Our pension plan, Ontario Registered No 0242727, is a defined benefit (DB) plan.
A typical DB plan delivers a pension benefit calculated on the basis of service and earnings. In our case this involves years of accredited Pension Service, and average earnings over your 'best' thirty-six months, categorized as:
**** Earnings up to the applicable Annual Maximum Pensionable Earnings
**** Earning above the applicable Annual Maximum Pensionable Earnings
The formula for calculating the basic pension payable involves two parts:
****Part A involves 1.2% x service x earnings up to the AMPE
****Part B involves 1.6% x service x earnings above the AMPE
and the pension payable is the sum of Part A and Part B.
In addition elective options are available with respect to providing for a Survivorship Pension, and the amount that is to apply. As well provision is made to integrate your company pension benefit with applicable government provided pensions, such as CPP and OAS, so that you can elect to have your pension income remain constant through your retirement.
Other features provide for retirement, at a reduced pension, at various ages & service combinations in advance of qualifying for full pension entitlement.
Historically, while under the auspices of DuPont Canada, pensioners also periodically benefited from an adjustment to their pension income reflecting a partial offset for the cumulative effects of the general increase in the 'cost of living' or the Consumer Price Index. Based on past history, such an increase might have taken place at some point in 2005, however this did not happen. While there is no absolute assurance that this might have occurred had the change in ownership not taken place, it was a disappointment, to say the least, that no adjustment occurred.
The details regarding your Pension Benefit are available from the company and specific personal questions should be directed to the INVISTA Pensioner "Hot Line" at 1-866-307-7793.