According to the redemption criteria for retirement, from the time you are 50 years of age or more and you’ve signed a phased retirement, work-hour reduction agreement, you can submit a redemption request for the shares you hold.
Requirements:
The shareholder must be at least 50 years of age, have contributed to the Québec Pension Plan for at least one year and signed an agreement with their employer providing for a 20% reduction in regular work time until retirement.
Documents required:
The Fonds de solidarité FTQ form
AND
a copy of the agreement with the employer specifying:
- the date phased retirement begins;
- at least a 20% reduction in regular work time along with confirmation of income before and after phased retirement;
- the scheduled retirement date.
Eligible shares:
Except for the exception mentioned below, the minimum holding period of 730 days, provided in the Act, for the application of redemption criteria relating to retirement, phased retirement and shareholders who have reached 65 years of age Fonds de solidarité FTQ share redemptions will be gradually extended as follows:
| Date of redemption | Before June 1, 2027 | Between June 1, 2027, and May 31, 2029 | Between June 1, 2029, and May 31, 2031 | After May 31, 2031 |
|---|---|---|---|---|
| Minimum holding period | 2 years | 3 years | 4 years | 5 years |
Exception : Shareholders who are or will turn, during a year, 71 years of age may redeem their Shares without a minimum holding period.
Shares purchased after the beginning of the phased retirement agreement cannot be redeemed under this criterion.
Disbursement equivalent to the lesser of the declared salary loss for the year or the account balance, divided by the number of years left before full retirement, as established at the first time of the first redemption request.
Each year, the shareholder must submit a redemption request and must once again prove that he or she is still in the process of taking phased retirement. A minimum interval of one year will be required between each disbursement.
