If you are considering retirement, this section provides information to help you plan, apply and begin collecting your LPF pension. The steps to retirement are easy, but we suggest you begin the process a couple of months in advance.
Step 1. Estimate Your Benefit and Update Your Record
To view an estimate of your pension, Login into AccessLPF and visit the Reports/Estimates Page to select Pension Estimate for various retirement dates you may be considering.
If you have a spouse, ensure that his/her information is correct and updated in the Beneficiaries page so that you can review all of your payment options.
In addition, you may call the LPF Office to speak to an analyst, or visit our office during business hours.
If you have WSIB Claims that you have not yet reported to our office, please do so immediately by visiting the Workers’ Compensation page.
Choose the date you will stop working, or, if you no longer work for, choose your retirement date. You must apply for your pension directly with the LPF Office or online through AccessLPF at least one month before your chosen date. As a general rule, your retirement date is based on the month following the date we receive your application or the month following your last date of employment, whichever is later.
A copy of your proof of age (i.e. valid driver’s license, valid passport, birth certificate)
If applicable, you will also need:
- A copy of your spouse’s proof of age
- A copy of proof of marriage or proof of common-law relationship
- A certified copy of your Separation Agreement/Court Order/Divorce Order
- A copy of your disability Notice of Entitlement from CPP or QPP or a letter issued by CPP or QPP stating the date you became disabled, the effective date of your disability pension and if you are currently receiving disability benefits.
Step 2. Decide when to Retire and Gather Your Documents
Choose the date you will stop working, or, if you no longer work for, choose your retirement date. You must apply for your pension directly with the LPF Office or online through AccessLPF at least one month before your chosen date. As a general rule, your retirement date is based on the month following the date we receive your application or the month following your last date of employment, whichever is later.
There are documents that you must provide when you apply for your pension. Make sure you have them ready before you apply in order to avoid delays.
A copy of your proof of age (i.e. valid driver’s license, valid passport, birth certificate)
If applicable, you will also need:
- A copy of your spouse’s proof of age
- A copy of proof of marriage or proof of common-law relationship
- A certified copy of your Separation Agreement/Court Order/Divorce Order
- A copy of your disability Notice of Entitlement from CPP or QPP or a letter issued by CPP or QPP stating the date you became disabled, the effective date of your disability pension and if you are currently receiving disability benefits.
Step 3. How to Apply
We have streamlined the pension application process to make it as easy as possible to apply for your pension. You have several options available when you’re ready to apply.
- Log into AccessLPF and use our online pension application service. Go to the Application page and follow the step by step instructions. As soon as you submit your application, the LPF Office is notified and will start processing it. You don’t need to sign any forms or mail any documents at this point. For extra assistance you can read more on the help file within. If you don’t have your LPF Member ID Number in order to log into AccessLPF, please contact the LPF Office immediately.
or
- You can contact the LPF Office to speak with a Pension Benefits Analyst, who will assist you in completing the application either online or over the phone;
or
- Visit the LPF Office and complete your application with the help of one of our Pension Benefits Analyst.
Step 4. Receiving your Payment Election Package
Once we receive your application, and all outstanding pension contributions are credited to your pension account, we will mail you a Payment Election Package.
Your Payment Election Package will include:
- A letter with a checklist to help you complete your Payment Election Package and advising you of all supporting documentation you will be required to supply.
- Payment Election Form: This document outlines your pension amount, payment options to be reviewed by you and your spouse (if applicable). It’s important to return this form to us by the deadline to ensure your payment is not delayed. If you need more information about the forms of payment available to you, please contact the LPF Office.
- Federal and Provincial Personal Tax Credits Return Forms: Your pension is taxable income. The LPF is required to withhold taxes according to CRA tax tables. You will use these forms to reduce or increase the amount of income tax to be deducted each month. Click here to log into CRA and estimate how much tax will be deducted. For tax advice, speak with an accountant or tax professional.
- Waiver of Joint and Survivor Pension: If you have a spouse who is waiving their entitlement to a survivor pension.
- Beneficiary Designation Form: If you are single, or your spouse has signed the Waiver Joint and Pension, you must name a beneficiary for your post-retirement benefits.
- Retirement Declaration Form: This form needs to be signed and returned to the LPF Office acknowledging that you understand the rules of retirement. In addition to returning the above relevant forms, you must provide certified copies of the applicable document as described in Step 2, along with a Void Cheque to confirm the direct deposit information you have provided. If you are not a Canadian resident and wish to have your pension deposited abroad, complete the Direct Deposit Authorization – Non-Canadian Financial Institutions.
- Confirmation of Return to Work Rules Form: This form needs to be signed and returned to the LPF Office acknowledging that you understand the return to work rules.
Once we receive your signed Payment Election Form and all supporting documents, your pension will be processed. Your first pension payment will be deposited into your bank account on the first banking day of the month, including any retroactive payments owing to you. An initial payment letter will be mailed to your home confirming the payment amount, effective date of retirement and elected survivor option.
If you wish to change the survivor option you have elected, you have 30 days from the date of your first payment to advise our office and return your payment. After the 30 days, the elected option cannot be changed.
How to avoid delays in starting your pension:
Marital separation and divorce is the number one cause of delayed pension payment processing. If you were legally married during your membership in the Plan, and subsequently separated or divorced, we’ll need to confirm whether your pension needs to be split with your ex-spouse, and any other details, before processing your pension.
Not providing certified proof of age documents and marriage/common-law proof, when applicable, can also delay your pension. Acceptable proof of age documents include a valid passport, citizenship card, driver’s license or birth certificate.
Remember: Payment will not be made if the required documentation and/or forms are missing.