CAAT Pension Plan

It looks like a scam when your employer force you to have it. 11.2% of my gross income will go to their bank accounts and the employer calls it benefit" that you cannot touch until the age of 55! I am going to resign my job because I do not have option to cancel it."

Deduction on the salary is unconscionable. For us low income earner, it kills us that the amount taken from us should have been our basic daily needs.

I just had an interesting conversation with Erin from CAAT . She was nice and polite and explained the pension rate increase this year, as my pension did not go up 4.71% it went up 2.78%. The letter I received and probably everybody else received states that the 2023 inflation protection rate is 4.71% then it says an increase based on this rate will be added to your pension share starting January 1, 2023. This inflation protection increases applies to the pension you earn from 1992 until you retired here’s what your new pension amount will be. The plan is so convoluted. I think it would have been helpful to include the details on how it really works. I thought I was COLA for life. We should never have switched from OMERS. I URGE all members to contact OMERS and see if they will take you back.

New member to CAAT. They clearly describe the benefit of this defined benefit pension compared to a defined contribution. Basically, they guarantee you'll get a secure retirement income based on years of service and your best earning years. And it lasts a lifetime, whether you go to 80 or 108.The other type of pension, defined contribution, you put your cash into investments like mutual funds or group RRSPs and hope the market does well. The downside...you have no way of knowing how much cash you'll have when you retire. And there is always a chance you'll outlive your savings, which is very unappealing.Finally, the pension CAAT provides has nothing to do with an employer's financial health. So, unlike Nortel or Sears Canada, the pension remains available if the company goes under, and there are no concerns about it being underfunded.This is the type of pension all Canadians should have access to.

Fantastic employee culture and sincere commitment to customer centricity and innovation.

Good luck transferring your pension out of CAAT! It's the most convoluted process I've ever experienced and CAAT seems to make it as difficult as possible. They've lost a few documents I've sent them, they take a long time to get back to you, but expect you to return their forms within weeks. There were a few times where I had to call them to see what was taking so long only to find out that they were waiting for something I had already submitted. They give no instructions on how to fill out these forms and they even called me to tell me I filled one out wrong, when I was actually correct, and they were mistaken. I feel like I'm holding their hand along the way, which is sad because I've never transferred a pension before. I'm about 10 months into this process now, and it doesn't look like it will be over soon.

This place is borderline criminal. I've been trying to transfer my pension out of this pension plan for the last 6 months, but to no success. I have filled out all the necessary forms, but they keep requesting additional information, which I have provided. I will eventually need to get lawyers involved if this is not resolved soon.

A lot of these negative comments are from people who probably are not too sure how pensions work. CAAT has amazing value. Yes, it is expensive, but having a guaranteed livable income for you and your partner in retirement isn't free. CAAT gets you way better returns than you could ever hope to get on your own for low fees.

I have bee trying for months to get someone to explain a discrepancy in my pension. They are hopeless at best: I keep being told someone will get back to me with an explanation, and no one has done so to date.

Im not sure why my employer switched to this terrible company.i dont know what my amounts for pension are and they wont tell me. They lied to me that i will be able to log in to see everything but that was a lieDont switch to this company