact Us.
New Ontario Marriage Breakdown Rules Effective January 1, 2012
If you have a court order, family arbitration award or a separation agreement signed or executed on or after January 1, 2012 these new rules apply to you. The LPF and other pension plan administrators in Ontario will have to follow new regulations regarding the valuation and division of pension benefits in the event of a marriage breakdown. These rules are part of the Ontario Family Act and the Ontario Pension benefits Act.
The new rules introduce a new method for valuing a pension for family law purposes. The valuation is performed by the pension plan administrator, upon receipt of an application. In the past, either party would have had to pay for the services of an independent actuary to determine this value. In addition, if there is a division of pension, the former spouse may apply to the LPF to receive an immediate settlement even if the member is still active or deferred.
You are also required to use specific forms created by the Financial Services Commission of Ontario (FSCO), to apply to the LPF for a valuation of pension entitlement, or to apply for a settlement option. You can download the required forms and instructions on how to use them directly from our website - direct links are provided below.
The following is a brief description of the 5-step process involved and links to the applicable forms:
- Complete an Application for a Family Law Value- Form 1
- If applicable, include Joint Declaration of period of Spousal Relationship-Form 2 and Contact Person Authorization – Form 3
- Pay the required fee to the LPF of $678.00 (includes HST) for the Statement of Family Law Value (FLV) for single FLV date, or $1,356.00 if selecting two FLV dates (Appendix A of Form 1). Please note that only Certified Cheques or Money Orders payable to the Labourers’ Pension Fund will be accepted.
- Include all required documentation (Certified Copies only) with your application
- Receive your Statement of Family Law Value from the LPF within 60 days
- Decide if you want to divide the pension benefit and how
- If not dividing the pension, FSCO form No Division of Family Law Value/Pension Assets – Form 7 must be sent to the LPF
- If the pension benefit is to be divided, your former spouse must complete one of the following FSCO forms as applicable:
- Application to Transfer the Family Value – Form 5
- Application to Divide a Retired Member’s Pension – Form 6
- In addition, you must submit a finalized court order, domestic contract (i.e. separation agreement), or arbitration award that clearly sets out the pension entitlement payable to your former spouse as either a percentage of the reported Family Law Value or an exact dollar figure. Under Ontario law, your former spouse cannot receive more than 50% of the benefit you earned during the relationship, as set out in the Statement of Family Law Value that the LPF sent you.
- Your Former Spouse will receive a payment from the LPF within 60 days in accordance with the transfer ratio at the time of payment.
- Your LPF Pension Benefit will be adjusted once the LPF issues a payment to your former spouse., Your pension benefit will be reduced accordingly because your former spouse has received a portion of your accrued pension as a settlement.
Before you and your former spouse make any arrangements about requesting the valuation and deciding on the division of your pension benefits, the LPF strongly recommends you to seek legal advice from a family lawyer.
Instructions: Form 1, Form 2, Form 3, Form 5, Form 6, Form 7
Marriage Breakdown Rules before 2012
LPF members who make arrangements to divide their pension benefit with their former spouse in a court order, separation agreement or arbitration award finalized on or before December 31, 2011 will not be subject to the new rules and cannot change those arrangements.
Under the old marriage breakdown rules of Ontario, a member’s former spouse cannot receive a settlement from the Plan until the member’s date of termination of employment, retirement date or the date of the member’s death.
The separation agreement/court order must fully describe how the pension benefits paid at termination, death or retirement will be divided. The maximum amount of pension benefits that can be assigned to a former spouse is 50% of the pension benefit earned during the period of the marriage or co-habitation, determined in accordance with applicable provisions of the Pension Benefit Act and the Family Law Act. Your pension will be reduced by the amount of any pension assigned to your former spouse.
In order for the LPF to administer a division of a member’s pension benefit, we must have a certified copy of the marriage breakdown document, such as a court order, family arbitration award or domestic contract (e.g., a separation agreement). Clear wording in these documents is very important as it will impact the LPF’s ability to administer the pension division. The LPF can then pay a benefit to a member’s former spouse once the benefit becomes available to the member (that is, upon termination of employment, retirement, or the member’s death).
If you need to obtain an estimate of your pension benefit for marriage breakdown purpose under the old rules, please contact the LPF.
Shortened Life Expectancy
If your doctor tells you that you have a life expectancy of less than two years, you may be able to apply to withdraw the remainder of your pension as a lump-sum payment. Please click here or Contact Us for more information.
» Back to Top
|
