Who sets the interest rate for commuted value calculations of Termination Benefits?
Question: If I retire under the Boilermakers Pension Plan and then go back to work later, how come the contributions my employer sends in dont go to my pension account? Answer: Under the Income Tax Act Regulations, Section 8503(3), a Member of a Defined Benefit Pension Plan cannot receive at the same time both a pension and have further pension contributions credited to their account because they are working after taking a pension. Under certain conditions of the Income Tax Act and the Pension Benefits Standards Act, a Defined Benefit Pension Plan may allow a Pensioner to suspend their pension while they continue to work, and therefore receive further defined benefit contribution accruals, but, this option is not available under your Plan. If the Trustees determine that it may be something that the Plan can offer in future they will consider it. Question: A Termination Benefit is based on a commuted value calculation. What is a commuted value? Answer: The commuted value is an actuarial
