A. Your pension is calculated in three parts:
- Part 1 is your pension benefit related to contributions for engagements taking place up to and including December 31, 2010.
- Part 2 is your pension benefit related to contributions for engagements taking place from January 1, 2011 up to and including December 31, 2012.
- Part 3 is your pension benefit related to contributions for engagements taking place on and after January 1, 2013.
For example, here’s how a Normal pension benefit is calculated:
| Contribution Type and Timing | Monthly pension for each $100 of contributions |
|---|---|
| Part 1 | |
| Contributions for covered employment before 1992: | $3.80 |
| Contributions for covered employment from January 1, 1992 up to and including April 30, 2006: | $3.70 |
| Contributions for covered employment from May 1, 2006 up to and including December 31, 2010: | |
|
$3.70 |
|
$2.00 |
| Part 2 | |
| Contributions for covered employment from January 1, 2011 up to and including December 31, 2012: | |
|
$3.25 |
|
$2.00 |
| Part 3 | |
| All contributions for covered employment on and after January 1, 2013(maximum 18%)*: | $3.25 |
* Contributions for this period are divided into two equal amounts to be applied as follows:
- 50% is allocated as regular contributions to be used for calculating your benefits
- 50% is allocated as sustaining contributions that will help support the actual cost of your benefits and will not be used for calculating benefits.
Effectively this is an accrual rate of 1.625 on all contributions made on your behalf.
For an example of a Normal pension calculation, and for information about the calculation of other types of Plan pensions, please see the Plan Summary.