SFPP's administrator, Alberta Pensions Services Corporation (APS), will mail you a welcome package.

This package includes:

• A member handbook;
• Forms to fill out; and
• A self-addressed, postage paid return envelope to return the completed forms and survey.

Further Information:
SFPP At-a-Glance

The Designation of Beneficiary(ies) Form tells us to whom your benefit is to be paid if you die before retirement. If you have a pension partner, that person is automatically your beneficiary, but you should complete the Designation of Beneficiary(ies) Form and send it to SFPP's administrator, Alberta Pensions Services Corporation (APS) in case your pension partner dies before you and cannot be paid the benefit.

Further Information:
Designation of Beneficiary(ies) Form (SF2)
Multiple Beneficiaries Form (SF2L)
SFPP At-a-Glance
Death Before Retirement

Members, employers and the Government of Alberta make contributions to the pension plan.

Your contributions are based on a percentage of your pensionable salary and are made through payroll deduction. Special Forces Pension Board reviews contributions rates at least every three years and may change them as necessary.

See Contribution Rates

An actuarial valuation to determine the Plan's contribution rates must be done every three years. Contribution rates are adjusted periodically to help ensure sufficient assets are available to pay all benefits promised under the Special Forces Pension Plan both today and in the future.

Further information:
Member Handbook - How Much Do You Contribute?

Members and employers make contributions to the pension plan. Membership is usually a condition of employment and is not optional.

Further information:
Member Handbook - Your Membership

If you have re-joined the Special Forces Pension Plan (SFPP) and had funds previously left with the Plan, those funds will automatically be added to your new pensionable service under SFPP.
 
Members of SFPP with pension contributions in a different pension plan may be eligible to transfer those entitlements to SFPP through a reciprocal transfer. Please contact SFPP to find out if you can transfer your service.

Further Information:
Member Handbook - Joining the Pension Plan: Transferring Between Pension Plans

SFPP is an important part of your preparation for a secure retirement income. The value of your pension plan is great, for the following reasons:

• The pension is paid for your lifetime.
• SFPP assures you a specified income regardless of market conditions or how long you live.
• On the portion of your pension based on service before 1992, you get an annual cost-of-living (COLA) increase of 60 per cent of the increase in Alberta's Consumer Price Index (ACPI). For service after 1991, the SFP Board is responsible for setting COLA according to the funds available in the indexing fund. The indexing fund was established to finance COLA on post-1991 service. Further information about COLA.

Several factors affect the pension you will receive at retirement, including:

• your pensionable salary,
• your years of pensionable service,
• whether or not you buy any optional service or leaves of absence, and
  your pension partner status.

If you leave the Plan before retirement, there are a number of options available to you.

Further Information:
Member Handbook - What is Your Benefit?
How is Your Pension Calculated?
Get a pension estimate using mypensionplan

SFPP was established in 1979 for police officers, police chiefs and deputy chiefs employed by local authorities in Alberta.

SFPP is a defined benefit plan, which means you will receive a pension based on your pensionable salary and years of pensionable service. This enables you to plan for your retirement because you can estimate your future pension income. The Plan is financed by employee and employer contributions, investment earnings and Government of Alberta contributions.

Further Information:
Member Handbook - Welcome!
About SFPP
SFPP At-a-Glance
Member Services Centre

Yes, your pension contributions are tax deductible. As a member of a defined benefit plan, your taxable income is reduced by the amount of allowable pension contributions you make. Your employer will report your tax deductible pension contributions on your T4.

For more information on how your pension might affect your RRSPs, see the following:
Member Handbook - How Much Do You Contribute?

Further information:
Canada Revenue Agency

With five or more years of plan membership, you are eligible to receive a pension at retirement. You can retire any time after you reach age 55. In addition, you can retire after 25 years of pensionable service even if you are younger than age 55.

