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Pension buyback for the lockout: what do I do?

Any CBC employee who was enrolled in the CBC pension plan and who was locked out in 2005 should be receiving a letter offering the possibility of buying back that time. A number of you have already received your letter and are wondering what to do.

The first question you probably have is: what happens if I don’t buy this time back? That simple question also has a simple answer: the only thing that will change is your date of eligibility for a full or unreduced pension, which will be moved back by a few weeks.

The Guild is not in a position to advise you on whether to buy back this time. This is an individual decision that you need to make based on your own financial situation, and we encourage you to seek advice either from a financial advisor of your choice, or from the CBC Pension Administration Centre. The PAC can also explain to you the methods used to calculate the buyback amount. You can reach the Pension Administration Centre by calling 1-888-604-9258. In the meantime, we encourage you to read your letter carefully; it contains details that may help answer some or all of your questions.

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