Example of Cost

Your pension will be permanently reduced to pay for your spouse's survivor pension and will be in addition to any reduction previously made for a former spouse. The reduction remains in effect even if your spouse dies before you.

From the following actuarial tables, you can see how providing a survivor pension to your new spouse can affect your pension. To calculate approximately how much a survivor pension costs, multiply your pension by the percentage indicated by cross-referencing your spouse's age to the survivor pension option.

Scenario

If you're a 65-year-old pensioner and would like to provide your 70-year-old spouse with a survivor pension of 60% of your pension, you would receive 95.93% of your current pension. If your annual pension is $25,000, it would be reduced to $23,983 to provide your spouse with an annual survivor pension of $15,000.

Table 1 - Values are based on your spouse's age and assume you are 65 years of age

  50% 55% 60% 65% 70% 75%
Age 45 50% survivor option 76.47 55% survivor option 74.11 60% survivor option 71.76 65% survivor option 69.41 70% survivor option 67.05 75% survivor option 64.70
Age 50 50% survivor option 81.31 55% survivor option 79.44 60% survivor option 77.57 65% survivor option 75.70 70% survivor option 73.83 75% survivor option 71.97
Age 55 50% survivor option 86.10 55% survivor option 84.70 60% survivor option 83.31 65% survivor option 81.92 70% survivor option 80.53 75% survivor option 79.14
Age 60 50% survivor option 90.47 55% survivor option 89.52 60% survivor option 88.57 65% survivor option 87.61 70% survivor option 86.67 75% survivor option 85.71
Age 65 50% survivor option 94.06 55% survivor option 93.46 60% survivor option 92.87 65% survivor option 92.27 70% survivor option 91.68 75% survivor option 91.08
Age 70 50% survivor option 96.61 55% survivor option 96.27 60% survivor option 95.93 65% survivor option 95.59 70% survivor option 95.26 75% survivor option 94.91
Age 75 50% survivor option 98.18 55% survivor option 97.99 60% survivor option 97.81 65% survivor option 97.63 70% survivor option 97.45 75% survivor option 97.26

Table 2 - Values are based on your spouse's age and assume you are 60 years of age

  50% 55% 60% 65% 70% 75%
Age 40 50% survivor option 81.29 55% survivor option 79.42 60% survivor option 77.55 65% survivor option 75.68 70% survivor option 73.81 75% survivor option 71.94
Age 45 50% survivor option 85.10 55% survivor option 83.61 60% survivor option 82.13 65% survivor option 80.64 70% survivor option 79.15 75% survivor option 77.66
Age 50 50% survivor option 88.89 55% survivor option 87.78 60% survivor option 86.67 65% survivor option 85.55 70% survivor option 84.44 75% survivor option 83.33
Age 55 50% survivor option 92.36 55% survivor option 91.60 60% survivor option 90.83 65% survivor option 90.07 70% survivor option 89.31 75% survivor option 88.54
Age 60 50% survivor option 95.20 55% survivor option 94.72 60% survivor option 94.24 65% survivor option 93.76 70% survivor option 93.28 75% survivor option 92.80
Age 65 50% survivor option 97.21 55% survivor option 96.93 60% survivor option 96.65 65% survivor option 96.37 70% survivor option 96.09 75% survivor option 95.82
Age 70 50% survivor option 98.48 55% survivor option 98.32 60% survivor option 98.17 65% survivor option 98.02 70% survivor option 97.87 75% survivor option 97.71

Table assumptions
Valuation date: July 1, 2018
Pension inception date: July 1, 2009 (Table 1), July 1, 2014 (Table 2)
Member and spouse were born on July 1 and member is not disabled
Values represent the percentage of pension received after the reduction is applied