Leaving the Plan Under Age 55
If you are under age 55 and decide to leave the Plan with five years but fewer than 25 years of plan membership, see the following:
Member Handbook - Leaving the Plan Before Retirement
Leaving Your Funds with the Pension Plan
Leaving the Plan (under age 55 with more than five, but fewer than 25 years of service)

Leaving the Plan Over Age 55 or with 25 Years of Service
Once you reach age 55 and have 25 years of plan membership, you are entitled to an immediate or postponed pension. For more information see the following:
Member Handbook - Leaving the Plan Before Retirement
Leaving Your Funds with the Pension Plan
Leaving the Plan (age 55 or older with 25 years of service)

Pension plans like SFPP are long-term investors. The contribution dollars of members joining the Plan today will be invested and reinvested for many years into the future. The investments compound and grow over time before being used to pay out to members as pensions during their retirement years.

Your pension board sets funding and investment policies which are regularly monitored. The Board, with the advice of an actuary, sets a funding policy to ensure member and employer contribution levels are sufficient. The contributions, together with expected investment returns, will pay all future pension liabilities.

Further Information:
About SFPP: Financial/Investments

Access your pension information at any time by registering for mypensionplan, a secure online service that provides personalized pension information to active and deferred members. Additionally, every year, Alberta Pension Services Corporation (APS), SFPP's plan administrator, sends an annual statement outlining your contributions, pensionable service and pensionable salary.

It is the pension partner's right to be paid a lifetime pension benefit if you die. However, pension rules allow your pension partner to waive his or her right to the death benefit that would be paid to him or her if you die before you retire. This provision may provide you with greater flexibility when planning for your family's needs. See the Pension Partner Waiver of Pre-retirement Death Benefit Information Sheet below for further details.

To waive their rights your pension partner needs to complete a Pension Partner Waiver of Pre-retirement Death Benefit Statutory Declaration Form, below.

Further Information:
Pension Partner Waiver of Pre-pension Commencement of Death Benefit Form (40)
Pension Partner Waiver of Pre-retirement Death Benefit Information Sheet

You can update your address, phone number, e-mail address and beneficiary information through mypensionplan, by completing the forms on the SFPP website, or by contacting your employer.

Inform your employer of any changes you make through mypensionplan as we do not notify your employer of these changes.

If an SFPP employer no longer employs you (meaning you are a deferred member), you can still update your personal data online via mypensionplan, by completing the forms on the SFPP website or by contacting SFPP.

The normal retirement age is 55 if you have at least five years of pensionable service. However, you can retire at any age if you have at least 25 years of SFPP  service.

You can contribute to SFPP for no more than 35 years. However, if you continue working beyond 35 years, your salary after that may be taken into account when calculating your highest average salary.

You must start your pension by December 31 of the year you turn age 71.

Further Information:
Member Handbook - When Can You Retire?
How is Your Pension Calculated?
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Retirement Application Form (21)
Pension Estimate Request Form (88)
I need a pension estimate

The normal retirement date is 55, but you can retire anytime after age 55 if you have five years of pensionable service or at any age with 25 years of service.

You can contribute to SFPP for no more than 35 years. However, if you continue working beyond 35 years, your salary after that point may be taken into account when calculating your highest average salary.

You must start your pension by December 31 of the year you turn age 71.

Further Information:
Member Handbook - When Can You Retire?
How is Your Pension Calculated?
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Retirement Application Form (21)
Pension Estimate Request Form (88)
I need a pension estimate

The normal retirement date is 55, but you can retire anytime after age 55 if you have five years of pensionable service or at any age with 25 years of service.

You can contribute to SFPP for no more than 35 years. However, if you continue working beyond 35 years, your salary after that point may be taken into account when calculating your highest average salary.

You must start your pension by December 31 of the year you turn age 71.

Further Information:
Member Handbook - When Can You Retire?
How is Your Pension Calculated?
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Retirement Application Form (21)
Pension Estimate Request Form (88)
I need a pension estimate

You can retire starting at age 55 if you have at least five years of pensionable service (plan membership).

You can retire at any age once you have 25 years of pensionable service.

If you reach age 65, you can retire even if you don?t have five years of service.

To take payout instead of a pension:
Do you have at least five years of SFPP membership, but fewer than 25 years of service, and are under age 55?

You could be paid a one-time payout of the commuted value of your pension. Once the payout has been made, you will have no rights to any benefits from the Plan.

Note: taking a payout instead of a pension could have serious financial implications for you and your family. It is important to make sure you understand the pension you would be giving up before choosing a payout.

