Frequently Asked Pension Plan Questions

Are my assets protected from creditors if I declare personal bankruptcy?
Your assets are invested in a defined contribution registered pension plan and would be protected if you declared personal bankruptcy.

What happens if I’m taking a leave from work?
If you are temporarily absent from work due to Maternity Leave, Parental Leave, or Sick Leave, your employer must continue to make contributions for you only if you elect to continue your own contributions. For further information on these and other leaves of absences, please contact your Employer or Many Nations.

Can I withdraw cash or transfer assets while employed?
There may be certain situations where you may be able to access the assets in your Member account. For example, if you face a serious illness that significantly shortens your life expectancy (Physician’s statement required), or if you have contributed voluntary Member contributions to the Plan, you may withdraw cash while employed. You are allowed one free withdrawal per calendar year. After that, a fee of $25 will apply to each withdrawal. Tax (if applicable) will be withheld on the amount withdrawn as a cash payment.

What happens if I am disabled?
If you become disabled and terminate employment, the total value of your accounts may be used to provide a pension immediately, depending upon the severity of your condition. You will be required to provide evidence of the disability from a physician.

Is there any other situation where I may cash in my account?
If your personal pension account is less than 4% of the Year’s Maximum Pensionable Earnings (YMPE) in the year you terminate, the funds are considered not locked-in. The YMPE is set annually by the Canada Revenue Agency and is a reflection of the average industrial wage in Canada. For further information, please contact Many Nations at 1-800-667-7830.

Can I retire prior to age 65?
Yes, however; it depends on how well you have planned and if you have adequate funds saved. For a personal assessment of your individual situation, please contact your Many Nations Representative at 1-800-667-7830.

For the purposes of the Plan, who qualifies as a spouse?
A spouse means in relation to another person:

  • If there is no person described in paragraph b), a person who is married to that other person or who is party to a void marriage with that other person, or
  • A person who is cohabiting with that other person in a conjugal relationship at the date of entitlement, having so cohabited with that other person for at least one year; or
  • A person who is cohabiting with that other person in a conjugal relationship and the person is the natural or adoptive parent of your child.

If you would like further information on the definition of spouse, contact a Many Nations Client Service Representative by phone at 1-800-667-7830.

What happens to my benefits if my marriage ends?
The value of your Member account accumulated during the period of your marriage may be split between you and your Spouse as part of the division of assets. You should consult a lawyer about the laws governing this situation and the options available to you and your former spouse. Your former spouse cannot receive more than 50% of your account.