Calculating My Pension

Our pension calculator is designed to help you estimate your pension. It will require some information from you, so before you get started, grab a copy of your most recent Annual Pension Statement.

Use our Pension Calculator

• How do we calculate your pension?

  The formula for calculating your pension is as follows:

  

  2% of your highest average earnings, multiplied by your years and months of credited pensionable service

  It is important to note that during the years from April 1, 1993, to March 31, 1996, the 2% accrual rate was lower due to a reduction in employer contribution rates. The impact of the reduction is built into the pension calculator – you’ll enter any months that you worked during this period, and that information is included in your Annual Pension Statement.

  The Plan is integrated with the Canada Pension Plan (CPP). That means a portion of your pension will stop on the first of the month that follows your 65th birthday. This is called the bridge benefit. The reduction is 0.6% for each year of service (to a maximum of 35 years) of the lesser of your highest average earnings or the average year’s maximum pensionable earnings (YMPE) for the 36 months immediately preceding the month of retirement.

• Commuted value

  The commuted value of a benefit refers to how much a benefit is worth today. Commuted values express the lump sum value of a promised benefit. The commuted value considers the benefits, interest, and mortality. In other words, it is the amount of money that would need to be invested today to pay the earned benefit (at date of calculation) with effect from the date that the benefit would have been paid under the pension plan.

  It is important to note that we are not able to provide you with the commuted value of your pension. However, we are happy to offer you a summary of the actuarial assumptions used to calculate the commuted value that you can take to your investment professional for consideration.

  Learn more about Commuted Value and Deferred Pensions Options.

• Will my pension increase in retirement?

  Pension benefits that relate to pensionable service credited in the Plan on or before December 31, 2014, are subject to indexing in retirement. This portion of your pension will be increased every October 1st one you have reached age 65. The annual increase is equal to 60% of the increase in general inflation in Canada, with a maximum possible annual increase of 1.2%.

  Pension benefits that relate to pensionable service credited in the Plan on or after January 1, 2015, do not receive guaranteed indexing in retirement.