Further Information:
Member Handbook - When Can You Retire?
How is Your Pension Calculated?
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Retirement Application Form (21)
Pension Estimate Request Form (88)
I need a pension estimate

Your pension is a defined benefit plan. Your pension will be based on your years of pensionable service, the average of your highest consecutive five years' salary and age at the time you retire.

mypensionplan is an online pension information service for members where you can calculate pension estimates based on your personal information. You can also view your length of service, salary, contributions and beneficiaries. To login or begin registration, visit mypensionplan.

Further Information:
Member Handbook - When Can You Retire? 
Member Handbook - How is Your Pension Calculated?
Information Sheet - How is Your Pension Calculated?
Pension Estimate Form (88)
I need a pension estimate

Your pension will be paid to you for as long as you live.

When you retire, you will be asked to make a pension choice and that choice will determine how your pension will be paid after you die. If you have a pension partner when you retire, you will be asked to make a pension choice that ensures your pension partner is paid a pension if you die. Your pension partner can waive this right at the time the pension choice is made.

If you don't have a pension partner, or your pension partner has waived her or his right, you can select a pension that will pay you for your life, but includes a feature that ensures the pension is paid to your beneficiary(ies) for a set period.

Further Information:
Pension Estimate Request Form (88)
Designation of Beneficiary(ies) Form (5)
Multiple Beneficiaries Form (2L)
I need a pension estimate

After applying for retirement, you will receive a pension options package explaining your choices and the pension to be paid to you under each choice. If you have any questions, you can call the Member Services Centre or register for a One-on-One Information Session.

Further Information:
Member Handbook - Retirement Benefits - Pension Options
Information Sheet - What are Your Pension Options?
Information Sheet - Coordinating Your Pension
Register for a One-on-One Information Session

Pension coordination is a way of increasing the pension paid to you before you turn 65. However, the pension will be reduced after you turn 65.

Further Information:
Information Sheet - Coordinating Your Pension
Schedule a One-on-One Information Session
Pension Estimate Request Form (88)
I need a pension estimate

If you would like a pension estimate, you have three options:

1. An Estimate Based on Your Actual Information
Sign in to mypensionplan to create a pension estimate using your actual pension information on file with SFPP.

2. A Rough Estimate Based on Data You Provide
Using hypothetical pension information, create an immediate estimate with the pension estimator. This can be helpful if you would like to understand how your pension may be affected by different retirement scenarios.

3. A Formal Estimate
Complete a Pension Estimate Request Form and send it to SFPP?s Administrator, Alberta Pensions Services Corporation (APS). Contact information can be found on the form.

Further Information:
How is Your Pension Calculated?
Pension Estimate Request Form (88)
I need a pension estimate

If you joined SFPP after June 30, 2007, the Plan does not provide a disability pension.

If you joined SFPP before July 1, 2007, the disability pension benefit still exists if you qualify. If you are currently employed, talk to your employer for more information. If you left your employment and left your funds with the pension plan, contact APS for more information.

Can I go to work after I retire and still collect my pension?
Will my pension be adjusted for Cost-of-Living Adjustment (COLA)?

For an overview of what to expect and things to consider after you retire, see the following for more information:
Pensioners
Working as a Pensioner
Link - Cost-of-Living Adjustments (COLA)
Designation of Beneficiary for Pensioners Form

For information on what to expect if you?ve chosen coordination are are now 65, see the following:
Coordinating Your Pension

For assistance with retirement, view the "Steps to retirement" video on the right hand side of this webpage.

Step one. Find out what your pension will be. You can estimate your own pension at mypensionplan, our secure website for members. Do you know what date you want to retire? If not, getting some estimates will help you make that decision.

Step two is the retirement application. Three months before your retirement date, fill out the Retirement Application Form and give it to your employer. Your employer will complete their portion of the form and send it to SFPP's administrator, Alberta Pensions Services Corporation (APS). If you left your funds from an earlier period of employment in the Plan, fill out the same application form and send it directly to APS.

Step three is your pension choice. APS will calculate your pension and send you a pension options package. Please review that package carefully as you can only make your pension choice once. Fill out the forms noted in the package and provide documentation where requested. For example, you'll need to send documents to prove your age and the age of your pension partner, if you have one.

