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Phone:
1.800.774.5070 (toll free in NS) or 902.424.5070

Hours: 
8 AM to 5 PM, Monday to Friday

Email:
pensionsinfo@nspension.ca

 

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My Retirement Plan

My Retirement Plan offers active plan members secure access to their personalized pension information online. Members can:

  • View their Annual Member Statement;
  • Use the Pension Projection Tool; and
  • View helpful retirement and financial planning resources.

 

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You are eligible for an unreduced pension if you have stopped working as a teacher and if you meet one of the age and service requirements listed below.
  • Age equal to at least 50 and service equal to at least 30 years (this is a reduced pension);
  • Age equal to at least 55 and age plus years of service equals at least 85;
  • Age equal to at least 60 and service equal to at least 10 years;
  • Age equal to at least 65 and service equal to at least 2 years.
 
If you do not have any service after January 1, 1988, you require at least 10 years of service to qualify for a pension. If you are under 65 when you retire, the pension you will receive will include your lifetime teacher’s pension plus a bridge pension. This bridge pension will cease at age 65.
 
You are eligible for a reduced pension at age 55 if you have stopped working as a teacher. There are three separate rules:
  • Age equal to at least 55 and service equal to at least 2 years of service but less than 10 years of service;
  • Age equal to at least 55 and service equal to at least 10 years of service but less than 20 years of service;
  • Age equal to at least 55 and service equal to at least 20 years of service.
 
If you qualify for a reduced service pension under the “55 and 2” rule, the actuarial value of the reduced pension is equal to the actuarial value of the unreduced pension to which you would be entitled at age 65.
 
If you qualify for a reduced service pension under the “55 and 10” rule, the actuarial value of the reduced pension is equal to the actuarial value of the unreduced pension to which you would be entitled at age 60.
 
If you qualify for a reduced service pension under the “55 and 20” rule, the amount of the reduction will vary depending upon how close you are to qualifying for an unreduced pension. The reduction factor is based on the number of months in the period from the date you are eligible to receive a reduced pension to the date when you would be eligible to receive an unreduced pension, i.e. rule of 85 or 60 years of age and 10 years of service. The reduction is as follows:
  • 0.4% per month for the first 24 months
  • 0.3% per month for the next 36 months
 
The maximum reduction is 20.4%.
 
If you are applying under the “50 and 30” rule, your pension shall be reduced by 5% (pro-rated) for each year you either are less than age 55 or have less than 35 years of service, whichever is the lesser.
 
 
 
One of the most important things to remember about your pension is that you must apply for it. It is not paid automatically upon retirement. It usually takes about one month to put a pension into pay, so apply early; 3 months ahead of your retirement if possible. Retirement application forms can be found on our forms page.
 
 
  • Accrual Rate — The percentage of salary you earn for pension calculation purposes, for every year of service, is known as the accrual rate. Prior to age 65, this is 2.0%. Starting at age 65, your pension is recalculated as a result of integration with the Canada Pension Plan (CPP).  At that point, the accrual rate on the portion of your salary up to the YMPE becomes 1.3% instead of 2.0%.  Effectively, this is the same as saying that your pension (for every year of service) is reduced by 0.7% of the portion of your salary below the YMPE.
  • Highest Average Salary (HAS) — This is your average annual salary for the five years of your career during which your salary was at its highest. These are usually, but not necessarily, the last five years of your career. 
  • Pensionable Service — This is the number of years you have earned (accrued) for pension calculation purposes. It is equal to the number of years you worked and made pension contributions (unless you worked part-time, in which case it would be pro-rated accordingly). Note that you also receive credit for number of months worked. For example, if you worked full time for 26 years and 6 months, you would receive credit for 26.5 years of pensionable service.
  • YMPE — This stands for Year’s Maximum Pensionable Earnings. It is a figure set by the CPP every year, and comes into play when determining the reduction to your pension at age 65. When you made pension contributions during your career, you contributed a lower percentage on the portion of your salary below the YMPE than on the portion above the YMPE (if applicable). As a result, at age 65, the accrual rate on the portion of your salary below the YMPE will be reduced from 2.0% to 1.3%. Note that 65 is the age at which your CPP pension would normally commence (unless you elect to draw it early), and that would help to make up the difference.
  • CPP Service — The reduction in your pension at age 65 is based on the number of years of CPP service. In almost every case, this is equal to the number of years of pensionable service. The only time it will not be the same is if you have periods of service in your career during which you did not contribute to the CPP, e.g. service prior to 1966.