Scenarios for retired members
The following scenarios will help you understand how changes effective October 1, 2019, will affect you as a retired member
Recent plan changes may benefit you as a retired member.
If you have pensionable service between April 1, 2006 and March 31, 2018, inclusive, you will receive an increase to your lifetime pension.
These changes are effective October 1, 2019. Details and/or an update, including the estimated increase to your lifetime pension, will be provided in your annual pension statement, which you will receive in January 2019.
The table below illustrates the most common scenarios for retired members who will receive an increase. Generally, your increase is higher if you have more service between April 1, 2006 and March 31, 2018, inclusive. Figures are based on full-time service. For the 100% joint life option, the member and spouse are the same age.
Your personal estimate may be higher or lower depending on a number of factors, including any early retirement reductions you may have, whether you worked full or part time, the pension option you chose, and the age difference between you and your spouse if you chose a joint life option.
For example:
| Scenario #1 | Scenario #2 | |
| Retirement date: 2007 | Retirement date: 2018 | |
| Pensionable service: 1 year of service between April 1, 2006 and March 31, 2018, inclusive | Pensionable service: 12 years of service between April 1, 2006 and March 31, 2018, inclusive | |
| Pension option: Single life, 5-year guarantee |
Pension option: 100% joint life |
|
| Estimated monthly increase to lifetime pension: $9 | Estimated monthly increase to lifetime pension: $126 |
The table shows calculations for illustrative purposes only and provides you with an estimate of the impact to your pension. Each member's estimate is unique. You will receive more information with your pension statement in January 2019.
Table: Retired members with pensionable service between April 1, 2006 and March 31, 2018, inclusive
| Estimated monthly increase to lifetime pension starting at age 65 or October 1, 2019 (whichever is later) | |||
| Year of retirement | Pensionable service (years) | Single life 5-year guarantee pension option | Joint life 100% pension option |
| 2006 | 0.5 | $ 4 | $ 3 |
| 2007 | 1.0 | $ 9 | $ 7 |
| 2008 | 2.0 | $ 18 | $ 15 |
| 2009 | 3.0 | $ 28 | $ 24 |
| 2010 | 4.0 | $ 39 | $ 34 |
| 2011 | 5.0 | $ 50 | $ 43 |
| 2012 | 6.0 | $ 62 | $ 53 |
| 2013 | 7.0 | $ 75 | $ 65 |
| 2014 | 8.0 | $ 87 | $ 75 |
| 2015 | 9.0 | $ 101 | $ 87 |
| 2016 | 10.0 | $ 114 | $ 102 |
| 2017 | 11.0 | $ 129 | $ 115 |
| 2018 | 12.0 | $ 142 | $ 126 |
Changes effective October 1, 2019:
- An accrual rate of 1.65 per cent, increased from 1.35 per cent, on pensionable salary below the year’s maximum pensionable earnings (YMPE).
- A corresponding bridge benefit accrual rate decrease from 0.65 to 0.35 per cent.
Depending on what your age and date of retirement are, changes will affect you differently:
- If you are age 65 or older on October 1, 2019, you will see a higher lifetime pension immediately; this means your October 2019 pension payment will be higher.
- If you are under age 65 on October 1, 2019, your lifetime pension will increase and your bridge benefit will decrease, resulting in no change to your total pension payment. At age 65 when your bridge payment ends, you will see a higher lifetime pension amount than your original pension calculation.
- If you do not have pensionable service between April 1, 2006 and March 31, 2018, inclusive, the changes will not affect you.