Finally, APS will audit the pension calculations and all the information you and your employer have provided. If APS receives all necessary information from you and your employer prior to your retirement date, you should receive your first pension payment 30 days after your retirement date or at minimum, a partial payment until the audit is complete.

A bridge benefit is a temporary increase to the pension. It is paid to those who retire before age 65. At age 65, the bridge is removed and the pension is reduced. It is paid at the lower rate for as long as the pension is paid.

Whether your pension partner marries after your death does not affect the pension. Your pension is paid according to the pension choice you make when you retire.

There are many pension options available to you when you retire. Each of those options provide a different death-benefit for your survivor.

Each year, SFPP's administrator, Alberta Pensions Services Corporation (APS), will send you a statement detailing your contributions, pensionable service and pensionable salary. It will also show you an estimate of your pension, if applicable.

You can also access your pension information online whenever you need by registering on mypensionplan. Once you are registered on mypensionplan, you will receive e-mail notifications when your member annual statement is available online.

Your member ID is the 10-digit number assigned to you by our plan administrator, Alberta Pensions Services Corporation (APS). You can find this number on the following documents, your:

• Annual statement;
• Pension Options package; or
• Welcome package.

If you have already registered for mypensionplan, your login name is a unique identifier that you chose for yourself during the registration process. This name, along with your password, is used to identify you as a user of the mypensionplan website.

You can contribute until you have 35 years of pensionable service, or up to the end of the year in which you reach age 71, whichever is earliest.

If you remain employed after you have 35 years of service, you won't pay contributions. If those years were in your highest five years of salary (highest average salary), the salary earned then will be used to calculate your pension even though you didn't make contributions.

If you reach age 71, a benefit will be paid to you even if you don't have five years of service or if you continue to work. Once you reach age 71, you must begin to receive your benefits from the Plan even if you continue to work.

Further information:
Member Handbook - How Much Do You Contribute?

Once you have five years of membership in SFPP, you are vested. This means you are entitled to a pension at retirement.

If you leave SFPP with five years of pensionable service, you have a number of choices.

Further Information:
SFPP At-a-Glance
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Pension Estimate Request Form (88)
I need a pension estimate

You may increase your future pension by purchasing a period of previous employment (optional service) if eligible.

When you apply, you will receive notification of the cost to buy the optional service. You can decide whether you want to buy the optional service at that time.

If you would like to apply to purchase optional service, you can:

• contact your employer. They will help you apply to purchase optional service through SFPP's administrator, Alberta Pensions Services Corporation (APS). When you apply, you will receive notification of the cost to buy the service. You can decide whether you want to buy the service at that time.

Further Information:
Member Handbook - How Can You Increase Your Benefit?
Leaves of Absence (Buying Leave)

If you take a leave without salary (including parental leave), you may add that period of time to your pensionable service and thereby increase your future pension. You may continue to make pension contributions through your employer while you are on leave. If you don't do this, you may apply to purchase the period of leave once you return to work.

Time limits apply for purchasing a leave. If you want to buy your period of leave, you must let your employer know in writing before April 30 in the year following the year your leave ended. For example, if you had a leave from February 1, 2010 to June 15, 2010, you would need to apply to buy the leave period by April 30, 2011.

When you apply, you will receive notification of the cost to buy the leave. You can decide whether you want to buy the leave at that time. If you would like to make these contributions through your employer while you are on leave, please confirm this with your employer's participation policy prior to starting the leave.

Parental leave and maternity leave are the same thing. Men or women can apply to purchase up to three years of parental leave, in addition to the five years of leave allowed for any other member. For parental leave, the leave begins at the time of the birth of a natural child or adoption of a child, and ends 12 months after that. Parental leave is only available if the period of leave was after June 30, 2002.

Further Information:
Member Handbook - How Can You Increase Your Benefit?
Leaves of Absence (Buying Leave)

There are many things to consider before this question can be answered. When you receive your notice of cost for the leave, you will be provided with information that may help you understand the pros and cons of buying service.

