Your 2020 annual pension statement is a snapshot of your pension as of December 31, 2020 from the WSIB Employees’ Pension Plan (the Plan). Your statement includes your personal and pension related information.
Here are some of the frequently asked questions and the answers to them:
Where can I get a pension estimate?
Run your own pension estimate, anywhere at any time, through the estimate my pension benefit feature on My Pension Resource. You can select a specific retirement date, age, or a quick date (i.e. unreduced retirement date) and can compare up to three scenarios.
Why is the pension amount on my annual pension statement different from the amount on the online pension calculator?
Your annual pension statement only shows the pension benefit you have earned as of December 31, 2020. The estimate my pension benefit feature on My Pension Resource projects your estimated pension into the future up to the retirement date that you select.
How do I change my pension beneficiary or update my eligible spouse information?
You must complete the Spousal Declaration and Beneficiary Designation Form and send it to the WISE Trust Pension Contact Centre. Find the form on My Pension Resource under My Pension > Forms.
Do the plan contributions shown on my statement include the employer contributions?
No, only your contributions are shown on your statement. As a defined benefit pension plan, employer contributions are based on estimates of what future pension benefits will cost for all pension plan members. These estimates are determined by the actuarial valuation and based on a number of assumptions, for example, what future salaries will be, when members retire, and the investment return the pension fund will earn. Learn more about how your WISE Trust pension is funded.
Why didn’t my Plan Membership Date change when I purchased my period of service as a temporary employee?
The date you became a member of the Plan doesn’t change. The period of service that you purchased is included in your total years of pensionable service.
Does my statement show my purchased and/or transferred-in service?
Your statement shows purchased and transferred-in service that was processed by December 31, 2020. If you have purchased and/or transferred-in service but the process was completed in 2021, it will show on next year’s statement.
I am a part-time employee, how do you calculate my pensionable service and earnings?
Your pension is prorated based on the pensionable service that an equivalent full-time employee would earn. Your annualized earnings are equal to what you would have earned if you worked on a full-time basis for the whole year.
Retirees and Survivors
How do I update my address or contact information?
Update your address and contact information by logging on to My Pension Resource and selecting Profile › Personal Information.
How can I go paperless?
Visit Communication Preferences under Profile on My Pension Resource to make this update.
How do I register for My Pension Resource?
Visit our contact us page for a step-by-step on how to register!
Where can I get a pension estimate with different retirement dates?
You can run your own pension estimate, anywhere at any time, through the estimate my pension benefit feature on My Pension Resource. You can select a specific retirement date, age, or a quick date (i.e. unreduced retirement date) and can compare up to three scenarios.
How do I start receiving my pension?
You can begin receiving your pension as soon as your earliest retirement date shown on your statement under Your Personal Information section!
Initiate your retirement by contacting the WISE Trust Pension Contact Centre or online through My Pension Resource.
Learn more about collecting your pension.