Pension application process
The table below summarizes
- the 2 stages of the pension application process, and
- the options for Joint and Survivor Pensions.
|Stage||Description||Time Before Retirement|
|1||Members notify their employer of their intent to retire.||3-6 months before retirement date|
|2||Members initiate their retirement online and the employer submits a retirement transaction through the employer portal.||3-6 months before retirement date|
|Description||Time Before Retirement|
|Members may apply to increase the Survivor Pension benefit.||
|Member and Spouse may jointly waive the PBA minimum 60% Survivor Pension.||Within 12 months before retirement date|
Option for increased survivor pension
This section describes the process by which a PSPP member may opt before retirement to increase the Survivor Pension from the normal form of 50%. It includes these topics:
This table describes 2 timelines for applying for an increased Survivor Pension.
|When a member applies...||Then the member...|
|2 years before retirement||does not need to submit a OPB1011 - Certificate of Health (PDF).|
|within 2 years before retirement||must submit a OPB1011 - Certificate of Health (PDF).
Note: If a member applies to increase the Survivor Pension within two years of retirement, the increase must be approved by OPB.
Types of survivor pension
The table below presents the different types of survivor pensions and their effect on the Basic Pension.
|Type of Survivor Pension||Effect on Basic Pension|
|50% (normal form pension)||No reduction|
||Actuarial reduction of Basic Pension to allow for increase in survivor pension over 50%.|
Employers should use the table below to determine the appropriate forms that members must submit when increasing the survivor pension.
|When a member requests...||Then member must submit...|
|a survivor pension of 60%||no additional forms since 60% is the PBA minimum entitlement.|
|a survivor pension of greater than 60%||OPB1006 - Application for Increased Survivor Pension (PDF).|
|an increased survivor pension within two years before retirement date|
Option to waive the 60% survivor pension
This section describes the process by which a PSPP member and spouse may jointly opt to
- waive entitlement to the 60% Joint and Survivor Pension under the Pension Benefits Act (Ontario), and,
- choose to receive the PSPP 50% Survivor Pension instead.
The member and spouse must sign, date and submit the waiver within 12 months of the member's pension payments starting.
Cancellation of Waiver
The member and the eligible spouse may jointly cancel the waiver in writing at any time up to the first payment of the member's or former member's pension.
Waiver Irrevocable: The waiver becomes irrevocable once the first payment is made.
Use the table below to determine the appropriate forms that members/eligible spouses must submit.
|When the member chooses to...||Then...|
|waive the entitlement to the 60% Survivor Pension in favour of the normal form 50% Survivor Pension||The member and spouse must
|maintain the PBA minimum Survivor Pension of 60%
maintain a previously chosen Survivor Pension of more than 60%
|No waiver form is required.|