What your Pension Provides

Your pension is based on a formula that takes into account, among other things, your pensionable earnings history and your years of Plan participation.

The Formula

1.4% of your Best 5-Year Average CPP earnings
2% of your Best 5-Year Average Non-CPP earnings
your Credited Service

Temporary Annual Pension

If you retire before age 65, you will receive a temporary benefit equal to your Credited Service multiplied by 0.6% of your Best 5-Year Average CPP Earnings. This "bridge" benefit brings your total early retirement pension up to 2% of your best five-year average pensionable earnings for each year of Credited Service. The bridge benefit stops when you reach age 65 (when you may be eligible for government benefits).

Cost-of-Living Adjustments

The Plan currently provides cost-of-living adjustments (COLA) to your pension payments. Your pension is adjusted each year by a percentage of the annual increase in Canada’s Consumer Price Index (CPI). The level of COLA can change based on Plan funding.

Protecting Your Survivors

The Plan offers more than just a retirement income. It also provides a number of important benefits designed to protect the financial interests of your survivors. 

If you die before you retire, the survivor benefits payable depend on whether you are an active or deferred Plan member prior to your death, whether you have a Spouse or Common-law Partner, and whether you have any Dependent Children.

The survivor benefits payable after retirement depend on the form of pension you choose at retirement.

Normal Form of Pension—If, at retirement, you do not have a Spouse or Common-law Partner, then your Normal Form of pension is a pension payable for you lifetime as per the pension amounts shown on your Annual Statement of Benefits.

If, at retirement, you have an Eligible Spouse or Common-law Partner, your Normal Form of pension is a pension payable for your lifetime, and, after your death, a survivor pension for your Spouse or Common-law Partner's remaining lifetime of 6623% of your lifetime pension.

If you and your Spouse have been married less than one year at your retirement, your pension will be reduced by the actuarial cost of the survivor pension, unless you provide medical evidence of you good health satisfactory to the Board

Several Optional Forms of pension are also available. An overview of all the options can be found in your Member Handbook. We will calculate all the Optional Forms for you at retirement.

Marriage or Common-law Relationship Breakdown

Your pension is a family asset. If you and your Spouse or Common-law Partner end your relationship, the pension benefit earned during your relationship will be taken into account when your family assets are divided. Under Manitoba's Pension Benefits Act, your former Spouse or Common-law Partner is entitled to 50% of this pension.