Terms & Definitions
Persons are pension partners on any date on which one of the following applies:
- they
- are married to each other, and
- have not been living separate and apart from each other for a continuous period longer than three years;
- if clause (a) does not apply, they have been living with each other in a marriage-like relationship
- for a continuous period of at least three years preceding the date, or
- of some permanence, if there is a child of the relationship by birth or adoption.
The present value of a PSPP member's future pension. It is the money that would have to be invested today, based on interest, mortality, and other assumptions, to generate a future PSPP lifetime pension.
The assumptions used in the calculation of a commuted value are calculated based on the assumptions used in the funding of the Plan.
A special type of RRSP designed specifically to only hold locked-in pension funds.
Most financial institutions offer LIRAs; however, any locked-in funds transferred from the PSPP may only be sent to a financial institution that appears on the Alberta Superintendent's List of Financial Institutions Offering Locked-In Pension Products.
When you qualify to receive a monthly PSPP pension. This happens when you have two or more years of PSPP service. Members of PSPP are vested immediately if they are contributing into the Plan on or after their 65th birthday.
More about Vesting
More about Buying Prior Service
Two people are adult interdependent partners if they live together in a relationship of interdependence:
- For a continuous period of at least 3 years,
- of some permanence (and less than 3 years) if the couple has a child, or
- have entered into an adult interdependent partner agreement
A relationship of interdependence is when two people are not married to one another but still:
- share one another's lives
- are emotionally committed to one another; and
- function as an economic and domestic unit