Pension Options

MEPP offers pension options at retirement to suit members' specific needs.

The options available to you will depend on whether you have a pension partner when you retire. Once you have selected your pension option and your pension has started to be paid, you cannot change your pension partner. However, you can update your beneficiaries at any time by logging on to mypensionplan.ca or by contacting us.

Joint Lifetime Options

If you have a pension partner when you retire, you must choose one of the Joint Lifetime pension options unless your pension partner chooses to complete a Pension Partner Waiver, giving up the right to a survivor pension.

A Joint Lifetime pension means that, if you pass away first, your pension partner will continue to receive a lifetime pension.

Pension Option Name Member Pension Duration Survivor Pension Duration Reduction on Death of Member or Pension Partner Guaranteed Term Benefit Paid to Chosen Beneficiaries or Estate if Both Member and Pension Partner Pass Away
Joint Lifetime with Reduced Survivor Benefit Lifetime For survivor's lifetime For service earned after 1991, the pension partner benefit is 66 2/3% of your pension. For service earned before 1992, the pension partner benefit is 75% of your pension. None
Joint Lifetime with Reduced Survivor Benefit Guaranteed At Least 10 Years Lifetime For survivor's lifetime For service earned after 1991, the pension partner benefit is 66 2/3% of your pension. For service earned before 1992, the pension partner benefit is 75% of your pension. The pension is not reduced until the end of the 10 year guaranteed term. 10 years from pension start date
Joint Lifetime Guaranteed At Least 10 Years Lifetime For survivor's lifetime No reduction. 10 years from pension start date
Joint Lifetime Reduced By 1/3 Guaranteed At Least 10 Years Lifetime For survivor's lifetime Reduced by 1/3; pension paid will be 2/3 of the original amount. The pension is not reduced until the end of the 10 year guaranteed term. 10 years from pension start date

Joint Lifetime with Reduced Survivor Benefit

This option is the normal form for members with a pension partner, and it is the base from which all other pension partner pension options are calculated. If you pass away before your pension partner, a reduced pension benefit will be paid to your pension partner for the duration of their life.

For service earned before 1992, the pension partner benefit is 75% of the benefit amount you were receiving before you passed away. For service earned after 1991, the pension partner benefit is 66 2/3% of your pension.

Joint Lifetime with Reduced Survivor Benefit Guaranteed At Least 10 Years

This option will be paid to you for your lifetime. If you pass away before your pension partner, pension benefits will be paid to your pension partner for the duration of their life.

If you pass away before the end of the 10 year guaranteed term, the same monthly payments will continue to your pension partner. At the end of the 10 year term, these payments will be reduced.

If you pass away after the end of the 10 year guaranteed term, your monthly payments will have stayed the same until your death, at which time the monthly payments paid to your pension partner are immediately reduced.

For service before 1992, the pension partner benefit is 75% of your pension. For service after 1991, the pension partner benefit is 66 2/3% of your pension.

Joint Lifetime Guaranteed At Least 10 Years

This option will be paid to you for your lifetime. If you pass away before your pension partner, pension benefits will be paid to your pension partner for the duration of their life.

Upon the death of either you or your pension partner, the same monthly benefit will continue to be paid to the survivor. This payment is paid as long as either you or your pension partner is alive.

If both you and your pension partner pass away within 10 years from the date your pension begins, a benefit is paid to your chosen beneficiary(ies) or estate for the rest of the 10 year term.

Joint Lifetime Reduced by 1/3 Guaranteed At Least 10 Years

This option will be paid to you for your lifetime. If you pass away before your pension partner, pension benefits will be paid to your pension partner for the duration of their life.

Upon the death of either you or your pension partner, the pension benefit will be reduced by 1/3 at the end of the 10 year guaranteed period. However, it is not reduced by 1/3 until the end of the guarantee period if the first death occurs during the guaranteed period. This reduced pension will continue to be paid to the survivor for his or her life. This means that if your pension partner dies before you, your pension will be reduced to 2/3 of the pension amount.

If both you and your pension partner pass away within 10 years from the date your pension begins, a benefit is paid to your chosen beneficiary(ies) or estate for the amount of time remaining in the 10 year term.

Note: This option is not shown in the Retirement Benefit Statement. In order to receive this option, you must request it.

More on Death After Retirement

Single Lifetime Options

These options can only be chosen if you do not have a pension partner at retirement, or if your pension partner chooses to complete a Pension Partner Waiver, giving up any right to a survivor benefit.

Pension Option Name Member Pension Duration Guaranteed Term Benefit Paid to Chosen Beneficiaries or Estate on Death of Member
Single Lifetime Guaranteed At Least 5 Years Lifetime Guaranteed term is 5 years from pension start date
Single Lifetime Guaranteed At Least 10 Years Lifetime Guaranteed term is 10 years from pension start date
Single Lifetime Guaranteed At Least 15 Years Lifetime Guaranteed term is 15 years from pension start date

Single Lifetime Guaranteed Term Options (5, 10 or 15 years)

These pension options are also paid to you for as long as you live. If you pass away before the end of the guaranteed period (5, 10 or 15 years), your designated beneficiary(ies) will continue to receive payments until the end of that term.

More on Death After Retirement

Coordination

Eligible MEPP members who retire before the age of 65 have the option to receive a temporary pension payment increase. This option temporarily provides a higher pension payment amount in early retirement, but also results in a permanently reduced pension after turning 65 years of age, when the coordination amount is removed and the base pension is reduced. Coordination ends upon the death of the member.

More on Coordination