Value of Your Pension

SFPP is a defined benefit pension plan you can count on to provide predictable, lifelong pension payments. There's no worry of complex investment decisions or the possibility of outliving your retirement income.

The Plan is funded by member contributions, employer contributions (1.1% more than members), and investment earnings. Each element contributes to the overall financial health of the Plan, but won't impact the amount of your monthly pension. That’s the security and value of a defined benefit pension plan such as SFPP.

An SFPP pension is based on a formula that includes:

An SFPP member can begin collecting a pension at any age with 25 years of pensionable service, or as early as age 55 with 2 or more years of pensionable service (5 or more years, if you left your employer before April 1, 2020).

In addition to a predictable monthly pension amount, SFPP offers other features such as ad hoc cost-of-living adjustments and a bridge benefit until you are 65. Also, the longer you contribute to SFPP, the higher your pension benefit is.

After you pass away, depending on the pension option you chose at retirement, the Plan may continue to pay:

  • a pension to your spouse (if you have one) for their lifetime;
  • pension benefits to other beneficiaries; or
  • a lump sum payment to your estate or an organization named as a beneficiary.