Change your pension option

You have 60 days after your pension is granted to change your pension option.

You have 60 days after the date on the letter notifying you that your pension has been granted to change your pension option. After that time, your selection is final and cannot be changed.

If you had a spouse at retirement

If you had a spouse when your pension was granted, the possibilities for changing your pension option are limited to protect your spouse's rights.

Under provincial legislation, your spouse has certain rights to your pension:

The right to be the sole beneficiary of your pension
The right to receive a minimum 60 per cent of your pension for their lifetime

This means you must choose a minimum 60% joint life option that provides a lifetime benefit to your spouse, unless your spouse waives this right. Your spouse can only waive this right before your pension starts. However, if your spouse waives this right and remains the beneficiary of the guarantee period for your pension, they can waive their beneficiary right at any time before your death.

If your spouse dies within 60 days after the date on the letter notifying you that your pension is granted, you can change to any pension option, because there is no longer a need to protect your spouse’s right to your pension. If your spouse dies after the 60-day period, you cannot change your pension option.