Pension (Immediate annuity and deferred annuity)
Pension formula for periods of full-time service
| 2% |
X |
Number of years of pensionable service |
X |
Average salary of 5 consecutive years of highest paid service |
Pension formula for periods of part-time service
| 2% |
X |
Number of years of pensionable part-time service |
X |
Average salary of 5 consecutive years of highest paid service based on a full-time salary |
X |
Assigned part-time hours / standard full- time hours |
Example (full-time):
| Age at departure in 2003 |
55 years |
| Average salary (best 5 consecutive years) |
$60,000 |
| Years of pensionable service |
25 years |
| Pension payable at age 60 |
$30,000
(2 % x 25 x $60,000) |
| Pension payable from age 65 (or earlier if a disability pension is paid by the CPP/QPP) |
$23,269.50
($30,000 - $6,730.50) |
| CPP/QPP Integration Reduction $38,460 = AMPE 2003 (see note in "CPP/QPP integration formula") |
$6,730.50
(0.7% x 25 x $38,460) |
|