Buying leave within the leave time limits
If you are buying leave within the time limits, the cost of the leave is based on what you would have contributed had you been working. If the period you are looking at is the first year of leave you have ever bought under the Plan, you only pay your contributions and interest. If you are buying more than one year of leave, you also pay what your employer would have contributed on your behalf had you remained at work.

Time limits apply for purchasing a leave. Contact your employer if you would like to apply to purchase a leave of absence.

Further Information:
Member Handbook - How Can You Increase Your Benefit?
Leaves of Absence (Buying Leave)

You can increase your future benefits by buying optional service. Some examples of optional service include:

• previous employment with your current employer;
• previous employment with another employer who participates in SFPP; or
• contributory service under another pension plan in some circumstances.

To be eligible, you must not be entitled to a benefit from another registered pension plan for the same period of service. Contact SFPP's administrator, Alberta Pensions Services Corporation (APS), to get more information on paying for optional service with a transfer from another pension plan.

If you decide you want to consider buying some optional service, talk to your employer's human resources staff. They will provide you with the forms you need to get a Notice of Cost. The Notice of Cost package contains important information about how the service will affect your benefits and things you need to consider before you make a decision.

Further Information:
Member Handbook - How Can You Increase Your Benefit?
Leaves of Absence (Buying Leave)

You can update your address and phone number online via mypensionplan, completing the forms on the SFPP website or by contacting your employer. Be sure to inform your employer of any changes you make through mypensionplan as we do not notify your employer of these changes.

If you are no longer employed by a SFPP employer (meaning you are a deferred member), you can update your personal data online via mypensionplan, completing the forms on the SFPP website or by contacting SFPP.

If you get married, make sure to update your employer with your new name and address (if applicable). To make changes to your name and address information, please contact your employer. If you are no longer contributing to the pension plan and need to update your name and address, please contact the Member Services Centre.

Once you are married, your partner becomes your pension partner. If you die, your pension partner is automatically your beneficiary; however, if your pension partner dies before you, your benefits will go to your beneficiary(ies). You may want to update your Designation of Beneficiary(ies) Form.

Further Information:
Update your information on mypensionplan  
What are Your Pension Options? 
Pension Partner Information (5)
Designation of Beneficiary(ies) Form (2)
Multiple Beneficiaries Form (2L)

If there has been a change in your family (for example, you had a baby or adopted a child), you may want to change your Designation of Beneficiary(ies) Form.

Talk to your employer about any leave of absence you may have taken as a result of the change in your family.

Further Information:
Update your information on mypensionplan
Pension Partner Information (5)
Designation of Beneficiary(ies) Form (5)
Multiple Beneficiaries Form (2L)

When a marriage breaks down, pension benefits are viewed as matrimonial property. You may want to obtain legal advice to make sure you understand your options.

Visit the Alberta Pensions Service Corporation (APS) website, or call the Member Services Centre at 1-877-809-SFPP (7377) to discuss this in further detail.

Further Information:
Member Handbook - Marital Breakdown
Pension Partner Information (5)
Designation of Beneficiary(ies) Form (2)
Multiple Beneficiaries Form (2L)
Martial Breakdown Information for your lawyer

You can update beneficiary information using mypensionplan. Alternatively, complete the Designation of Beneficiary(ies) Form, make a copy for your records, and mail it to the address listed on the form.

Further Information:
Death Before Retirement
Leaving Your Funds with SFPP
Designation of Beneficiary(ies) Form (5)
Multiple Beneficiaries Form (2L)

If your marital status on your pension file is not correct and you are currently contributing to the pension plan, please contact the Member Services Centre to update your information.

If you are no longer employed by a SFPP employer (meaning you are a deferred member), please contact the Member Services Centre to update your information.

Ask your bank to send a cheque to the pension plan, care of APS. The banker will be able to give you the proper tax form for this transaction.

You can pay all or part of the cost of your service by RRSP transfer. If you owe less than $500, and you are not sending the full amount by RRSP, you'll need to give your employer a cheque for the balance by the payment due date on your Notice of Cost.

If you choose to pay part of the cost of your service by RRSP transfer, this needs to be received before the balance is sent in. Because the transfer takes time to process, make sure you talk to your bank as early in the process as you can so you don't miss the final payment due date on your Notice of Cost.

A cheque will be sent to your financial institution, or you if applicable, within a month of receiving your benefit choice and all the required documents.

