Get in Touch

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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Calculating Your Pension

When you retire, your pension benefit is calculated using a pre-determined formula that considers your highest average salary (HAS) and years of pensionable service.

Highest Average Salary (HAS):
HAS is calculated as the average of the best 5 years of salary.

Pensionable Service:
Pensionable Service is based on service where you have contributed to the Plan. This includes purchases of prior service and reciprocal transfers into the Plan. The maximum service credited for pension purposes is 35 years.

To learn more on calculating your pension, visit the How your pension is calculated page.

 

When can I retire?

Depending on how many years you have been contributing to the PSSP, you may qualify to retire with an unreduced pension, a reduced pension (early retirement), or a full pension.

 

Retire with an Unreduced Pension:

To retire with an unreduced pension means your pension is calculated with no early retirement reductions. To be eligible to retire with an unreduced pension, you must meet one of the following age and years of service requirements:

 

If you first started contributing to the PSSP on or after April 6, 2010:

RULE OF 85

You must be at least 55 years old + Your age + years of service = 85 years
(ex: age 57 with 28 years of pensionable service = 85)

 


If you first started contributing to the PSSP prior to April 6, 2010:

RULE OF 80

You must be at least 50 years old + Your age + years of service = 80 years
(ex: age 52 with 28 years of pensionable service = 80)

 

If you do not meet either the rule of 85 or 80, you may be eligible to retire if you meet the following age and service requirement (regardless of when you started contributing to the PSSP):

Age 60 With at least 2 years of service

 


Retire with a Reduced Pension (Early Retirement):

  • A reduced pension is payable at age 55, with a minimum of 2 years of service.
  • If you take a reduced pension, your pension will be reduced by 0.5% per month, for each month prior to you qualifying for an unreduced pension. (6% per annum). For example: 3 years early is an 18% reduction.

 

Retire with a Maximum Pensionable Service (Full Pension):

A full pension is based on a maximum of 35 years pensionable service. You can retire with a full pension when you reach 35 years of pensionable service. After 35 years of pensionable service, you stop contributing to the Plan and any service after this is not considered in the pension formula. However, salary increases beyond 35 years of service will be included in the pension calculation.

 

If all of your service was before 1988, the requirements are as follows:

  • Age equal to at least 50 and age plus years of service equal to at least 80;
  • Age equal to at least 60 and years of service equal to at least 5.

 

If all of your service was before April 1, 1986, the requirements are as follows:

  • Age equal to at least 50 and age plus years of service equal to at least 80;
  • Age equal to at least 60 and years of service equal to at least 10

 

Other important information:

  • Maximum Age:  Pension payment must begin no later than December of the year in which age 71 is attained.
  • Vested:  To be eligible for a pension under the Plan, you must be vested. You are vested if you have at least two years of service

 

We recommend PSSP members verify their age and service requirements for pension eligibility with their employer directly.