💰TBT Part 6 — Your Pension & Retirement Roadmap
In Part 5, we tackled your biggest questions — from dental to sick leave.
Now, in Part 6, we reach the end of the maze: your pension and retirement plan.
Your UA Local 787 Pension Plan is the map that leads you to long-term financial stability.
Understanding how it works ensures your years of hard work continue to pay off — even after you hang up your tools.
Understanding Your Pension
The UA Local 787 Pension Plan was established in 1983 and is registered with the Financial Services Regulatory Authority of Ontario (FSRA) and the Canada Revenue Agency (CRA).
The pension plan is managed by professional fund managers, who specialize in investing according to the mandates set by Local 787’s Board of Trustees in areas such as Canadian equity, fixed income, and real estate.
It’s a Defined Contribution (DC) Plan, meaning:
Your employer contributes while you work.
Your account grows (or shrinks) with investment performance.
Your retirement income depends on total contributions and market returns
How Your Pension Account Works
Think of your pension like an investment fund:
You earn Units based on employer contributions.
Each Unit has a Unit Value that fluctuates with the market.
Your total pension value = Units × Current Value.
Your account also reflects investment gains/losses and faces a small deduction for management fees.
Small management fees apply, and your plan is managed by professionals following the Board of Trustees’ investment policies.
Your Pension Questions Answered
Still have some questions about your pension? No problem, we’ve compiled some of our commonly asked ones below to help.
Retirement planning starts with understanding when you’re eligible to retire.
“When Can I Retire?”
It’s the question we are all curious about. The answer looks a little different for everyone. It depends on your health, your mindset, your sense of security, and how prepared you feel for the next stage of life. But in practical terms, retirement is when you feel confident that your finances can support you comfortably for the years ahead.
Normal retirement: 65
Earliest: 55
Mandatory withdrawal: age 71 (per CRA rules)
If you are still working after 71, employer contributions are added to your pay.
“What Happens if I Leave the Union or Stop Working Union Jobs?”
Life happens. So if you’re moving across the country or find yourself changing careers, you may wonder what that means for your pension.
If no contributions are made to your pension account for 18 months, you’re considered terminated from the plan. At that point, your options include:
Transfer to a locked-in RRSP, LIF, or another plan
Purchase an annuity
Leave funds in the plan
New Option — Variable Benefit (July 2025):
This new option allows you to retire while keeping your money invested in the plan.
You’ll draw income annually, benefit from professional management, and pay lower fees than retail accounts.
The best way to plan for your retirement is to understand the options available to you. Your UA Local 787 pension offers several retirement options
“What Are My Retirement Options?”
You have several options to consider when preparing for your retirement.
Transfer to a LIRA or LIF
Buy an annuity
Leave funds in the plan, and;
New July 2025:Variable Benefit (withdraw while staying invested in the plan)
“What is the New Variable Benefit Option?”
Retire while keeping your money invested in the plan.
Starting in 2025, you can retire without moving your pension. The new Variable Benefit option will let you retire and keep your pension money inside the plan. Instead of transferring it out, you’ll withdraw a set amount each year.You’ll draw income annually, benefit from professional management, and pay lower fees than retail accounts.
You can find more information in the updated pension package sent to members, and check out recorded information sessions, uploaded through the members’ Portal.
“Who Manages the Plan?”
UA Local 787’s Pension Plan is managed by a Board of Trustees, supported by professional investment consultants, and guided by a strict Statement of Investment Policies.
The best preparation for retirement starts early. Planning ahead gives you the advantage of time; in understanding your pension, exploring your best options, and building habits now that help secure a strong future.
“How Do I Prepare for Retirement?”
Your retirement could last 30+ years — just like your career. Give yourself time to make the best decision.
Consider taking steps to prepare for your retirement in advance:
Attend annual education and planning seminars
Book a consultation with McAteer
Use Manulife’s PlanRight tools
Explore UA Canada’s Wellness Program for retirement transitions
Allow 3 months for paperwork and processing
Member Tip:
Thinking about retiring? Start planning early in the year you want to retire, and aim for a spring or summer send off. This allows paperwork to be finalized in time to enjoy the best part of the year while building healthy routines for the future.
In Summary
After years of service and dedication to your trade, you’ve earned benefits and a pension designed to support you for life. Your pension is more than a plan — it’s the payoff for every hour of work invested in your future.
The maze of benefits, insurance, and pension details can feel overwhelming at first, but once you understand the routes — and the tools that help you chart your course — you can move forward with confidence.
We close out our Demystifying Benefits series, the maze more clearly mapped, and the tools in your hands. To help you keep your bearings, we’ve created one final downloadable resource:
📥 Download the “Glossary of Benefits Terms” — your quick-reference guide to everything covered in this series. Revisit any part of this series whenever you need a refresher — and remember, your benefits are here to support you every step of the way.