The employee and employer agree on the percentage of contribution to be deducted from the employee’s pay and matched by the employer.
Contributions must fall between the minimum and maximum allowable rates as follows:
1 & 2
3 & 4
5 & after
Contributions are based on gross remuneration and clergy housing benefit, where applicable, as received from the employer. This does not include bonuses, non-taxable allowances, or remuneration from any secular employment.
With regard to the total amount of pension contribution, it is permissible for an employer to contribute more than an employee. However, an employee cannot contribute more than the employer.
Pension contributions are to be remitted by the employer within 30 days of deducting an amount from the employee’s pay and matching it.
The Pension Fund cannot accept voluntary contributions from Fund members.
Record Keeping - Employer
The employer can verify all pension contributions sent into this office by accessing the information via the Pension Portal.
Employer obligations include:
- Completion of the Annual Statement of Earnings & Contributions – to be remitted to the Pension Fund by March 1st of each calendar year.
- Completion of the T4
- Box 20: Enter the employee contributions for the year
- Box 50: Enter the Pension Fund registration number – 0354480
- Box 52: Enter the pension adjustment (the total of both the employee and employer contributions for the year)
Record Keeping - Employee
The employee can verify all pension contributions sent into this office on their behalf, as well as view a copy of their most recent Annual Benefit Statement by accessing the information via the Pension Portal.
The Annual Benefit Statement, prepared by our actuary, lists employee and employer contributions received up to and including December 31st of the previous year. It also includes a projection of the Fund member’s expected pension benefit at age 65, based on contributions received during the past calendar year continuing at the same rate until retirement.
A member will receive a hard copy of their Annual Benefit Statement, mailed to them at the current mailing address on file, each spring.