Are you an employee of Johnson Controls Ltd?
Members of the Johnson Controls Ltd. Pension Plan have been notified of a pension plan wind-up and sent an Option Election Form. You must complete the forms and send them in so that they are received no later than July 30, 2022. Some employees must elect and notify sooner.
Pension Solutions Canada has arranged a Pension Seminar event to help you navigate this pension wind-up and what your best options are. The free seminar will be taking place:
- Date: Tuesday, July 26th, 2022
- Time: 4pm
- Location: Sheraton Parkway Toronto North Hotel & Suites
600 Hwy 7, Richmond Hill, ON L4B 1B2 (Hwy 7 & Leslie) – Click here for map
- Unable to attend? Book a Zoom call with us – click here to view available spots.
- We will discuss all options. If you choose to work with us on transfer out of your pension, or wish to explore the copycat pension option, we complete the paperwork for you.
We are available to come to other locations, contact us at 1-888-554-6661.
What Happens To My Johnson Controls Pension?
Simply put, you will be choosing to do one of the following:
- Transfer the money out
- Take your pension later (deferred monthly pension)
- Take your pension now (immediate monthly pension)
Watch Video: Johnson Controls Pension Options
Watch our video below with Bruce Youngblud, CFP, CIM, financial planner, as he explains two main options:
- Transfer to a locked-in vehicle (LIRA + cash)
- Transfer to an insurance company (copycat annuity)
Once the Actuarial Report on the Johnson Controls Ltd. Pension Plan Wind-Up is approved by the regulators and the plan is fully funded, Johnson Controls Canada LP must purchase annuities from an insurance company for any pension benefit in payment or any deferred pension payable from the Plan.
If you do not return your Option Election Form by July 30, 2022 then Johnson Controls Ltd will default you to the “Deferred Monthly pension” option.
lf you elect for the “Deferred Monthly pension” option (option 2), then you will be advised of the annuity purchase when it is completed. ln the meantime:
What If I Want To Start My Monthly Pension Benefit?
If you want to start your monthly pension benefit, contact the Johnson Controls Pension Centre at l-866-899-0537 at least three (3) months in advance of your desired start date.
Checklist For Next Steps
- Review the Your Basic Data section on page 1 of the Statement of Benefits in your Pension Plan Wind-up package. If there are any errors, contact the Johnson Controls Pension Centre at 1-866-8g9-0537.
- Read your entire Statement of Benefits in your Pension Plan Wind-up package.
- Choose the payment option that is right for you. Indicate your preferred option by checking the box next to your choice on the Option Election Form. You can only choose ONE option. Note: If you elect Option 1 or Option 3 you must complete an additional set of forms. Please see the list of additional forms required. If you elect Option 2, you must provide your proof of age. Please see the list of additional forms.
- Make sure each of the forms is signed by you (note: some of the forms also require a witness signature which cannot be a family member)
- Make a photocopy of your Option Election Form as well as any additional forms associated with your election for your personal records.
- Return your original completed forms to: Johnson Controls Pension Centre P.O. Box 2220, Stn Don Mills, Toronto ON M3C 0M7.
REMEMBER: Your completed forms must be received no later than July 30, 2022.
Plan to attend the seminar event. We will discuss all options. If you choose to work with us on transfer out of your pension, or wish to explore the copycat pension option, we complete the paperwork for you. Pension Solutions Canada manages pension money for clients thru investment funds. We become your financial planners. Want to chat with someone 1-on-1? Click here to book a free 15 minute Zoom call with a Certified Financial Planner.