Steps to Retirement

These steps can help make starting your pension easy.

The information below is a summary of what you need to do in order to start receiving your PSPP pension. There is also a printable Retirement Checklist for your convenience.

Step 1:

Research & Complete a Pension Estimate

The first step is to do some research and planning. Use the pension tools, such as the Pension Estimator, to get a general idea how different pension options and start dates impact your monthly pension payment.

Read: When Can I Retire?
Do: Pension Estimator
Do: Pension Calculator (you must be logged in to Your Pension Profile to access this link)

Confirm Your Personal Details

Confirm or update your personal information, such as contact information, pension partner and beneficiaries. Your address and contact details can be updated online, and date of birth documents can be submitted through the Secure Mailbox. We can assist you with any other needed changes.

If the information on your file is out of date, your pension estimate may not be correct and the retirement process may be delayed.

Read: Relationship Breakdown
Do: Log in to Your Pension Profile to confirm your personal details

Step 2:

Step 3:

Determine a Retirement Date

If you're still participating in PSPP, you can work with your employer's Human Resources area to select your retirement date. They can help you manage considerations such as vacation time, payroll periods and other factors that could affect the date you select. You don't have to retire on your birthday, work anniversary, or a specific day of the month.

If you aren't currently participating in PSPP, you can select any date to start your pension provided it follows the Plan guidelines, as shown at the link below.

The date you choose should be at least three months away to allow enough time to complete the next steps.

Read: When Can I Retire?

Three months before retirement—Submit Retirement Application

Three months before you want your pension to begin, submit your retirement application.

To complete the application process, submit your application online using the retirement application tool in Your Pension Profile. If you are still participating in the Plan, your employer must do this step with you, and they need to fill out part of the application form. If you are no longer participating in the Plan, you can ignore the employer's section and submit the application online in Your Pension Profile.

If you have combined pensionable service (CPS), you will also need to complete an application for the related plan in order to start that pension.

Read: PensionEase, the online retirement application tool
Do: Retirement Application Form (you can also find the form in Your Pension Profile)

Step 4:

Step 5:

Review Your Pension Options

We will calculate your pension benefit and send you a Retirement Benefit Statement for you to review, sign and return. You'll want to review this package carefully because once your pension payments start, you cannot change the pension option you have chosen.

Read: Pension Options
Do: If you need help understanding your options, contact our Member Services Centre
Do: You may wish to contact an independent financial advisor

Two months before retirement—Complete Your Pension Choice Documents by the Due Date

Return your completed forms and all requested paperwork as soon as possible. This may include the following steps:

Select your pension option; sign and date the Retirement Benefit Statement form
If you have a pension partner but chose a pension option that does not provide them with a lifetime survivor benefit, they will need to complete the Pension Waiver of Pension Partner as at Pension Commencement
Complete Declaration of Pension Partner Status form
Complete Request for Direct Deposit form
Provide proof of age for yourself and your pension partner (if applicable)

You can also complete the following steps:

Complete Tax Credit Returns form
Complete Designation of Beneficiary(ies) form

Step 6:

Step 7:

Complete Your Buyback

If you are currently paying for a buyback, you must complete the payments for buying service within 90 days of when you stop participating in the plan.

Read: Buying Prior Service

Receive Your Pension Payment

Our goal is for you to receive your first pension payment within 30 days of your selected pension start date. Returning your forms and documents in a timely fashion is critical in order for this to happen.

Other factors, such as a matrimonial property order, can impact how long it takes for you to receive your first payment.

Step 8:

Step 9:

Continue to receive monthly pension payments

Pension payments are made on the second-last business day of each month, except in December when payment is made before December 25.

Read: Pension Payment Dates

What if I Change My Mind?

If you decide to change the date of your retirement, the pension option you chose, or even decide to stop the retirement process at any point after you have submitted your Retirement Application form, contact us immediately—before payment commences. You will also need to inform your employer of this change, if you are still participating in PSPP.

If your pension payment has already started, you cannot change your pension option, nor can you stop receiving your pension. You can go back to work, even for a PSPP employer, but you can no longer participate in PSPP.