Representing 1,300 Manitoba workers employed in Clerical and Operator Services at Bell MTS, Yellow Pages Group and AAA Alarms
Last Updated March 25, 2019
Online Defined Benefit Pension Retirement Tool
When using the Bell Online Defined Benefit Pension Forecasting Tool, some of the pension options that are available are not listed on the Forecasting Tool. These unmentioned options include:
One of the spousal options the tool talks about is a surviving spouse pension of 66 2/3% of your monthly benefit, but there is another option available called the “Last Survivor Full” option that is not mentioned. This option provides the surviving spouse 100% of the base monthly pension benefit you receive after you pass away. There is a cost to this option that reduces the monthly benefit when you retire to compensate for the potential increased amount to your spouse. Once you decide it’s time to retire, if you are interested in this option you can contact the Pension Benefits Administrator to request it be included in your pension options at retirement.
The 10-year guarantee for beneficiaries of your pension is calculated in the tool, but there is also a 15-year guarantee that is not mentioned. Once again, if you are interested in this option you can contact the Pension Benefits Administrator to request it be included in your pension options at retirement.
When you decide to retire, the Online Retirement Initiation tool that is available under the Savings and Retirement menu on the Benefits site allows you to initiate the retirement process so that your retirement package is prepared and sent to you. The tool states that any unused vacation days, including any banked vacation days from previous years should be taken prior to your retirement date since they will not be paid. Please note, this statement does not apply to you, all your vacation will be paid out if unused.
If you are 65 or over and decide to pull your money out of the plan and take your Commuted Value please be advised this option is still available. It seems the Bell Pension Administrator has advised some people that this is not allowed, which may be true in some of the Bell Pension Plans, but the Bell MTS Pension Plan currently allows it.
Discussions are being held with Bell to see if at some point they can add these options to the Online Tool so you see all of the options available to help you make your retirement decisions.