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Retirement Savings Account  
Your benefit in the UCTRF is referred to as your Retirement Savings Account.  This is made up of:

 

  1. The sum of the "employer’s" contributions to the UCTRF reduced by risk and administration fees - plus
  2. Any additional voluntary contributions (if applicable) - plus
  3. Any amount transferred into this Fund on your behalf from a previous fund you belonged to - plus
  4. Investment returns earned on your total savings, which may be positive or negative depending on the investment performance

    LESS

    1. Amounts awarded to an ex-spouse via a Divorce Order
    2. The outstanding amount of any housing loans where the member’s Accumulated Retirement Savings were used as surety and the member defaulted on the loan.

In accordance with Section 37D of the Pension Funds Act, certain amounts may be deducted from your Accumulated Retirement Savings before your benefit is paid.

These include:

•  Tax on the benefit

•  Outstanding housing loans where the member’s Accumulated Retirement Savings were used as surety

•  Arrear maintenance payments awarded via a court order

•  Amounts awarded to an ex-spouse via a Divorce Order which have not previously been paid to your spouse.

•  Losses suffered by the employer as a result of fraud and theft by the employee, and in respect of which the member admitted liability in writing, or a judgement has been obtained against him/her.


Your other benefits in the Fund are: