Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable):
(a) 35% of the amount described in (i) or (ii) as applicable;
(i) for members contributing pursuant to Section 6.02 at August 5th, 1980, the amount shall be five percent (5%) of the Member's earnings for each Plan Year after December 31st, 1978 to his date of retirement or to such earlier date as his Continuous Service shall be broken;
(ii) for all other Members the amount shall be five percent (5%) of the Member's Earning for each Plan Year after December 31st, 1978 or his date of enrollment if later, less the amount the Company must withhold from such Earnings in respect to contributions to the Canada or Quebec Pension Plan, to December 31st, 1988;
(iii) for all members the amount shall be 1.25% of the Canada Pension Plan Ceiling plus 1.75% of the Member's Earnings over the Canada Pension Plan Ceiling in each year of Continuous Service after December 31st, 1988 to their date of retirement or to such earlier date as their Continuous Service is broken. Plus
(b) the annual Pension accrued prior to May 1st, 1972 by virtue of the Member's additional voluntary contributions prior to that date pursuant to the provisions of the Plan as constituted on April 30th, 1972; Plus
(c) if, having not elected prior to February 1st, 1973 to contribute pursuant of Section 6.01 hereof with effect from January 1st, 1973, the Member makes contributions pursuant to Section 6.02 hereof, an amount equal to 1.67% of the Member's Past Service Earnings multiplied by his Participatory service; Plus
(d) if the Member is required or elects prior to February 1st, 1973, to contribute pursuant to Section 6.01 hereof on and after January 1st, 1973 an amount equal to the sum of the following;
(i) 1.25% of that part of the Member's Past Service Earnings which does not exceed $10,400.00, multiplied by their Credited Past Service;
(ii) 1.75% of that part of the member's Past Service Earnings which exceeds $10,400.00, multiplied by their credited Past Service;
(iii) if the Member elected in 1966 not to contribute on a basis whereby his subsequent contributions to the plan would be offset by an amount approximating his contributions to the Canada or Quebec Pension Plan, an amount of $164.00.
(e) the Annual Pension accrued...
Amount of Pension. 6.01 Each member who retires from service with the Company on or after his Normal Retirement Date and the effective date and who has completed ten or more years of Continuous Service with the Company, shall receive a monthly pension commencing on the first day of the month coincident with or next following his retirement date equal to the amount indicated in the following table multiplied by the number of years of his Credited Service: Retirement Date Amount of Pension
6.02 The retirement benefit of a Member who retires prior to his Normal Retirement Date pursuant to Section 5.02 hereof, shall be payable commencing on the first day of the month coincident with or next following his early retirement date and shall be computed in accordance with Section 6.01 above but reduced by 4/10 of 1% for each full month that commencement of early retirement benefits precedes the Member's Normal Retirement Date.
6.03 All terms in this Section 6.03 shall have the meaning assigned thereto in Revenue Canada's Information Circular 72-13R7. In order to comply with Revenue Canada's requirements for Registered Pension Plans and notwithstanding any other provision of this plan, the annual pension provided under this plan, at retirement, termination of employment, or termination of the Plan, shall not exceed the lesser of:
(a) 2% of the average of the Participant's best three (3) consecutive years of remuneration received from the Company multiplied by his years of pensionable service, not exceeding thirty-five (35) years; and
(b) $1,715 multiplied by the Participant's years of pensionable service with the Company, not exceeding thirty-five (35) such years;
Amount of Pension. The pension payable to a Member on his Retirement Date shall be equal to the amount of pension in the normal form, or an optional form as elected by the Member which can be purchased from an Insurance Company with an amount equal to the contributions made on behalf of the Member by the Company, plus Credited Interest.
Amount of Pension. Subject to Section 4.2.5, the Pension payable to the Executive hereunder shall be a single life annuity commencing on the first day of the month following the month in which the Elected Payment Date (as defined below) occurs, which, when added to the Executive’s Other Retirement Benefits (as defined below), provides the Executive with an annuity for life equal to 45% of his Average Base and Bonus (as defined below). No actuarial or other adjustment shall be made to the Pension for commencement after the date that the Executive attains age 65.
Amount of Pension. Article F, Section F-2 of the Pension Plan shall be amended as follows:
(i) The monthly amount of normal pension payable to a member who retires on his normal retirement date shall be equal to an amount multiplied by years of credited Westshore service, not to exceed thirty five (35) years of such credited service, in accordance with the following: Effective February 1, 2008 $95.00 Effective February 1, 2013 $101.50 Effective February 1, 2015 $105.00 Effective February 1, 2017 $106.25* Effective February 1, 2018 $107.75* Effective February 1, 2019 $111.50** * This rate applies to active employees for Westshore service. **This rate increase to $ 111.50 applies to active and retired employees for Westshore service. The following increases apply to active and retired members, as at the date of each increase: Effective February 1, 2020 – pension increase for Westshore service equal to the year over year CPI for Vancouver for the previous calendar year. Effective February 1, 2022 – pension increase for Westshore service equal to the year over year CPI for Vancouver for the previous calendar year.
(i) The amount of pension benefit applicable to B.C.M.E.A. service shall be based on the B.C.M.E.A. pension rate at the member’s retirement date in accordance with the credited service provision (Article C) of the plan. This clause continues as currently practiced for regular employees, including those that commuted their BCMEA pension, but will not apply to any employees hired after the ratification date of the Collective Agreement.
Amount of Pension. Since your pension is based on earnings and service these terms should first be clarified.
Amount of Pension. The amount of the monthly pension payable to a under the provisions of this Article VII shall be: A basic pension determined by multiplying his years of credited service, up to his last day of active employment, by the Basic Benefit Rate as set forth in the Pension Benefit Rates, Article XV (a).
Amount of Pension. Normal Pension ...........................................................................................................
Amount of Pension. 7.01 Each Member who retires at their Normal Retirement Date shall receive a Pension, commencing on their Retirement Date and payable in equal monthly installments. Each monthly installment shall be equal to one-twelfth (1/12) of the sum of the following (as may be applicable): -
Amount of Pension. Each member who retires from service with the Company on or after his Normal Retirement Date and the effective date and who has completed ten or more years of Continuous Service with the Company, shall receive a monthly pension commencing on the first day of the month coincident with or next following his retirement date equal to the amount indicated in the following table multiplied by the number of years of his Credited Service:
