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Main -> Superannuation Plan -> Retirement Benefits
Retirement Benefits
A. Prior to Age 65
(i) Basic Allowance
The basic retirement allowance to which a teacher is entitled is an annual allowance calculated using the following formula:
Annual Allowance = 2% x Years of Service* x Average of Highest 5 Years' Salaries**
* Includes contributory service and is limited to a maximum of 35 years service.
** Part-time salaries are calculated as though the teacher was teaching full-time during the years of highest salary.
(ii) Upward Adjustment
A teacher who retires prior to age 65 may elect to receive a larger allowance before age 65 and a smaller allowance after that date. See Age 65 (b) below.
B. Age 65
When a teacher attains age 65, retirement allowances may be available from three sources: the Canada Pension Plan, Old Age Security and the Saskatchewan Teachers Superannuation Plan.
(a) Canada Pension Plan Integration
All teacher pensions are reduced at age 65 (unless you are a member of a religious order). This is not an option you can choose. This reduction occurs due to the integration for the Teachers' Superannuation Plan with the Canada Pension Plan(CPP).- Because of this integration, you were contributing less to the Teachers' Superannuation Plan than you would have otherwise. At age 65, your monthly pension form the Teachers' superannuation Plan will be reduced by the amount shown on your personalized Estimate of Pension statement (this amount will also be adjusted for the cost of Living increases since your retirement) If you choose to receive your CPP pension as early as age 60, you will likely notice a decrease in your total pension income at age 65.. This decrease results because the CPP pension is reduced by 6% for every year that you are under age 60. (e.g. If you apply for the CPP benefit at age 60, the total CPP reduction is 30%.) The reduction for your teachers pension is done at age 65, regardless of your actual decision to apply for early CPP.
(b) Upward Adjustment
If you retire before age 65, you can choose to receive an optional advance in addition to your monthly pension. When you receive a personalized Estimate of Pension statement, the amount of the advance is shown on Option B. This is meant to level out your Saskatchewan Teachers' Superannuation pension and Old Age Security (OAS) pensions before and after age 65. You will receive this advance each month until age 65. At age 65, your monthly pension will be reduced by the amount also shown in Option B (adjusted for cost of living increases since your retirement). The reduction applies even if you are not eligible for OAS benefits.
Note: Application is required for Canada Pension Plan or Old Age Security Benefits. Contact the Department of Human Resources and Skills Development at 101 - 22nd Street E., Saskatoon, S7K 0E1, 1-800-277-9914, or 5th Floor, 2045 Broad Street, Regina, S4P 2N6.
C. Minimum Allowance
Notwithstanding any other provisions regarding the calculation of allowances, the minimum allowance payable shall not be less than $192 annually for each year of contributory service for those whose allowances are effective on or after July 1, 1993. The minimum for those allowances effective prior to July 1, 1993 is $96 annually for each year of contributory service. If the allowance does not exceed 2% of the year's maximum pensionable earnings in effect in the year in which the entitlement to the allowance occurs the commission will pay the commuted value of the allowance to the member in lieu of the allowance.
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ADMINISTRATION
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FUNDS
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CONTRIBUTION RATE
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TEACHING SERVICE
* Contributory Teaching Service
* Income Continuance Plan Service
* Purchase of Service
* Service on a Part-Time Contract
* Substitute Service
* Accumulation of Partial or Substitute Service
* Qualifying Service
* Procedures
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RECIPROCAL TRANSFER AGREEMENTS
* Procedure
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ELIGIBILITY
* Retirement with an Unreduced Allowance
* Retirement with a Reduced Allowance
* Procedures
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RETIREMENT BENEFITS
* Prior to Age 65
* Age 65
* Minimum Allowance
* Procedures
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INDEXING OF ALLOWANCES
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DEFERRED ALLOWANCES
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SURVIVOR BENEFITS
* Death Before Retirement
* Death After Retirement
* Adjustment at Age 65
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TERMINATION
(For Reasons Other Than Retirement)
* Conditions for a Refund
* Amount of Refund
* Reinstatement of Refund
* Commuted Value
* Spouse of Deceased Teacher
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SUPERANNUATES WHO RETURN TO TEACHING
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PENSION DIVISION ON MARRIAGE BREAKDOWN
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VOLUNTARY CONTRIBUTIONS
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SUMMARY
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PENSION AUTHORITIES' CONTACT
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