Attention Members of the Workplace Safety & Insurance Board Employees’ Pension Plan
Thursday, February 20th is Pension Awareness day in Ontario.
This day is the perfect opportunity to reflect on your retirement planning, stay informed, and take the necessary steps to achieve a more secure financial future for you and your family.
Pension Awareness Day highlights the importance of pension savings and the benefits of workplace pension plans, such as the plan offered by WISE Trust. Contributing to a pension plan, especially a defined benefit plan, plays a crucial role in your financial future, helping ensure a stable and predictable income during retirement.
Benefits of Contributing to a Pension Plan
Here are some key benefits of contributing to any pension plan, including the WISE Trust plan:
- Financial Security in Retirement: Contributing to a pension plan can provide significant financial security and peace of mind for your retirement.
- Tax Advantages: Contributions to pension plans are tax-deductible, and the growth of investments within the plan is tax-deferred until withdrawal.
- Employer Contributions: Many pension plans include employer contributions, which can significantly boost your retirement savings.
- Ease of Contribution: Contributions are made through payroll deductions, making it easy and consistent to save for retirement.
- Portability: Most pension plans allow you to transfer your savings if you change jobs, ensuring your retirement savings continue to grow.
The Advantages of your WISE Trust Pension Plan
WISE Trust offers a defined benefit pension plan, which provides numerous advantages for your retirement security. Here are some key benefits:
- Predictable Retirement Income: A defined benefit pension plan guarantees a specific monthly benefit upon retirement, based on a formula that considers your salary and years of service. This predictability allows you to plan your retirement with confidence, knowing precisely what your income will be. Once you start receiving a pension, you will continue to do so for the rest of your life.
- Protection Against Market Fluctuations: Unlike defined contribution plans, where your retirement income depends on investment performance, a defined benefit plan shields you from market volatility. Your benefits are secure and not subject to the ups and downs of the financial markets.
- Ancillary Benefits: Additional benefits provided by WISE Trust include inflation protection, early retirement benefits, and survivor benefits. With other retirement savings plans like defined contribution pension plans or individual or group RRSPs, individuals may be able to buy a lifetime annuity that includes some additional benefits such as inflation protection. However, these extra features often come at a high cost, which can reduce the overall amount available for generating a pension income stream.
Pay your pension some attention
To learn more about your WISE Trust pension, visit Pension 101 or visit Financial Services Regulatory Authority of Ontario for general pension information and resources.
In early February 2025, WISE Trust pensioners will receive a letter by mail from CIBC Mellon, our pension payment service provider, announcing the launch of the new Pensioner Information Network – Plan Member Portal, a secure self-service website that offers convenient, anytime access to monthly pension payment details and tax slips.
The CIBC Mellon self-registration letter will provide instructions on how pensioners can register for and access the Plan Member Portal.
Plan Member Portal Features
- View pension payment details
- View and print monthly pension payment history
- View and download and print T4A tax slips
- View profile information (address, banking information, income tax withholding details including extra tax and personal exemption amounts)
Who to Contact?
The Plan Member Portal self-registration letters will be mailed to all pensioners in early February. For assistance with the registration process, contact CIBC Mellon. They are also available to help answer questions regarding the Plan Member Portal, pay statements or T4A tax slips.
The WISE Trust Pension Contact Centre will remain available to support members with all other pension-related inquiries, including updating email, phone number, mailing and residential addresses, direct deposit and tax credit (TD1) information.
For a complete list of who to contact and where, click here and review the section entitled Updating your personal banking information.
Voluntary Registration
The transition to digital self-service is a part of our ongoing commitment to enhance the quality and reliability of our services for our valued members.
Registering to access the Plan Member Portal is optional. Pensioners who choose not to register will continue to receive pay statements and tax slips via mail as usual.