Clicking the term below will show the definition.
Alberta Consumer Price Index
Approved Long-Term Disability Income (LTDI) Plan
Canada Pension Plan (CPP)
Consumer Price Index (CPI)
Cost-of-living Adjustment (COLA)
Current Employment Status
Defined Benefit Plan
Dependent Minor Child
Highest Average Salary
Leave With Partial Salary
Locked-In Retirement Account (LIRA)
Long Separated Spouse
LTDI (Long-Term Disability Income Continuance Plan)
Matrimonial Property Order
Member Plan Status
Normal Pension-Guaranteed Five Years
Old Age Security (OAS)
Payment Due Date
Portable Document Format (PDF)
Pre-retirement Death Waiver
Prior Service (Buyback or Past Service)
Registered Retirement Savings Plan (RRSP)
Social Insurance Number (SIN)
Statement of Investment Policies and Goals
Year’s Maximum Pensionable Earnings (YMPE)
- on leave
- in receipt of benefits under the employer's disability plan; or
- at the maximum pensionable service limit (35 years).
A mathematical analysis of the financial condition of a pension plan. An actuary prepares a plan valuation at least once every three years. The valuation shows the Board if the contribution rates are higher or lower than what is needed to ensure the long-term funding of the Plan.
A person authorized by their designation as a Fellow of the Canadian Institute of Actuaries to prepare and sign actuarial valuations.
A weighted average of the cost of a basket of goods and services that are normally purchased by Alberta households. It includes such things as clothing, food, housing, gasoline, health, personal care services, recreation and education.
The designation of your pension benefits to one or more beneficiaries.
If your primary beneficiary or beneficiaries are deceased, your alternate beneficiary or beneficiaries are entitled to your benefits. See also "Beneficiary" and "Primary Beneficiary".
The criteria used by APS to approve LTDI plans are:
- all members employed by the employer in the group to whom the LTDI plan applies, except for those ineligible for coverage by reason of not meeting medical requirements, must be covered by the LTDI plan;
- a member must not be required to apply for a pension as long as the member qualifies for benefits under the LTDI plan; and
- the LTDI plan must be filed with APS.
If you don't have a pension partner, then your beneficiary in respect of your pension for pre-1992 service is your dependent minor child(ren).
or your pension in respect of post-1991 service a Beneficiary is the person(s) you designate to receive a benefit if:
- you die before retirement; or
- you die before the end of the guaranteed period. This is only applicable if:
- you chose one of the Single Lifetime Guaranteed Term options; or
- you chose one of the Joint Lifetime options and both you and your pension partner die within the guaranteed period.
Even if you have a pension partner you should designate a beneficiary. That way SFPP knows to whom the benefit is to be paid if your pension partner predeceases you, or if your pension partner has waived the right to a benefit. If you have not designated a beneficiary and your Will does not specifically mention SFPP, payment will be made to your estate.
The bridge benefit is added to your SFPP pension to "bridge the gap" between your retirement date and the date you may be eligible to begin your federal pensions. When you turn 65 the bridge benefit is permanently removed from your SFPP pension.
If you are vested and you leave the SFPP, you are entitled to the commuted value of your pension payable on all post-1991 service.
Measures the relative prices at various times of a selected group of goods and services which typify those bought by urban families and common currencies.
On service before 1992, your pension will increase each January by 60% of the Alberta Consumer Price Index (CPI). The CPI is a weighted average of the cost of a basket of goods and services that are normally purchased by Alberta households. This includes things such as clothing, food, housing, gasoline, health and personal care, recreation, and education. COLA increases are calculated by taking the average of the CPI during the 12-month period ending each October and comparing it to the previous year's 12-month average.
For service after 1991, the Special Forces Pension Board is responsible for setting COLA according to the funds available in the Indexing Fund. The Indexing Fund was established to finance cost-of-living adjustments.
- Your benefit is guaranteed and you are provided a specified lifetime income regardless of market conditions, or how long you live.
- You can plan for your retirement because you can estimate your future pension income. The pension estimator allows you to estimate your future monthly payments.
To qualify as a dependent minor, your child(ren) must be:
- Dependent - financially supported by you and not married
- Minor - under 18 years of age
A fund was established under the legislation governing the Plan to hold all employee and employer contributions and investment income. All benefits are paid from the fund with the exception of cost-of-living adjustments to pensions on service after 1991 (which are paid from a separate indexing fund). All assets in the fund can only be used to pay the promised benefits and cover administrative costs.
Since August 1992, employers and members of SFPP have had a portion of their contributions invested in a separate indexing fund. The fund was set up to finance cost-of-living adjustments (COLA) for service after January 1992. COLA has been granted at 60 per cent of the Alberta Consumer Price Index (CPI) on all service from January 1, 1992 to December 31, 2000 and 30 per cent on all service from January 1, 2001 to December 31, 2012. COLA for service prior to January 1, 1992 is guaranteed to be a minimum of 60 per cent of the Alberta CPI and is funded by regular contributions and investment returns.
If you choose the Joint Lifetime Guaranteed At Least 5 Years option, on the death of either you or your pension partner, the same pension is paid to the survivor for his or her life. If you choose the Joint Lifetime Reduced by 1/3 Guaranteed At Least 5 Years option, at the first death of either you or your pension partner, the monthly payment is reduced by 1/3. This means that if the pension partner dies before the member, the member's pension will be reduced to 2/3 of the pension amount.
