Members of the Public Service Superannuation Plan, including Deputy Ministers, may qualify for pension benefits under the Public Service Superannuation Act.
Eligibility
Depending on when you first commenced employment with the Province of Nova Scotia or participating employer, different retirement eligibility rules apply.
If you first commenced employment prior to April 6, 2010, you may be eligible to retire when you satisfy one of these rules:
-
Rule of 80 - You must be at least 50 years of age, and your age plus years of service must equal at least 80
-
Age 60 Rule - You must be at least 60 years of age and have at least 2 years of service
-
Age 55 Rule - You must be at least 55 years of age and have at least 2 years of service (reduced pension)
If you first commenced employment on or after April 6, 2010, you may be eligible to retire when you satisfy one of these rules:
-
Rule of 85 - You must be at least 55 years of age, and your age plus years of service must equal at least 85
-
Age 60 Rule - You must be at least 60 years of age and have at least 2 years of service
-
Age 55 Rule - You must be at least 55 years of age and have at least 2 years of service (reduced pension)
Calculation of Benefit
For information on how your pension is calculated, please visit the ‘How your pension is calculated’ section of our website at: https://www.nspssp.ca/members/your-working-years/pension-benefit/how-your-pension-calculated
Deputy Minister Supplementary Pension Rules
A Deputy Minister qualifies for a Deputy Minister’s pension when all of the following criteria are met. If the criteria are not met, the pension benefit and eligibility would be determined under the normal provisions of the Public Service Superannuation Act.
Eligibility
-
at least 50 years of age
-
at least 20 years of service as a member of the Public Service Superannuation Plan (not including outside service transferred in, unless it was with the Federal Government); and at least 5 of these years must be as a Deputy Minister.
Calculation of Benefit*
2% X (Highest 3 years Average Salary) X (Years of Pensionable Service)
Note: at age 65 the pension benefit is recalculated as a result of integration with the Canada Pension Plan (CPP).
* Lump sum payments such as bonuses, performance payments or retroactive compensation can artificially inflate pension estimates if they have not been correctly reported to us. It is possible that your actual pension benefit may be lower and you should take this into consideration.
Canada Pension Plan Benefits
Canada Pension Plan (CPP) benefits may be drawn at age 65 or taken as early as age 60. If you decide to draw CPP benefits early you would receive a reduced amount calculated by the Canada Pension Plan. For more information, please visit the CPP website at: https://www.canada.ca/en/services/benefits/publicpensions/cpp.html
The pension payable under the Public Service Superannuation Act not affected by the date the Deputy Minister elects to start drawing CPP benefits.
Survivor Benefits
For information on Survivor benefits, please visit the ‘Planning for your loved ones’ section of our website at: https://www.nspssp.ca/members/your-working-years/life-events/planning-your-loved-ones
Contributions
There are two rates of contribution. There is a lower rate, 8.4%, payable on salary up to and including the Year's Maximum Pensionable Earnings (YMPE), and a higher rate, 10.9%, payable on salary in excess of the YMPE. The YMPE is a figure established by the Canada Pension Plan (CPP) on January 1 of each year.
For more information on Contribution rates, please visit the ‘Contributions’ section of our website: https://www.nspssp.ca/members/your-working-years/pension-benefit/pssp-contribution-rates
Cost of Living Adjustment (Indexing)
Cost of Living Adjustment (COLA), commonly known as Indexing, for Deputy Ministers is aligned with COLA paid to retired members of the Public Service Superannuation Plan.
For information on the current level of COLA and how it is determined, please visit the ‘Cost of Living Adjustment’ section of our website at: https://www.nspssp.ca/members/your-retirement/cost-living-adjustment
Disability Benefits
For information regarding long term disability benefits please contact:
NS Public Service LTD Plan Trust Fund
Halifax Professional Centre
5991 Spring Garden Road, Suite 901,
Halifax NS B3H 1Y6
Tel: 902-461-0421, Toll free: 1-877-461-0421
Email enquiries: comments@nsps-ltd.com
https://www.nsps-ltd.com/