Types of Pension

Full Service Pension (TPP Coordinated with CPP)

Conditions:

A teacher is eligible to receive a full service pension under the TPP

1. at age 55 when age and service total at least 85.
2. with 35 or more years of pensionable service regardless of age.
3. at age 60 with ten or more years of pensionable service.
4. at age 65 with two years of service (as of January 1988).

Benefits

A FULL SERVICE PENSION UNDER THE TPP IS 2% OF SALARY FOR EACH YEAR OF SERVICE TO A MAXIMUM OF 70%.  THE SALARY USED IS THE AVERAGE OF THE FIVE HIGHEST YEARS.

A maximum service pension is 70% and can only be obtained with 35 or more years of service.

When a full service pensioner under the TPP reaches age 65 his/her previous pension under the TPP is recalculated and readjusted. Upon integration the teacher receives two payments, one from TPP and one from CPP.  Retired teachers may elect to receive "normal" amounts of CPP at age 65, or reduced CPP benefits, payable as early as age 60.

Spouse's Pension (TPP plus CPP)

Conditions Under the TPP

In order for a spouse to receive a pension under the TPP the deceased contributor must have been a pensioner, or at the time of his or her death, have taught two or more years in the province.

Under the CPP

Determining factors are the age of the surviving spouse, whether or not he/she is disabled, and whether or not he/she has dependent children.

A SURVIVING SPOUSE MAY RECEIVE BENEFITS FROM BOTH THE TPP AND THE CPP.

Benefits Under the TPP

1. for spouses of teachers who retired prior to January 1988; - 50% of the spouse's pension plus 10% for each child under the age of 18 to a maximum of 40%.
2. for spouses of teachers employed after January 1, 1988; - 60% of the spouse's pension plus 10% for each child under the age of 18 to a maximum of 40%. If the child is under age 25 and completing his/her education, the 10% continues.

Under the CPP

The amount that a surviving spouse may receive depends on the age of the surviving spouse and whether the surviving spouse is also entitled to a retirement pension under the Canada Pension Plan. Contact the Canada Pension Office for exact calculations (1-800-277-9914).

Survivor's Pension (TPP Only)

Conditions

The deceased person must have been a pensioner or must have taught two or more years in the province at the time of death. Where there is no surviving spouse, benefits are paid to children, or where there are no children, to the dependents (mother, father, brother, sister, or child of any age) who by reason of any mental or physical disability where dependent on the deceased person at the time of death.

Benefits

60% of the teacher's pension or what the teacher would have received had he/she been on pension shall be divided equally among the children up to 18 years of age, or to age 25 if attending a post-secondary institution. If no children, benefits are divided equally among the other dependents.

Options

A teacher may elect to retire with a reduced life-time pension in order to enhance a survivor's pension. The teacher at time of retirement may elect for the spouse to receive an 80% or 100% pension or a teacher can guarantee their pension for five, ten, or 15 years.

Disability Pension

Members who

• are currently on a disability pension and have questions

OR

• were on unpaid sick leave on June 30, 2014 and do not return to work

OR

• became disabled prior to August 1, 2014 and did not have LTD coverage

are advised to contact the Coordinator of Pension at the Nova Scotia Teachers Union

email:  pension@nstu.ca

Reduced Service Pension (TPP Coordinated with CPP)

A teacher may retire on a reduced pension as follows:

1. Fifty years of age with 30 or more years of service with two per cent (2%) for each year of service with pension reduced by five per cent (5%) for each year or part thereof, calculated to three decimal places, by which

• (i) the teacher's age is less than 55, or
• (ii) the teacher's pensionable service is less than 35; Whichever is lesser

2. Fifty-five years of age with 20 or more years of service with 2% for each year of service with pension reduced by:

• 4/10 of 1% for each of the first 24 months,
• 3/10 of 1% for the next 36 months,

in respect of the number of months that would elapse between the date of eligibility for the reduced pension and the first day on which the teacher could retire and receive a pension which would not be subject to any reduction.

Advice if leaving teaching: contact the Nova Scotia Pension Services Corporation (In Metro, 424-5070; toll-free, 1-800-774-5070) and ask: "What are my pension options"?