Your 2020 annual pension statement is a snapshot of your pension as of December 31, 2020 from the WSIB Employees’ Pension Plan (the Plan). Your statement includes your personal and pension related information.
Here are some of the frequently asked questions and the answers to them:
Active Members
Where can I get a pension estimate?
Run your own pension estimate, anywhere at any time, through the estimate my pension benefit feature on My Pension Resource. You can select a specific retirement date, age, or a quick date (i.e. unreduced retirement date) and can compare up to three scenarios.
Why is the pension amount on my annual pension statement different from the amount on the online pension calculator?
Your annual pension statement only shows the pension benefit you have earned as of December 31, 2020. The estimate my pension benefit feature on My Pension Resource projects your estimated pension into the future up to the retirement date that you select.
How do I change my pension beneficiary or update my eligible spouse information?
You must complete the Spousal Declaration and Beneficiary Designation Form and send it to the WISE Trust Pension Contact Centre. Find the form on My Pension Resource under My Pension > Forms.
Do the plan contributions shown on my statement include the employer contributions?
No, only your contributions are shown on your statement. As a defined benefit pension plan, employer contributions are based on estimates of what future pension benefits will cost for all pension plan members. These estimates are determined by the actuarial valuation and based on a number of assumptions, for example, what future salaries will be, when members retire, and the investment return the pension fund will earn. Learn more about how your WISE Trust pension is funded.
Why didn’t my Plan Membership Date change when I purchased my period of service as a temporary employee?
The date you became a member of the Plan doesn’t change. The period of service that you purchased is included in your total years of pensionable service.
Does my statement show my purchased and/or transferred-in service?
Your statement shows purchased and transferred-in service that was processed by December 31, 2020. If you have purchased and/or transferred-in service but the process was completed in 2021, it will show on next year’s statement.
I am a part-time employee, how do you calculate my pensionable service and earnings?
Your pension is prorated based on the pensionable service that an equivalent full-time employee would earn. Your annualized earnings are equal to what you would have earned if you worked on a full-time basis for the whole year.
Retirees and Survivors
How do I update my address or contact information?
Update your address and contact information by logging on to My Pension Resource and selecting Profile › Personal Information.
How can I go paperless?
Visit Communication Preferences under Profile on My Pension Resource to make this update.
How do I register for My Pension Resource?
Visit our contact us page for a step-by-step on how to register!
Deferred Members
Where can I get a pension estimate with different retirement dates?
You can run your own pension estimate, anywhere at any time, through the estimate my pension benefit feature on My Pension Resource. You can select a specific retirement date, age, or a quick date (i.e. unreduced retirement date) and can compare up to three scenarios.
How do I start receiving my pension?
You can begin receiving your pension as soon as your earliest retirement date shown on your statement under Your Personal Information section!
Initiate your retirement by contacting the WISE Trust Pension Contact Centre or online through My Pension Resource.
Learn more about collecting your pension.
There’s an old saying that the best time to plant a tree was 20 years ago, and the second-best time is today. The same goes for planning for your retirement – sooner is always better.
As a member the Plan, you are a part of a defined benefit pension plan and your contributions are deducted from your bi-weekly pay. However, there is still more that you can do to not only save, but prepare, for retirement.
You should regularly take stock of your personal savings and update a financial plan, or create one if you don’t have one. You should also consider creating or updating your Will with a professional.
Learn more about the advantages of a defined benefit pension plan.
The conversion valuation report as at July 1, 2020 for the WSIB Employees’ Pension Plan (the Plan) was filed in December 2020, which established the new employer normal cost contribution rate effective as of July 1, 2021.
Background
Effective July 1, 2020, the Plan was converted from a single employer pension plan to a jointly sponsored pension plan (JSPP). In accordance pension legislation, the conversion valuation report must be filed with the regulators no later than nine months after the effective conversion date.
The conversion valuation report was filed with the regulators in December 2020, which specifies the new employer normal cost contribution rate of 281.7% of employee contributions as at July 1, 2020. This is an increase from the current rate of 250.8% of employee contributions, based on the previous valuation report as at December 31, 2018, after reflecting the member contribution changes which came into effect on July 1, 2020.
Funding requirement for contribution increase
Prior to the conversion, if an increase in contribution had been established by a valuation report, retroactive employer contributions would be required for the contribution rate increase.
Under funding rules applicable to JSPPs, the increase in the employer normal cost from 250.8% to 281.7% of employee contributions may be deferred up to 12 months and the amount deferred may be paid over a few years.
The Board of Trustees has approved the deferral by 12 months and that the amount deferred will be paid over the period from July 1, 2021 to December 31, 2024. Therefore, no retroactive contributions will be required to cover the contribution increase.
New contribution schedule
The following table summarizes the employee and employer normal cost contribution rate requirements for the periods covered by the conversion valuation report as at July 1, 2020:
Member | Employer | ||
Effective Date | Up to YMPE | Above YMPE | As % employee contributions |
July 1, 2020 | 5.8 % | 7.6 % | 250.8% |
July 1, 2021 | 6.4 % | 8.2 % | 256.9% |
July 1, 2022 | 7.0 % | 8.8 % | 229.6% |
The next actuarial valuation must be filed with an effective date no later than July 1, 2023. However, the Board of Trustees may choose to file a report earlier.
We will inform you of any change in the contribution requirements when the next valuation report is filed.
The best way to help members get their questions answered is direct them to the WISE Trust Pension Contact Centre.
Here’s why:
- They have access to member’s data in real time.
- Can see what members see on My Pension Resource.
- Can walk members through processes and timing.
Other things you can suggest if members ask you questions directly:
- Refer them to wisetrust.ca for them to look around to find information.
- Encourage them to subscribe to receive the latest updates from WISE Trust about their pension.
- Tell them to register for My Pension Resource, if they haven’t already, so they can run their own pension estimates or communicate with the WISE Trust Pension Contact Centre through the Message Centre.
By doing this, you are directing members to the source. The WISE Trust Pension Contact Centre really is a one-stop-shop for members when it comes to their pension information!