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Your Statement of Pension Benefits Primer

September 24, 2018

Watch the video above, originally published in 2017, for quick tips to help you when reading your statement. 

Your Statement of Pension Benefits offers you a snapshot of the pension benefit you’ve earned so far in the plan, and a look ahead to what your future pension will be.

Here’s a primer for when you review your statement:

1) “Normal retirement date” versus “earliest unreduced pension start date” on page 1. Your normal retirement date is the first of the month following your 65th birthday. Your earliest unreduced pension start date is either the date when you hit your 85 factor (age + qualifying years) or your “normal retirement date”, whichever comes first.

2) The amounts on pages one and two are different. Page one tells you what you’d receive if you retired at your earliest unreduced pension start date. Page two tells you what you’d receive if you stopped teaching at the end of the 2017-18 school year, and doesn't include inflation.

3) If you have graphs on page 3, you’ll see a bridge benefit amount. We provide a bridge benefit, which is intended to supplement your retirement income until age 65 when you’re eligible for an unreduced Canada Pension Plan (CPP) pension. This benefit ends the month after you turn 65, or earlier if you start a CPP disability pension. At age 65, you should be eligible to apply for an unreduced CPP pension, which can help make up for the difference in your monthly income once the bridge benefit ends.