If you choose to transfer your funds to another pension plan, it will take more time for both plans to exchange information and calculate the transfer details. Once those calculations are done, you will be sent information about the transfer and an authorization form.

Pension contributions can be refunded to you if you are not vested when you terminate or if you have excess contributions.

Reciprocal transfer agreements allow members to transfer all or part of their service from or to another registered pension plan into or from SFPP. SFPP has a reciprocal transfer agreement with the Local Authorities Pension Plan (LAPP), the Manitoba Municipal Employees Pension Plan and the Board of Police Commissioners of the City of Regina.

Each pension plan has its own benefit formula and contribution rates. When you transfer pensionable service (to a new plan) between the pension plans, that plan calculates the value of that service according to its own benefit provisions. As such, you may be required to pay additional funds to receive full credit for your service.

You have many options if you leave the Plan before you are age 55, including leaving your funds with the Plan for a lifetime pension to be paid once you turn 55.

Further Information:
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Pension Estimate Request Form (88)
I need a pension estimate

After you apply to retire, you will receive a pension options package explaining your options and the estimated amounts you would receive under each option.

Further information:
Member Handbook - Leaving the Plan Before Retirement
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Pension Estimate Request Form (88)
I need a pension estimate
Information Sheet - Coordinating Your Pension
Register for a One-on-One Information Session

Funds are locked into the Plan when you are vested.

When your funds are locked-in, it means you can only

• use the funds for a lifetime pension, or
• transfer your benefit into another type of account that will be used to provide a lifetime retirement benefit. For example, if you are entitled to the commuted value of your benefit, your funds can only be transferred to a Locked-in Retirement Account (LIRA) or another pension plan.

Further information:
Member Handbook - Leaving the Plan Before Retirement
Leaving the Plan Package A: Leaving the Plan at any age with less than five years of plan membership
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership
Leaving the Plan Package C: Leaving the Plan at age 55 or older, or with 25 or more years of plan membership
Pension Estimate Request Form (88)
I need a pension estimate
Information Sheet - Coordinating Your Pension
Register for a One-on-One Information Session

Plan rules state that when the commuted value of a benefit is paid, it must be paid on a locked-in basis. Plan rules are based on provincial pension standards law. Locking-in the funds ensures those funds are there for your future.

If you were vested but still eligible to have your funds paid out of the Plan, the commuted value paid is locked-in to ensure a pension is eventually paid.

Plan rules state a member's contributions and interest can make up only half of the commuted value. The rest of the commuted value is made up of the employer's contributions and interest, and plan funds. The amount paid is representative of the value of the benefit you earned and not just a refund of what you paid.

Further Information:
Leaving the Plan Package B: Leaving the Plan under age 55 with five or more, but fewer than 25 years of plan membership

Yes. Plan rules state a member's contributions and interest can make up only half of the commuted value. The employer's contributions and interest, and plan funds, provide no less than half the commuted value. If member contributions and interest are less than half the commuted value, the shortage is made up by employer contributions and interest, and plan funds.

If the member contributions and interest in your account are more than half the commuted value, you will be paid the difference. This is called "excess contributions". The payment of excess contributions won't be transferred to your (LIRA) Locked-In Retirement Account.

Excess contributions are paid to you by cheque, less income tax, or it can be transferred to your RRSP (no tax is deducted).

No. Transfers to RRSPs or Locked-In Retirement Accounts (LIRA) are subject to special income tax reporting. So when there is a direct transfer of your benefit from your pension plan to one of these types of accounts, you are not charged income tax on the transfer out of your pension benefit, but you also cannot claim it as a contribution to an RRSP or LIRA.

If the maximum transfer value excess appears in any of your benefits information pacakge, please contact the Member Services Centre if you have any questions.

If you are considered by Canada Revenue Agency as no longer being a resident of Canada you may be eligible to have the commuted value of your pension paid to you instead of it being transferred to a Locked-in Retirement Account. See the Payment of a Benefit to a Non-Resident of Canada Information Sheet for more information.

If you have a pension partner they need to complete a Pension Partner Waiver to Permit Commutation due to Taking Non-residency Status Statutory Declaration.