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Teachers' > Publications > Booklets, Pamphlets and Guides > Intro

IntroductionParts of Your PensionSingle LifeJoint LifeTemporary AnnuityComparing the OptionsPrinter Friendly Version


Retirement. It’s just around the corner—and as you approach this new stage in life, you’re probably excited about the new opportunities that await you. Will you travel, take up new hobbies or begin a new career? Perhaps you’re also a little apprehensive about what this new phase will be like. You need to be sure your financial situation allows you to take this next step. In particular, you need to be sure your money will last until the end of your life and, if necessary, beyond.

This guide is best read in conjunction with your Member’s Benefit Statement, or a pension estimate. You can do your own estimate on the plan’s website with the Personalized Pension Estimator, available in My Account at or you can request a pension estimate from the pension plan. You may also wish to consult the website for information on nominating beneficiaries when retiring.

You get your guaranteed basic pension for your life regardless of any other decisions you make about it. Pension options are meant to protect others—your spouse or other loved ones, or to leave a legacy to your community.

Which pension option you choose is one of the most important decisions you’ll have to make. This decision will affect your lifestyle for the rest of your life. While you will receive your pension until you die, the option you choose will make a difference in the amount paid to you each month, and it will make a difference in the amount paid to your spouse, beneficiary(ies) or estate after your death.

We have written this document to help you work through the options available to you. You should also speak to a financial advisor before making your decision—to make a change, you have only 60 days from the date on your letter notifying you that your pension benefit payment has been granted. You must notify the plan, in writing, if you want to change your pension option. After that period, your choice is irrevocable.

Can I change the pension option I originally selected?

You have 60 days from the date on your letter notifying you that your pension has been granted. After that time your selection is final.

If you have a spouse, they have certain entitlements to your pension under provincial pension legislation.

Your spouse can waive the right to the minimum 60 per cent lifetime survivor’s benefit and remain as your beneficiary for any other pension option with a guarantee component, or waive all their rights as beneficiary to survivor benefits.

Your ability to change your pension option will be limited to the options that do not reduce your spouse’s entitlement as selected by your spouse on Form 2: Spouse’s Waiver of 60% Lifetime Survivor’s Benefit and/or Beneficiary Rights From A Pension Plan or Annuity After Payments Start.

If your spouse dies within 60 days of your pension being granted, you can change to any pension option because there is no longer a need to protect your spouse’s entitlement to your pension. If your spouse dies after the 60 days, you cannot change your pension option.


Introduction  |  Parts of Your Pension  |  Single Life  |  Joint Life  |  Temporary Annuity  | Compare Options  |  Print (PDF)

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