Steps to Retirement
The information below helps guide you through the retirement process. It is a summary of the steps you will need to take before collecting your SFPP pension. Because every situation is unique, the information required for your retirement may vary slightly. Contact us for details specific to your situation.
The first step is to do some research and planning. Use SFPP's tools, such as the Pension Estimator, to get a general idea how different pension options and start dates might affect your monthly pension payment.
- Read: When Can I Retire?
- Use: Pension Estimator to input your own service and salary details to compare different "what if" scenarios
- Use: Pension Projection Calculator in your secure account to run a pension estimate using your current salary and service details as reported by your employer
You will also need to confirm or update your personal information, such as contact information, pension partner and beneficiaries. This information can be reviewed and updated online after you log in to this website. We can assist you with any other needed changes. Outdated information may result in an inaccurate pension estimate or delays in your retirement process.
If you're still contributing to SFPP, you can work with your employer's human resource area to select your retirement date. They can help you understand how certain factors, such as vacation time or payroll periods, might affect the date you select.
If you are no longer contributing to SFPP, you can select an eligible retirement date.
The date you choose should be at least 3 months away to allow enough time to complete the next steps.
We'll send you a Retirement Benefit Statement to review, sign and return. It will outline the pension options available to you. Review this package carefully because once your benefit begins being paid, the pension option can't be changed.
- Read: Pension Options
- Do: Schedule a one-on-one information session if you need help understanding your options. You may also wish to contact an independent financial advisor
There will likely be several additional forms you will be required to fill out. Depending on your situation, this may include:
- Form 4: Pension Partner Waiver of Entitlement to a 60% Joint and Survivor Pension
- Form 9: Pension Partner Waiver of Pension Partner of Entitlement to a Death Benefit After Pension Commencement
- Declaration of Pension Partner Status form (if applicable);
- Request for Direct Deposit form;
- Provide proof of age for yourself and your pension partner (if applicable);
- Complete Tax Credit Returns form; and
- Complete Designation of Beneficiary(ies) form.
It is best to complete all forms as soon as possible, and no later than 2 months before your chosen pension commencement date to avoid delays in the process.
If you are completing a buyback or choose to complete a buyback, you must complete the payments for buying service within 30 days of your last day of work.
Read: Buying Service
If you have correctly filled out and returned the required documents to us before your retirement date, you can expect your first pension payment approximately 30 days afterwards.
Changing Your Mind
If you decide to change the date of your retirement, the pension option you chose or even to stop the retirement process at any point after you have submitted your Retirement Application form, contact us immediately—before payment commences. If you're still contributing to SFPP, you'll also want to make your employer aware of this change.
If your pension benefit payment has already started, you cannot change your pension option, nor can you stop receiving your pension. You can go back to work, even for an SFPP employer, but you cannot contribute to your SFPP pension anymore.