Buying past service: A guide for Simon Fraser University employees
Learn about buying service if you were employed by Simon Fraser University (SFU) when it joined the College Pension Plan on July 1, 2021.
Estimate the increase to your pension
We understand buying past service can be expensive. Use the calculator tool to see how buying only a portion of past service might increase your future pension.
What you’ll need
If you submitted a Purchase of Service Application package, you will have received a letter and Statement of Cost in the mail. To use the calculator, you will need to enter
- the amount of money you have available to put towards buying past service and
- the amounts from the letter that came with your Statement of Cost (see highlighted sections below).
Amounts to enter for members who were age 65 to 70 on August 31, 2022:
Your cost
- Cost to buy all service accrued after December 31, 2015: $xx or $0 (if N/A)
- Cost to buy all service accrued before January 1, 2016: $xx or $0 (if N/A)
- Cost to buy full service (on Statement of Cost): $xx
Breakdown of your estimated monthly pension increase section
| Increase | |
|---|---|
| Monthly lifetime pension—All service accrued after December 31, 2015 | $xx or $0 (if N/A) |
| Monthly lifetime pension—All service accrued before January 1, 2016 | $xx or $0 (if N/A) |
| Monthly lifetime pension for all service | $xx |
Amounts to enter for members who were under age 65 on August 31, 2022:
Your cost
- Cost to buy all service accrued after December 31, 2015: $xx or $0 (if N/A)
- Cost to buy all service accrued before January 1, 2016: $xx or $0 (if N/A)
- Cost to buy full service (on Statement of Cost): $xx
Breakdown of your estimated monthly pension increase section
| Increase | |
|---|---|
| Monthly lifetime pension—All service accrued after December 31, 2015 | $xx or $0 (if N/A) |
| Monthly lifetime pension—All service accrued before January 1, 2016 | $xx or $0 (if N/A) |
| Monthly lifetime pension for all service | $xx |
| Monthly bridge benefit (paid until age 65)—All service accrued before January 1, 2016 | $xx or $0 (if N/A) |
Disclaimer: This calculator provides an estimate of the increase to your monthly pension if you are an SFU employee eligible to buy a portion of past service under the College Pension Plan based on the funds you have available to use for your purchase. The estimate is based on the factors and assumed retirement age used to generate your Statement of Cost as indicated in your letter. Any past service previously bought is not reflected in the estimate. This estimate is for illustrative purposes only and is not a final amount. The actual increase to your pension cannot be determined until retirement and will be based on your service, highest average salary and age at retirement.
Related content for buying past service for SFU employees
Basics of buying past service for Simon Fraser University (SFU) employees