Step 4. Receiving your Payment Election Package
Applying for Your Pension

Step 4. Receiving your Payment Election Package

Once we receive your application, and all outstanding pension contributions are credited to your pension account, we will mail you a Payment Election Package.

Your Payment Election Package will include:

  • A letter with a checklist to help you complete your Payment Election Package and advising you of all supporting documentation you will be required to supply.
  • Payment Election Form:  This document outlines your pension amount, payment options to be reviewed by you and your spouse (if applicable).  It's important to return this form to us by the deadline to ensure your payment is not delayed.  If you need more information about the forms of payment available to you, please contact the LPF Office.  
  • Federal and Provincial Personal Tax Credits Return forms:  Your pension is taxable income.  The LPF is required to withhold taxes according to CRA tax tables.  You will use these forms to reduce or increase the amount of income tax to be deducted each month.  Click here to log into CRA and estimate how much tax will be deducted.  For tax advice, speak with an accountant or tax professional. 
  • Waiver of Joint and Survivor Pension:  If you have a spouse who is waiving their entitlement to a survivor pension.
  • Beneficiary Designation Form: If you are single, or your spouse has signed the Waiver Joint and Pension, you must name a beneficiary for your post-retirement benefits.  
  • Retirement Declaration form:  This form needs to be signed and returned to the LPF Office acknowledging that you understand the rules of retirement.  In addition to returning the above relevant forms, you must provide certified copies of the applicable document as described in Step 2, along with a Void Cheque to confirm the direct deposit information you have provided.  If you are not a Canadian resident and wish to have your pension deposited abroad, complete the Direct Deposit Authorization - Non-Canadian Financial Institutions.
  • Confirmation of Return to Work Rules form:  This form needs to be signed and returned to the LPF Office acknowledging that you understand the return to work rules. 

Once we receive your signed Payment Election Form and all supporting documents, your pension will be processed.  Your first pension payment will be deposited into your bank account on the first banking day of the month, including any retroactive payments owing to you.  An initial payment letter will be mailed to your home confirming the payment amount, effective date of retirement and elected survivor option.

If you wish to change the survivor option you have elected, you have 30 days from the date of your first payment to advise our office and return your payment.  After the 30 days, the elected option cannot be changed.

How to avoid delays in starting your pension:

Marital separation and divorce is the number one cause of delayed pension payment processing.  If you were legally married during your membership in the Plan, and subsequently separated or divorced, we'll need to confirm whether your pension needs to be split with your ex-spouse, and any other details, before processing your pension.  

Not providing certified proof of age documents and marriage/common-law proof, when applicable, can also delay your pension.  Acceptable proof of age documents include a valid passport, citizenship card, driver's license or birth certificate.

Remember:  Payment will not be made if the required documentation and/or forms are missing. 

For more information on how to certify your documents click here

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