There are five forms of pension available to members upon retirement, as follows:


1.  The normal form of pension is payable for the lifetime of the member, with a minimum guaranteed period of 60 months.

    • If the member dies before the full 60 monthly payments have been made, the pension continues after the member’s death to the member’s Spouse/Beneficiary/Estate, for the balance of the 60 months OR
    • the actuarial equivalent may be paid to the estate.


In addition to the normal form, at the time of retirement, each member will be given a choice of taking a reduced pension of equivalent actuarial value, in one of several alternative forms:

2. for life, with a minimum guaranteed period of 120 months;
3. for life, with a minimum guaranteed period of 180 months;
4. for the joint lifetime of the member and member’s spouse, without reduction on the death of the member;
5. for the joint lifetime of the member and member’s spouse, but reducing on the death of the member to 60%

A member who has a spouse must select either option 4 or option 5 unless this requirement is waived by the spouse on the form required.


The member should contact the Pension office at least 3 months before the expected date of retirement, to obtain details of the options available. A pension package will be mailed to you and an application form will have to be completed and submitted with 90 days of receipt and at least one month before any pension can commence.

Retroactive pension payments will not be paid prior to the month following the members 65th birthday or more than 12 months prior to the eligible commencement month in which the completed pension application is received.  A completed pension application means all necessary forms and banking information required by the administrator in order to begin your pension payments.

All pension payments are paid on a monthly basis.  Automatic deposit is available and information on how to set this up will be within your pension package.