Top 10 Things to Know About Your SFPP Pension

  1. Your pension is fully guaranteed – for life!
  2. Your eligible spouse will also receive a guaranteed pension benefit in the event of your death.
  3. When you retire you will receive a set pension amount every month of your life, with adjustments for inflation when available.
  4. Your defined benefit pension is NOT subject to market fluctuations; unlike a defined contribution plan or RRSP mutual funds, which come with no guarantees
  5. Your pension is based on a formula that includes your average salary over your five highest consecutive years and the number of years you have contributed to the Plan (your pensionable service).
  6. Your pension is NOT based on how much you or your employers contribute to the plan.
  7. If you withdraw a lump sum instead of a pension, it is based on what your pension is worth. It is NOT based on how much you contributed.
  8. SFPP pensions are funded partly through payroll contributions made by you and your employer, but mostly through investment returns on a healthy $4-billion pension fund.
  9. You can use the pension estimator to plan your retirement options years in advance.
  10. Your pension offers choices for early retirement, and a bridge benefit is paid to top up your pension until you turn 65.