Frequently asked questions
Yes. If you are a member of the CSS Pension Plan you can transfer-in funds from another registered pension plan (RPP), Locked-in Retirement Account (LIRA) or Locked-in RRSP.
The first step to transfer-in any pension funds is to complete an Application to Transfer-in Locked-in Funds form and submit it to the CSS Pension Plan, along with a copy of your most recent statement from the other RPP, LIRA or Locked-in RRSP. Once we receive these documents, we will send you the appropriate forms to sign and forward to the other RPP or financial institution.
If the CSS Pension Plan has a reciprocal agreement with the other pension plan we will also recognize your service under the other plan, which can affect your early retirement date. Contact us to see if a reciprocal agreement exists.
Inactive members of the CSS Pension Plan (i.e., members who are no longer contributing to the Plan) have the option to transfer-in RRSP funds if they wish. Such RRSP funds are treated as non-locked-in funds in the member’s account. Our policy also allows retiring allowance RRSP funds to be transferred-in (see question 3 below).
If you are currently contributing to the Plan, our policy does not allow you to transfer-in RRSP funds; however, you have the option to make additional voluntary contributions (AVCs) as a means of contributing extra funds to your pension account.
For more information, please contact us.
If you receive a retiring allowance or severance package from an employer member of the CSS Pension Plan, it can be tax sheltered (up to the CRA retiring allowance limits) and transferred to the CSS Pension Plan.
Your first step in this process is to set up an RRSP with a financial institution. You would then work with your employer and your financial advisor to complete any forms that the RRSP-issuer requires to transfer the retiring allowance/severance package to this RRSP. Then using a T2033 provided by the CSS Pension Plan, this RRSP can then be transferred to the CSS Pension Plan.
Yes, but before you can do so you must no longer be working for any employer member of the Plan. See leaving your employment for more information.
RRSP contribution room for the current year is based on:
- Your previous year’s earned income, less the amount you and your employer contributed to the CSS Pension Plan
- Any unused RRSP contribution room carried forward from previous years
In other words, the amount that was contributed to the CSS Pension Plan last year reduces this year’s RRSP contribution limit. So the amount that you and your employer contribute to the Pension Plan this year will reduce your RRSP contribution limit for next year.
Pension laws in each province and territory oversee the division of pension funds upon relationship breakdown.
See changing your marital status for more information.
See accessing your funds for information on starting a retirement income through the Plan.
Send us a blank cheque marked "VOID" for the account that you want the monthly payment deposited to. Or, you can complete and return a Direct Deposit of Variable Benefits/Monthly Pension form.
Complete the TD1 forms that apply to you and your province of residence and return the completed forms to the CSS Pension Plan. You will find the TD1 forms on the Canada Revenue Agency's website.
As a non-resident, under section 217 of the Canadian Income Tax Act it may be beneficial for you to elect to pay tax at the same rate as Canadian residents on your Canadian source pensions and income.
To determine if such an election is beneficial, you must complete an NR5: Application by a Non-Resident of Canada for a Reduction in the Amount of Non-Resident Tax Required to be Withheld. If you have questions, contact the International and Ottawa Tax Services Office.
All CSS Pension Plan members are assigned a Member ID. You can find your Member ID number on the first page of your annual statement or by logging into your myCSSPEN account. If you just joined the Plan and do not have an annual statement yet, your Member ID will be mailed to you.
If you do not know your Member ID number, please contact us at 1-844-427-7736. You will be asked specific questions based on your Plan profile to verify your identity before we provide you with your Member ID.
The nature of your beneficiary designation depends on several factors, such as whether you are receiving a retirement income, and whether or not you have a spouse.
For more information about designating a beneficiary according to your situation, please see arranging survivor benefits.