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Life & Career Events

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 95.71% of your current pension. If your annual pension is $25,000, it would be reduced to $23,927.50 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 76.57 55% survivor option 74.23 60% survivor option 71.89 65% survivor option 69.55 70% survivor option 67.20 75% survivor option 64.86
Age 50 50% survivor option 81.42 55% survivor option 79.56 60% survivor option 77.70 65% survivor option 75.84 70% survivor option 73.99 75% survivor option 72.13
Age 55 50% survivor option 86.16 55% survivor option 84.77 60% survivor option 83.39 65% survivor option 82.00 70% survivor option 80.62 75% survivor option 79.24
Age 60 50% survivor option 90.44 55% survivor option 89.48 60% survivor option 88.53 65% survivor option 87.57 70% survivor option 86.61 75% survivor option 85.66
Age 65 50% survivor option 93.91 55% survivor option 93.31 60% survivor option 92.70 65% survivor option 92.09 70% survivor option 91.48 75% survivor option 90.87
Age 70 50% survivor option 96.43 55% survivor option 96.07 60% survivor option 95.71 65% survivor option 95.35 70% survivor option 95.00 75% survivor option 94.64
Age 75 50% survivor option 98.05 55% survivor option 97.86 60% survivor option 97.67 65% survivor option 97.47 70% survivor option 97.28 75% survivor option 97.08

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 81.28 55% survivor option 79.41 60% survivor option 77.53 65% survivor option 75.66 70% survivor option 73.79 75% survivor option 71.92
Age 45 50% survivor option 85.09 55% survivor option 83.60 60% survivor option 82.11 65% survivor option 80.62 70% survivor option 79.13 75% survivor option 77.64
Age 50 50% survivor option 88.84 55% survivor option 87.73 60% survivor option 86.61 65% survivor option 85.50 70% survivor option 84.38 75% survivor option 83.27
Age 55 50% survivor option 92.24 55% survivor option 91.47 60% survivor option 90.69 65% survivor option 8989.92 70% survivor option 89.14 75% survivor option 88.37
Age 60 50% survivor option 95.01 55% survivor option 94.51 60% survivor option 94.01 65% survivor option 93.52 70% survivor option 93.02 75% survivor option 92.52
Age 65 50% survivor option 97.01 55% survivor option 96.71 60% survivor option 96.41 65% survivor option 96.12 70% survivor option 95.82 75% survivor option 95.52
Age 70 50% survivor option 98.33 55% survivor option 98.16 60% survivor option 97.99 65% survivor option 97.82 70% survivor option 97.66 75% survivor option 97.49

Table assumptions
Valuation date: July 1, 2021
Pension inception date: July 1, 2012 (Table 1), July 1, 2017 (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