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Defined Contribution Pension Provisions

The NOVA Chemicals retirement program for Canadian employees consists of two plans:

• Retirement Plan for Western Canadian Salaried Employees of NOVA Chemicals Corporation
• Retirement Plan for Eastern Canadian Salaried Employees of NOVA Chemicals Corporation

Participation
All Full-Time and Part-Time Employees become participants on their first day of employment.

Contributions
NOVA Chemicals contributes an amount equal to 9% of your pensionable earnings (base salary and shift differential, if applicable) on your behalf.

You may elect to make additional voluntary contributions up to a further 9% of your pensionable earnings, subject to limits imposed by the Income Tax Act. You can set or change your Voluntary Contributions by accessing the link from the HR Web.

The DCPP annual contribution limit is set by the CRA and it is subject to change each year. The maximum annual contribution is $26,230 for 2017. The total of NOVA Chemicals’ contributions plus your Voluntary Contributions, if applicable, cannot exceed the annual CRA limit.

Investments
You must choose how you want your Voluntary Contributions and your employer’s contributions (those that NOVA Chemicals makes on your behalf) to be invested.

A complete list of investment options available through the plan including the investment objective, investment style, historical performance where applicable and associated fees is available in the Investment approach section of this website.

As a member of the DCPP you can invest in either the Managed For Me or Managed By Me investment approach, but not both.

Managed For Me Approach

• Little investment knowledge.
• Do not want to check investment regularly.
• Do not want to regularly review or rebalance an investment portfolio.

Managed By Me Approach

• Higher-level of investment knowledge.
• Are comfortable with concepts such as risk, asset classes and investment style.
• Interested in checking and monitoring investments regularly and rebalancing when necessary.

You are encouraged to take an active role in selecting the investment approach that best suits you, giving consideration to your knowledge of investing, your investment style, your risk tolerance and how active you want to be in managing your account.

If you do not choose an investment approach, your contributions will be invested in the plan’s default investment – NOVA Chemicals Target Date Portfolio within the target date of your normal retirement date of age 65.

Frequently Asked Questions

Can I withdraw money from my DCPP account?
In general, you may not withdraw contributions from this plan while you remain employed at NOVA Chemicals.

Can I transfer funds into my DCPP account?
Yes. Transfers from Registered Pension Plans of previous employers into this plan are permitted.

Can I make lump-sum deposits into my DCPP account?
Lump-sum contributions are not permitted.

What happens if I terminate employment or retire?
Plan members who terminate or retire from employment are immediately entitled to the accumulated value of all contributions in addition to any investment earnings. NOVA Chemicals’ contributions and associated investment earnings are locked-in and subject to legislative restrictions.

What happens if I die?
In the event of your death, your spouse (if applicable) and/or beneficiary(ies) if you do not have a spouse is entitled to the accumulated value of the account.

How are fees managed?
Employees pay investment related fees for managing and maintaining the funds and portfolios while NOVA Chemicals pays the recordkeeping and administration fees related to the DCPP.