We can start to pay your pension before your employer has notified us about your retirement and provided information on your final service and earnings. However, until that information has been received and verified, your pension will be paid on an estimated basis.
Pensions being paid on estimate are based on the last service and earnings information that has been verified by the CSSB. In most cases, this will be the amounts reported at the prior year end, but it could go back even further than that. As a result, this pension could be quite a bit lower (as much as 20%) than the pension estimates you have received, which would have included projected service and earnings amounts.
When final service and earnings information has been reported by your employer and verified by the CSSB, your final pension will be calculated. A one-time adjustment will be made to your pension to make up for any difference between the pension amounts you’ve received and what you should have received.
At that time, CSSB will provide you with written confirmation of your pension arrangements, including a statement of your finalized pension amount and explanations of any deductions.