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Plan Highlights

Membership

(If you are uncertain about your eligibility, please contact your employer.)

Your required contributions

Your employer’s contributions

  • Employers currently match your required contributions. They also contribute an additional amount of up to 1.40% of your pensionable earnings.

Amount of pension

  • Your personalized Annual Statement that you receive by June each year includes estimates of your pension at future dates. Details of how your pension is calculated are described here and here.
  • You are entitled to a monthly pension payable for your lifetime. If you retire before age 65, you will also receive a monthly bridge benefit, payable until you reach age 65 or until death if earlier.

Retirement with an unreduced pension

Earliest of the following:

  • Age 65.
  • Age 60 or over, with 10 or more years of continuous service.
  • Age 55 or over when your age, added to your years of continuous service, equals or exceeds 85 (the Rule of 85).
  • If you have been an active member of the Plan since before January 1, 1999, when your age added to your years of continuous service, equals or exceeds 90 (the Rule of 90).

Retirement with a reduced pension

Earliest of the following:

Cost-of-living adjustments (COLA) to pensioners

  • Pensions, once in payment, are increased each January by the amount (if any) of the year-over-year increase in the Consumer Price Index (CPI) for Canada, to the prior September. Such CPI increases are guaranteed, up to a maximum of 3%.
  • Payment of any CPI increase above the 3% maximum is at the Trustees’ discretion.
  • The increase for members who have been retired for less than 12 months is prorated.

Forms of pension payment

If you have a spouse:

If you have a spouse at your date of retirement, your pension is paid for your lifetime and guaranteed for 5 years, and 66⅔% (or 75% at your option – described here for further details) of your lifetime pension continues to that spouse after your death.

Single:

If you do not have a spouse at your date of retirement, your pension is paid for your lifetime, and guaranteed for 5 years (or 10 years at your option – described here for further details).

Benefits upon termination of employment

Benefits upon death

Pre-retirement death:

The Plan pays survivor benefits if you die before retirement. The type of survivor benefits paid and who receives them, are based on your spousal status at the time of your death.

Post-retirement death:

The Plan may pay survivor benefits if you die after retirement. The type of survivor benefits paid, and who receives them, are based on:

  • Your spousal status at the commencement of your retirement.
  • The option you chose at retirement.
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  • In either case, benefits may be payable to dependent children, if any exist at the date of death.


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