When you retire you will receive the full value of your pension plan account, which includes the accumulated total of member and employer contributions, plus the earnings associated with those contributions.  At this time you will have the choice of either:

      a tax-free transfer to a Locked-in Retirement Account (LIRA) which must be

      used to purchase an annuity before you reach age 71

      or

      a tax-free transfer to an insurance company to purchase an immediate life annuity.

If you retire from the Plan and the current value of your pension plan account is less than the minimum amount prescribed in The Pension Benefits Act, 1992 (Saskatchewan), you can receive your retirement benefits as a lump sum cash payment.

The actual size of your pension will depend on three important factors:

      - the accumulated total of member and employer contributions;

      - the rate of return you earn on those contributions, and

      - your age when you retire.

Example Calculation:

                              Consider what happens when the member and employer 

                              contributions total $136.50 each month, assuming the fund

                              earns 4%, 6%, or 8% per year:

                              Years of Plan

                               Membership           4%             6%             8%  

                                       5                   9,050         9,524        10,030

                                     10                 20,100       22,370        24,972

                                     15                 33,591       39,697        47,234

                                     20                 50,065       63,069        80,401

                                     25                 70,179       94,594      129,815