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Benefits to Becoming a PSPP member

  1. Secure lifetime retirement benefits
    PSPP is a Defined Benefit plan. This means that a member’s pension is based on years of service and salary. The amount will not be affected by market fluctuations or economic downturns. Members can also rely on annual cost of living increases to help protect against inflation.
  2. Employer-matched contributions
    Both members and employers contribute to the long-term health of the pension plan. This relieves the member of significant expenses in saving for retirement. By investing together in a member’s future, the member and employer share a vision of the best possible retirement.
  3. Option to bring in pension service from previous employment
    PSPP has transfer agreements with registered pension plans across Canada. If a member of another Plan joins PSPP, they may be able to transfer the service earned into PSPP. The member could become vested sooner, increase their monthly PSPP pension and may be able to retire earlier with an unreduced pension.
  4. Survivor benefits
    A member’s PSPP pension are part of survivor benefits in the case of death before or after retirement. The member’s spouse or pension partner, or any identified beneficiaries such as children or an organization, may be entitled to receive the member’s pension benefits – in some cases, this means a loved one receiving lifelong monthly payments.
  5. Flexible retirement options
    A PSPP member can retire and begin drawing their monthly pension payments as early as age 55 or as late as age 71. By age 65, or with up to 30 years working with PSPP employers, they can retire with an unreduced pension amount. Members can also decide on how to leave survivor benefits for their loved ones.