Canada's leader in asset servicing
Benefit Payments
CIBC Mellon’s benefits administration unit specializes in the administration and payment of pension benefits for more than 205,000 pensioners.
When you notify us of an employee’s retirement requirements:
- We begin payments, either by cheque or direct deposit to the employee’s bank account.
- The appropriate tax withholdings are calculated (accommodating any extra withholding requested by the pensioner to ease their quarterly or year-end payments to Canada Revenue Agency) and remitted on their behalf.
- As tax rates or an individual’s personal exemptions change, we make the necessary tax adjustments.
Our call centre is staffed with pension payment specialists who understand the unique needs of retirees, responding to their questions and solving their problems (e.g. placing stop payments on lost cheques and issuing replacements, changing bank account or home address information, explaining tax changes or re-issuing missing tax slips).
We view your retirees as our clients, enabling you to concentrate on managing your plan.