Forms of Pension

Please note that all forms of pension are payable for your lifetime.  The optional forms of pension refer only to survivor benefits once you pass away.  Regardless of the form of pension chosen at retirement, if the total amount of pension payments made to you, your spouse and/or your beneficiary are less than your contributions to the Plan plus interest, the unpaid balance will be paid to your beneficiary or estate.


Married at Retirement

If you are legally married or have a common-law spouse at retirement, your pension must be in a form where at least 60% of your monthly pension will continue to your spouse for life, in the event you predecease your spouse.  This is referred to as a joint and survivor pension.  At retirement you can elect to have payments continue to your spouse after your death at a rate of 60%, 75% or 100%.


You can waive the requirement to elect a joint and survivor pension if:


      your spouse completes a waiver form authorized under The Pension Benefits

      Act, 1992 (Saskatchewan)*




      you are considered "unmarried" because of an order issued under The Family

      Property Act or because of the execution of an interspousal contract under The

      Family Property Act where your spouse's entitlement to benefits from the Plan

      have been revoked.


*The post-retirement waiver form must be signed within 90 days of the commencement of your pension to be valid.




Single at Retirement

If you are single at retirement, the normal form of pension is a monthly pension payable for life with no guarantee period.


You may elect an optional form of pension which provides a lifetime payment with a guarantee period.  This means your pension payments are guaranteed for the length of the guarantee period chosen.  If you pass away prior to receiving payments, the remainder of those payments will be paid to your beneficiary or estate.  Where the guarantee period is extended, the amount of monthly pension you receive will be reduced to compensate for the longer guarantee period.

The form of pension to be received must be chosen at the time of application for retirement and is irrevocable.  Once you start receiving payments you cannot decide to extend the guarantee period or change the rate at which payments will be paid to your spouse in the event of your death.


Integrating Payments

If you retire prior to your 65th birthday you can choose to have your pension integrated with the benefits which, upon your 65th birthday, are expected to be payable to you under the Canada Pension Plan (CPP) and the Old Age Security (OAS) program.  In this case you will receive an increased pension payment until the last day of the month in which you turn age 65.  Thereafter your pension will be reduced by a re-payment amount for the remainder of your lifetime.

Please note this election must be made at the time of your application for retirement and is irrevocable.  Once you start receiving payments you cannot decide to integrate payments at a later date or stop the integration.