Answers to Common Questions

Why are my Pensionable Service and Qualifying Service amounts different?
What does the information on my Benefits Statement mean?
How much is my Severance Pay?
What is the best time for me to retire?
How does saving 50 days vacation for retirement increase my pension?
Should I choose to integrate with the Canada Pension Plan (CPP) and/or Old Age Security (OAS) at retirement?
When should I expect my first pension payment when I retire?
Can I borrow from the monies that I've contributed to the Fund?
What is bridging?
What is the Rule of 80?

Why are my Pensionable Service and Qualifying Service amounts different?

Pensionable Service is the time on which you are contributing or contributions are being made on your behalf to the Fund. For example, if you worked 1/2 time in 2001, your Pensionable Service for 2001 would be .5000.

Qualifying Service is employment (or combined periods of employment) that is unbroken by resignation, termination or retirement except for a temporary absence/layoff. A temporary absence/layoff is considered to be a period of employment if the absence/layoff does not exceed 52 consecutive weeks. For example, if you worked 1/2 time in 2001, your Qualifying Service for 2001 would be 1.0000.

As well, a difference between your Pensionable Service and Qualifying Service could be due to Pensionable Service using pay periods to determine service while Qualifying Service uses calendar days to determine service.

What does the information on my benefits statement mean?

Section 1

Check to make sure all your personal data is accurate. If you feel your service is inaccurate, please contact your Human Resource department. Please include your PIN [?] for all inquiries to our office.

Section 3

The lifetime pension amount is prorated based on your prior years' service and earnings up to the retirement dates. Any increase in salary will adjust these amounts.

Other Sections

Questions about your Benefits Statement? Contact us.

How much is my Severance Pay?

Any Severance Pay that you are entitled to is determined by your Human Resource department. Severance Pay is not pensionable and does not affect your pension from the CSSB.

What is the best time for me to retire?

This is a personal decision. You should contact the Canada Revenue Agency (CRA) if you are concerned about tax implications.

How does saving 50 days vacation for retirement increase my pension?

At retirement, any remaining vacation time (maximum 50 days) is deemed Pensionable Earnings when it is paid out to the member. Pension contributions will be deducted from the vacation pay and the vacation pay is added to the final years earnings. This may increase your monthly pension at retirement.

Should I choose to integrate with the Canada Pension Plan (CPP) and/or Old Age Security (OAS) at retirement?

This is a personal decision. If integrating with CPP, you would receive advances from the CSSB for CPP until your 60th birthday, at which point, your pension from the CSSB would be decreased for your lifetime. It is your responsibility to contact CPP approximately 6 months prior to turning age 60.

If integrating with OAS, you would receive advances from the CSSB for OAS until your 65th birthday, at which point, your pension from the CSSB would be decreased for your lifetime. It is your responsibility to contact OAS approximately 6 months prior to turning age 65.

When should I expect my first pension payment when I retire?

Employees who are retiring prior to the 26th of the month must have the required retirement forms correctly completed and received by us by the 20th of the month in order to be paid that month.

Direct Deposit occurs on the second last banking day of each month.

Can I borrow from the monies that I've contributed to the Fund?

Borrowing contributions from a Registered Pension Plan (RPP) is not allowed under the Income Tax Act. As well, financial institutions will not allow contributions in an RPP to be used as collateral.

What is bridging?

If you retire before the age of 60 and do not meet the Rule of 80, a bridging benefit would be paid to you until age 65. Bridging offsets the increase in the reduction for early retirement.

What is the Rule of 80?

The Rule of 80 is when the combination of your age (minimum age 55) and qualifying service equals 80 or more e.g. Age 55 with 25 years of qualifying service or more (includes full and part years of age and eligible service). If retiring between the ages of 55 and 60 and you meet the Rule of 80, there would be no reduction for early retirement.

Any persons wishing to rely on the information provided from the above links should consult directly with the source of the information.

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