Did you know?
Did you know that the Public Service Pension Plan is the largest pension plan in Newfoundland and Labrador with over 55,000 members?
Re-employment in the Workforce
You may actively seek employment beyond retirement.
If you accept permanent, full-time employment with an employer that does not participate in the Plan, your pension benefits will not be impacted.
If you accept permanent, full-time, or seasonal employment from a participating employer in the Plan, your pension will be suspended. An individual cannot receive benefits from the Public Service Pension Plan, while at the same time contributing pension premiums.
Change in Marital Status
Pension benefits acquired during the marital period are considered as matrimonial property and, consequently, may be subject to division upon marriage breakdown. A division of pension benefits is not automatic and will occur only as directed by a court order or separation agreement.
Ending a spousal relationship can be life-changing and choosing whether to divide your pension assets is an important decision. To begin this decision-making process, you may be required to obtain a valuation of your pension benefit. We can provide the information you need to make an informed decision, but cannot provide you with legal or financial advice. Please consult a family law lawyer before making any decisions regarding your pension.
For more information regarding the division of your pension benefit upon marriage breakdown please contact Provident10 by email at [email protected] or by calling 709-701-3355 or 1-800-701-3355.
What if I die before retirement?
In the event of your death prior to retiring, the benefits that will be payable depends on many factors, as described below.
If you die before you have been credited with at least five years of pensionable service, a refund of your contributions and interest will be paid to your estate.
If you die with at least five years of pensionable service, your principal beneficiary will have the following options:
- a lifetime pension equal to 60% of the benefit earned to the date of death, or
- a lump sum payment of the greater of:
- 100% of the commuted value of your pension entitlement, calculated at the date of death;
- the commuted value of the 60% survivor benefit as determined at your date of death.
If your principal beneficiary elects to receive the 60% survivor pension, it is payable to them for life. Payments will begin on the first day of the month following the month of your death.
If you have no principal beneficiary at the time of your death, the commuted value of your pension entitlement will be paid to your estate.
What if my principal beneficiary dies leaving surviving children?
Upon the death of a principal beneficiary who is receiving a survivor benefit, the benefit will continue to be paid to (or for the benefit of) surviving children:
- until the youngest child reaches age 18, or
- if a child is in full-time attendance at a recognized school or post-secondary institution, until the course of study is completed or the child reaches age 24, whichever occurs first.
What if I die after I retire?
Upon the death of a pensioner, the surviving principal beneficiary or, in the absence of a principal beneficiary, the surviving children will receive a survivor benefit equal to 60% of the pension.
In the case of a principal beneficiary, the benefit is payable for life. In the case of surviving children, the benefit is payable until the youngest child reaches age 18 or, if a child is in full-time attendance at a recognized school or post-secondary institution, until the course of study is completed or the child reaches age 24, whichever occurs first.
Please note that, if it has not been removed, the offset (or bridge benefit) will be removed from the survivor pension when the plan member would have reached age 65.
Are there any other provisions which protect my interests in the event of my death?
Yes. If you and/or your survivors should die before the total of benefits paid out is equal to your contributions plus interest, the difference between the amount of contributions with interest and the total benefits paid will be calculated and paid to your estate.
What should my loved ones do in the event of my death?
In the event of your passing, your loved ones should call or email Provident10’s Pension Administration department at 709.701.3355 or [email protected]. Our Pension Administrators will be able to answer any questions they may have.
Change of Address
If you have recently changed addresses, or will change your address in the near future, please send an email to [email protected] with the following information: your first and last name, the last four digits of your SIN only, your date of birth, your old address, and your new address.