ARCHIVED CD 2003-014: Information Notice to Employees
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Canada Savings Bonds Payroll Savings Program
This notice is to inform you about a change in the Canada Savings Bonds (CSB) Payroll Savings program that affects retiring employees.
In the past, if you wanted to start a CSB deduction from your pension after you retired, you could contact the Bank of Canada to request an application form be sent to you. By completing and forwarding the application form to your pension office, a CSB deduction would be started from your pension. This year, the Bank of Canada is changing how it promotes Canada Savings Bonds to pensioners.
Starting with this year's CSB campaign (October 1 to October 31, 2003), in order to participate in the CSB payroll savings program as a pensioner, you must have an existing CSB deduction from your pay prior to retiring. You can only start a deduction during any CSB Payroll Savings campaign preceding your retirement. Once you are retired you can continue to contribute to your existing CSB plans, but you will not be able to start a pension deduction for any new CSB plans.
How your CSB payroll deduction is transferred to your pension will depend upon the pension act under which you will be retiring. Please note that retired federal judges do not have the option of deducting CSBs from their pension.
Retiring Public Service Employees and Retiring Members of Parliament
If you are retiring under the Public Service Superannuation Act (PSSA) or the Members of Parliament Retiring Allowance Act (MPRAA) and you want to continue your CSB deduction from your pension, you should complete line 5 of form Public Works and Government Services Canada (PWGSC) - Travaux publics et Services gouvernementaux Canada (TPSGC) 1422, Deductions from Annuity or Annual Allowance, during your exit process.
Retiring Canadian Forces Employees
If you are retiring under the Canadian Forces Superannuation Act (CFSA), you will need to send a request in writing to your pension office during your exit process, to have your CSB deduction continued from your pension. In your request, you should specify the amount of your monthly deduction.
Retiring Royal Canadian Mounted Police Employees
If you are retiring under the Royal Canadian Mounted Police Superannuation Act (RCMPSA) and wish to continue your CSB deduction from your pension, you must complete the Royal Canadian Mounted Police (RCMP)/ Gendarmerie royale du Canada (GRC) 1733 Discharge Request form during your exit process and specify the amount of the monthly deduction.
Changes to existing CSB Deductions
When you become a pensioner, you will still be able to adjust your CSB deduction amount. To decrease your deduction amount, you will need to send a request in writing to your pension office at any time during the year. If you want to increase your deduction amount, you will only be able to do so during the yearly campaign period (October 1 to October 31). Your request must be in writing and must be received by your pension office before the end of the campaign period.
Pension Office Addresses
For pensions issued under CFSA and MPRAA:
Specialized Services Division
1451 Coldrey Avenue
Ottawa, ON K1A 0S5
For pensions issued under PSSA:
Public Works and Government Services Canada
P.O. Box 5010
Shediac, NB E4P 9B4
For pensions issued under RCMPSA:
RCMP Benefits Administration Centre,
c/o Morneau Sobeco
1060 University Street, 9th Floor,
Montreal, Québec H3B 4V3
Any request for information regarding the foregoing should be addressed to your compensation advisor.
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