Your Statement of Cost includes an estimate of the increase to your future pension to help you make an informed decision.

By indicating the approximate amount of money you’re considering using to buy service in Part A of the application, we will provide an estimate of how much that amount could increase your pension. The estimate is based on:

• The earliest retirement age of 55 (or your current age, if older).
• The amount the plan needs today to cover the future costs of your pension.
• A single-life pension option with a 10-year guarantee period.
• The assumption that you will continue working under the same conditions.

We are unable to provide estimates based on any other factors such as different retirement ages or pension options.

Review the Statement of Cost and accompanying letter with an independent financial advisor to help you decide if buying past service is right for you.

If you buy past service, your pension will be calculated using:

• Total pensionable service
• Your five-year highest average salary earned exclusively with the College Pension Plan; this does not include any salary earned during the past service purchase period
• Your age at retirement