When you retire, a number of pension options will be available to you, depending on your relationship status at that time. The pension option applies to the basic pension and any bridging amounts, but not to any integration or cost-of-living adjustments.

Lifetime

This pension is payable to you for life with no payments continuing to a beneficiary.

2/3 to Survivor

This is a reduced pension based on your age and the age of your spouse or partner and is payable to you for life. Starting the month after your death, this spouse or partner would be paid two-thirds of your pension. He or she would receive that pension for life. If your spouse or partner predeceases you, no pension will be payable following your death.

1/2 to Survivor

This is a reduced pension based on your age and the age of your spouse or partner and is payable to you for life. Starting the month after your death, this spouse or partner would be paid one-half of your pension. He or she would receive that pension for life. If your spouse or partner predeceases you, no pension will be payable following your death.

Full to Survivor

This is a reduced pension based on your age and the age of your spouse or partner and is payable to you for life. Starting the month after your death, this spouse or partner would be paid a pension equal to your pension. He or she would receive that pension for life. If your spouse or partner predeceases you, no pension will be payable following your death.

Minimum 10 Year

This is a reduced pension based on your age and is payable to you for life. If your death should occur within 10 years of your retirement date, starting the month after your death, payment would be made to the named beneficiary or beneficiaries for the balance of the 10 years.

Minimum 15 Year

This is a reduced pension based on your age and is payable to you for life. If your death should occur within 15 years of your retirement date, starting the month after your death, payment would be made to the named beneficiary or beneficiaries for the balance of the 15 years.

Other Options

Other forms of pension are also available. A member may apply for any form of pension that is acceptable under the Income Tax Act (Canada) and is approved by the Board.

Other Information

For the Lifetime and any survivor pension (e.g., 2/3 to Survivor, 1/2 to Survivor, and Full Survivor), when the pensioner and the spouse or partner have both passed away, the estate would receive any amount of the deceased pensioner’s contributions and interest which exceeds the total pension payments made.

For minimum guarantee pensions (eg. 10 Year or 15 Year), if the pensioner dies before the end of the minimum guarantee period, the pension would be payable to the designated beneficiary or beneficiaries. If a designated beneficiary has pre-deceased the member, the share of the deceased beneficiary will be paid in equal portions to the surviving beneficiary(ies). If no beneficiary has been designated or there is no surviving beneficiary, the remaining pension would be payable to the member’s surviving spouse or common-law partner, or if none, to the member’s estate. If a beneficiary who is receiving the pension dies before the end of the guarantee period, the remaining pension would be payable to that beneficiary’s estate.

All survivor and minimum guarantee pensions include 2/3rds of the pensioner’s accumulated cost-of-living adjustments and 2/3rds of any future cost-of-living adjustments.