Retirement Tips

The NSTU publishes the Teachers' Pension Plan and Retirement Tips booklet as a guide to our members.

Below you will find an example of the type of information contained in the booklet:

Click here to view/download the complete document:  ( PDF )

Retirement Checklist

1. Decide when you wish to retire.
2. (a)  Check with the Nova Scotia Pension Services Corporation to ensure that you are indeed eligible for retirement on the date you have chosen to retire.
   (b)  Have the Nova Scotia Pension Services Corporation provide you with an estimate of how much your pension will be, both before and after integration.
   (c)  Ask the Nova Scotia Pension Services Corporation to send you an application form. (If leaving at the end of June, request this in January or February.) NB. Always try to return your application at least three (3) months in advance of your retirement date. (eg. If retiring at the end of June, apply by April 1st if possible.)
   (d)  Be sure to provide a copy of your birth certificate with your application and, if married, a copy of a marriage certificate or other evidence of relationship and copy of spouse’s birth certificate.
3. Decide whether you are interested in the Early Retirement Incentive Plan (see Appendix A in the Teachers’ Provincial Agreement or Appendix F in this booklet). You must apply to your employer by no later than December 31st of the school year in which you plan to retire if leaving at end of school year.
4. Notify your school board by April 1st in writing of your intent to retire:
   (a)  specify the date that your resignation will be effective;
   and
   (b)  request that your Service Award/Retirement Award be transferred to an RRSP (see page 29) or give other instructions to the Board as to the payment of this Award. (Community College instructors must let the College know in writing at least six (6) weeks in advance of the effective date of the resignation.)
5. If placing your Service Award/Retirement Award in an RRSP, it is important to make arrangements with a financial institution so as to advise the Nova Scotia Pension Services Corporation. The bank, trust company, credit union, investment firm, etc. will then undertake the necessary steps so that the amount is deposited directly into an RRSP without going through your hands. (See page 33 and Appendix E.)
6. You are able to use your Service Award/Retirement Award to purchase pension service.  Contact the Nova Scotia Pension Services Corporation for the appropriate Canada Revenue Agency forms and the procedures to access the funds earlier.
7. If you have not been contacted by Johnson Inc. by at least one (1) month before your retirement date, call Johnson Inc. to make arrangements to continue your insurance benefits.
8. Apply for your CPP and apply for your OAS at least 6 months before age 65.
9. Enjoy your retirement!

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.

Please use your Member ID and personal Password to log on at: https://nspensions.hroffice.com. If you are having difficulty or do not have your logon credentials, please email us at pensionsinfo@nspension.ca .

Pre-Retirement Seminars

NOTE:  Teachers do not register with the Union for the Pre-Retirement Seminars.  Employers are required to submit names by October 3 at the latest.  Members may wish to contact their principal/supervisor on how and when they can submit their names to attend a seminar this school year.

Teachers must register through their employer (Regional Centre for Education, CSAP, or APSEA) and receive approval from their employer to attend a pre-retirement seminar. The employer is responsible for advising teachers of their approval to attend a seminar, which seminar they have been approved to attend, and the appropriate absence code to use.

The Teachers' Provincial and APSEA agreements allow a teacher in their last five (5) years to register with the Employer for a pre-retirement seminar.

The Union provides a two day seminar.  The topics include the features of the Teachers' Pension Plan; money management in retirement; Canada Pension Plan and Old Age Security; Retired Teachers Organizations; wills and estate planning, insurance, service awards and the psychological aspects of retirement. 

2020-2021 Pre-Retirement Seminars Schedule

The 2020-2021 schedule is currently being developed.

Financial Planning

The Nova Scotia Teachers Plus Credit Union provides financial planning instruments and advice on its website (http://www.teachersplus.ca/).

Flexible Pension Options

On April 10, 2018, formal approval was given to make the Part Time Employment Full Pension Credit, as described below, a permanent option under the Teachers’ Pension Plan.

In order to participate in this Option, you must contact your Human Resources Department to make arrangements to reduce your work assignment. Please check your Regional, APSEA or Community College Collective Agreement to determine deadlines for applying for such leave. Please note that the maximum participation in the Option is two (2) years during your career, so if you have participated already for two years, you would not be eligible.

Once you have obtained the employer's approval, you must advise the Nova Scotia Pension Services Corporation of your desire to participate in the Flexible Pension Option by completing the Teacher Status Advice (Flexible Pension Options) form.  

Description

Part-Time Employment - Possible Full-Pension Credit

This options allows a plan member who accepts an assignment working less time than the immediately prior year to contribute to the Plan based on the equivalent salary for the previous year's position and to accrue the same amount of pensionable service as the previous year. The employer will match the contributions made by the teacher. In accordance with Canada Revenue Agency (CRA) Regulations, the individual must have worked for the 36 months before the period of reduced service and the salary in the period of reduced service must be less than the salary in the previous year.

Members who are already working part-time (or job-sharing) prior to the school year they wish to use this Option, should note that they must work less than the previous year and they can only receive pension credit equal to what they had in the previous year. For example, a member working 50% in the current academic year must work less than 50% in the next academic year and receives only 50% of a pension credit.

The period of reduced employment may begin or end at any time during the academic year. Any member, regardless of age or service, may participate in this Option.

Note: If salary is not paid over 26 pay periods, when electing this Option, there may be implications for insurance coverages which may require the member to obtain an Associate Membership for insurance purposes. For further information on this, contact the NSTU Member Services department.