Forms of Pension

Please note that all forms of pension are payable for your lifetime.  The optional forms of pension refer only to survivor benefits once you pass away.

 

Married at Retirement

If you are legally married or have a common-law spouse at retirement, the annuity purchased must be in a form where at least 60% of your monthly payment will continue to your spouse for life, in the event you predecease your spouse.  You can elect to have payments continue to your spouse after your death at a rate of 75%, 66 2/3%, or 60%.

 

You can elect an annuity where your monthly payments continue to your spouse after your death at a rate of less than 60% provided your spouse completes a waiver form authorized under The Pension Benefits Act, 1992 (Saskatchewan).

 

You can waive the requirement to elect a joint and survivor annuity if:

 

      your spouse completes a waiver form authorized under The Pension Benefits

      Act, 1992 (Saskatchewan)*

 

      or

 

      you are considered "unmarried" because of an order issued under The Family 

      Property Act or because of the execution of an interspousal contract under The

      Family Property Act where your spouse's entitlement to benefits from the Plan

      has been revoked.

 

*The post-retirement waiver form must be signed within 90 days of the commencement of your annuity to be valid.

 

 

Single at Retirement

If you are single at retirement, the normal form of annuity is a monthly payment for life, with a five-year guarantee period.  This means your payments are guaranteed for five years.  If you pass away prior to receiving payments for more than a five-year period, the remainder of those payments will be paid to your beneficiary.

 

You may elect an optional form of annuity where the guarantee period is extended to either 10 or 15 years.  Where the guarantee period is extended, the monthly payment you receive will be reduced to compensate for the longer guarantee period.

The form of annuity to be received must be chosen at the time of application and is irrevocable.  Once you start receiving payments you cannot decide to extend the guarantee period or change the rate at which the annuity will be paid to your spouse in the event of your death.