Pension Plans

Your pension protects your future. 

You work hard now, and your deferred salary needs to be there when you retire. We all deserve a secure retirement.

PIPSC does not have access to your individual pension information. Your HR department can provide you information about your account.

Public service pension plan

PIPSC members in the following groups are included in the Public service pension (PSP) plan:

The PSP is a defined benefit pension plan that provides retirement, permanent disability and death benefits. You and your employer contribute to your defined benefit pension plan throughout your career and it is invested in the larger pension fund. When you retire, your guaranteed annual income is paid from that pension fund. The employer must ensure the plan is able to pay your pension.

Your retirement income is calculated based on your five consecutive years of highest paid service. You can use the PSP tool to estimate what your monthly and yearly benefits would be. Your pension contributions are a percentage of your salary based on when you began contributing.

Learn more about your pension:

Are you familiar with the amounts contributed by you and your employer, the steps required before you take your retirement, and the best way to calculate your retirement income? Watch our webinar series to understand the ins and outs of your public service pension plan.

Public Service Pension Plan resources:

• Public service pension plan (PSP)
• PSP summary
• Frequently asked questions
• Important PSP plan changes – notice board
• PSP buybacks and transfers
• PSP forms
• PSP basic pension income calculator

Pension plans for PIPSC members at other employers

PIPSC members in the following groups have a defined benefit pension plan, defined contribution pension plan or a target benefit pension plan provided their employer:

With a defined benefit pension plan, you and your employer contribute to your pension throughout your career and it is invested in the larger pension fund. When you retire, your guaranteed annual income is paid from that pension fund. The employer must ensure the plan is able to pay your pension. 

With a defined contribution pension plan, you and your employer make contributions. Those funds are then invested and upon your retirement, you are granted access to that pension. When you retire you are given access to your full pension. You can withdraw the funds and pay tax on them like income, you can transition the fund to a Registered Retirement Income Fund (more commonly known as a RRIF) and pay tax on the payments you receive from it, or you can purchase an annuity – which provides you a guaranteed regular income.

With a target benefit pension plan, you and your employer make contributions but your annual income at retirement is not guaranteed. If the pension fund does not do well in the market, you may have to pay higher contributions or have your retirement income cut.

Find details about your pension plan by visiting your group page. For groups that do not have information posted, please contact your group executive.

Learn more about your pension plan:

Watch our webinar series to understand the basics about your pension plan.

• Defined benefit pension plan (PIPSC Groups: BCFNA, CCC, MP, NAV CANADA, UOITP, YHC, SUN-MET, SUN-RT, JCC, TBH-RT, WRH-RT, MAGE)
• Variable formula defined benefit pension plan (PIPSC Groups: CRPEG, WPEG, WTEG)
• Defined contribution pension plan (PIPSC Groups: CTC)
• Target benefit pension plan (PIPSC Groups: New Brunswick Groups)