In both options, the pension is guaranteed for five years. If both you and your pension partner die before the end of the five year term, the pension will be paid to your beneficiary(ies) for the remainder of the term.
The SFPP liability is the total value of all benefits earned by SFPP members and other costs for which the SFPP Fund is responsible.
This declaration can only be signed by the Plan member where no notice of a Matrimonial Property Order (MPO) or a proceeding to obtain an MPO has been filed with APS.
A type of disability insurance offered by an employer for employees who become unable to perform their normal work because of a physical or mental disability. If the LTDI plan is approved by Alberta Pensions Services Corporation, the period of LTDI coverage is included as service for pension purposes.
Your marital status can be single, married, common-law, separated, widowed or divorced. See "pension partner" for further information.
Under the Matrimonial Property Act, an MPO can only be obtained in respect of a legal marriage. In certain circumstances, the regulations governing SFPP allow for the division and distribution of your pension benefits by making a one-time payment to the non-member ex-spouse without having to wait for the member to become eligible for a benefit. If you are a SFPP member going through a marital breakdown, your legal counsel should take these regulations into account when working on your matrimonial property settlement.
The unique number assigned to you by APS' current pension administration system. The identifier is printed on publications sent after May 2016, including your pension highlights (annual statement) or Termination Statement Estimate.
Your status under the Plan. See "Active Member" and "Deferred Member."
mypensionplan is a secure website that provides active members and deferred members of the Special Forces Pension Plan with access to personalized pension information.
If you have a pension partner at retirement:
The joint lifetime with reduced survivor benefit guaranteed at least 5 years is the normal form for members who have a pension partner at the time of retirement. This pension option is paid for your lifetime. If you die before your pension partner, 65% of the monthly payment will continue to be paid for his or her life.
By law, you must choose one of the joint life options unless the pension partner signs a waiver. If both you and your pension partner die before the end of the guaranteed period, payments will continue to your designated beneficiary(ies) for the amount remaining in the guaranteed period.
If you do not have a pension partner at retirement:
The Single Lifetime Guaranteed at Least 5 Years option is the normal form for members who do not have a pension partner at the time of retirement. A single lifetime guaranteed term option is paid to you for as long as you live. If you die before the end of the guaranteed period, payments will continue to your designated beneficiary(ies) for the amount remaining in the guaranteed period.
A "pension partner" means:
(i) a person who, at the relevant time, was married to a participant or former participant and had not been living separate and apart from him or her for 3 or more consecutive years, or
(ii) if there is no person to whom subclause (i) applies, a person who, as at and up to the relevant time, had lived with the participant or former participant in a conjugal relationship
(A) for a continuous period of at least 3 years, or
(B) of some permanence, if there is a child of the relationship by birth or adoption.
For the purposes of this definition, persons are living separate and apart
(a) if they are living apart and either of them has the intention to live separate and apart from the other, or
(b) if, before the relevant time,
(i) they had been living separate and apart for any period, and
(ii) that period was interrupted or terminated by reason only that either of them became incapable of continuing to live separate and apart or of forming or having the intention to continue to live separate and apart of that person's own volition, and the separation would probably have continued if that person had not become so incapable.
A member, surviving pension partner, or beneficiary who is receiving a pension from the Plan.
An actuarial analysis of the financial condition of a pension plan by looking at the current assets and assumed future liabilities. An actuary prepares a plan valuation at least once every three years. Following a valuation, the Board may adjust contribution rates so the rates meet the funding requirements of the Plan.
Portable Document Format (PDF) is a format used to deliver documents over the Internet. Adobe® Reader® (TM) is the standard software used to access PDF documents and can be downloaded, for free, from the Adobe® website.
If you do not have a pension partner, your primary beneficiary is entitled to your benefits if you die before retirement or before the expiry of a guaranteed term. See also "Beneficiary" and "Alternate Beneficiary".
By purchasing prior service you can increase your length of pensionable service thereby increasing your future benefits.
The transfer of benefits to another plan pursuant to a reciprocal agreement.
A type of tax-deferred investment that is set up to hold and invest your savings until you retire. Most can be withdrawn at any time, but you will be taxed on the amount withdrawn.
See "Pensionable Salary".
See "Pensionable Service".
A single lifetime pension is paid for a pensioner's lifetime only. The pension stops when the pensioner dies, regardless of the number of payments made.
A nine-digit number used in the administration of various Canadian government programs. You require a SIN to work in Canada or to receive government benefits.
See Pension Partner.
A policy document set by the Board to establish the asset mix of the Fund, the manner by which Alberta Investment Management Corporation may invest assets and the specific holding limits for each type of security.
A surplus exists when the actuarial valuation determines the Plan's accrued benefit payments (liabilities) are less than the net assets available for the payment of those benefits.
The point at which a member ceases to participate in the Plan, e.g. retires or moves into a non-participating position.
An unfunded liability exists when the actuarial valuation determines the Fund's accrued liabilities exceed the net assets available for the payment of benefits.
You are eligible to receive an unreduced pension at any age if you have more than 25 years of pensionable service, or at age 55 if you have more than 5 years of pensionable service.
The date on which the employer issues a member's pay for a particular pay period. Pension contributions for a particular pay period must be remitted to APS within 15 days of the withholding date.
The year in which the employer withheld contributions that were remitted to the pension plan.