Forms of Payment

(These pages are being re-written and will be updated shortly. Until updated, the text may not be accurate)


The Plan gives you four options…

  1. A pension payable for your lifetime.
  2. A pension payable for your lifetime, or for 120 months (10 years), whichever is longer.
  3. A pension payable for your lifetime. Following your death, a lifetime pension continues for your spouse at 100 per cent of the amount payable during your lifetime.
  4. A pension payable for your lifetime. Following your death, a lifetime pension continues for your spouse at 60 per cent of the amount payable during your lifetime.

Options other than 1 will result in a reduced monthly pension, to reflect the value of the longer guarantee period or the pension for your spouse.


If you have a spouse, you must…

…choose option 3 or 4 unless your spouse signs a Spouse’s Waiver Form (available from the Plan office). Options 3 and 4 will continue pension payments after your death to the spouse that you had when you retired. If your spouse dies and you later remarry, your new spouse would not be eligible for the survivor’s pension. If you had elected Option 2 and your spouse died, you could name a new beneficiary for the balance of the guarantee period.


You can no longer change your choice of option…

…once you have received your first pension payment.