If you terminate your employment before being eligible to retire (i.e. before age 55) and no contributions have been made by your employer on your behalf for twenty- four (24) consecutive months, you will be entitled to a deferred pension payable at age 65 based on the benefit levels in effect at the date the last contribution was made on your behalf.

If you are not eligible for Early Retirement (i.e. under age 55) you may transfer the actuarial equivalent value of your termination entitlement, subject to applicable legislation, to one of the following prescribed vehicles detailed below:

(i) to another registered pension plan provided that the other plan agrees to accept the payment, or

(ii) to a prescribed retirement savings arrangement, or

(iii) for the purchase of a life annuity from an insurance company that will not commence before age 55.

The Plan does not provide any grow-in benefits upon termination. Grow-in benefits are described as additional benefits or enhancements the Plan may offer and that you may have been eligible for had you continued membership in the Plan. The effective date of this election to opt out of providing grow-in benefits, under Section 74 of the Ontario Pension Benefits Act, was July 1, 2012.