How do I join?
When you are hired by a WISE Trust participating employer, you become a member of the Plan, a defined benefit pension plan. The Plan has over 10,000 members who know that their WISE Trust pension will be a secure part of their retirement income.
In this section
Who can join?
If you work for an employer who participates in WISE Trust, you may be eligible to join the Plan. Browse through the employment statuses below to see if you qualify.
Participating employers
Employment status
You are automatically enrolled in the Plan on the first day of your permanent employment. You will remain a member of the Plan for as long as you remain an employee, even if you become part-time or change to a temporary employment status.
You are automatically enrolled in the Plan on your first day of permanent employment, provided that over a period of one calendar year of continuous employment you will have either:
- worked a minimum of 700 hours; or
- have earnings equal to at least 35 per cent of the current
year’s maximum pensionable earnings (YMPE)
If you are not immediately eligible to join the Plan, you will be enrolled in the Plan on the date that your normal working hours increase so that over a period of one calendar year of continuous employment, you would work at least 700 hours or earn at least 35 per cent of the YMPE.
Once you are enrolled in the Plan, your membership continues even if in future years you work less than 700 hours or earn less than 35 per cent of the YMPE.
You may choose to join the Plan after 24 months of continuous employment provided you have worked at least 700 hours or earned 35 per cent of the YMPE in each two consecutive calendar years. Since it is not mandatory that temporary employees join the Plan, enrollment is not automatic. The WISE Trust Pension Contact Centre will send you an enrollment package in the mail. If you elect to enroll, complete and sign the forms fully and return them before your enrollment date.
Why should I join if I am a temporary employee?
- It is a defined benefit pension plan – having a defined benefit pension plan means your monthly pension is based on a formula using your pensionable earnings and service and is not impacted by market fluctuations. This allows you to better predict what your monthly pension will be when you retire.
- Your pension is an investment in your future retirement. The contributions that you make through your bi-weekly pay go toward a secure retirement income for life.
- Both you and your employer contribute to your pension. Your contributions are based on your pensionable earnings and are deducted directly from your bi-weekly pay. The contributions you make are tax-deductible.
- It’s never too early or late to start building your pension. The longer you contribute, the bigger your pension will be.
- You may be eligible to purchase your temporary service periods, increasing your overall pension at retirement.
A contractor is a person hired under a contract for services. You are not eligible to join the Plan if you are employed under a contract for services.