Prospective members of the public service pension plan

Generally, if you work for the federal public service, you accumulate pensionable service as a member of the pension plan if:

• You are an indeterminate employee, hired to work an average of at least 12 hours a week. OR
• You are an employee, hired for more than 6 months to work an average of at least 12 hours a week. OR
• You are an employee, hired at first for 6 months or less to work an average of at least 12 hours a week, and have worked for more than 6 continuous months.

Your Pension at a Glance provides a summary of what the plan offers.

Consult Public service pension plan for more information on how the public service pension plan works.

Your public service pension would be calculated based on your age when you retire, your years of pensionable service (maximum of 35 years) and your average salary for the 5 consecutive years of highest paid service. Learn more about your retirement income sources and see the how to calculate your pension.

Yes. Your pension ensures Protection from Inflation from losing its value as a result of inflation or increases in the cost of living for the rest of your life.

Both you and your employer would contribute a certain percentage of your salary to the pension plan. The contribution rates for current service may change annually. For more information on this topic, visit Pensionable Service.

PSP Investments manages the contributions in a variety of investments. For more information on the financial management of the pension plan, visit Pension Plan Funding, Investments, Accounting and Reporting.

You may be able to buy back several types of prior service such as:

• Prior service within and outside of the federal public service
• Service with the Canadian Forces
• Service with the Royal Canadian Mounted Police

If you were a member of a pension plan with your former employer, there are ways of increasing your pension under the public service pension plan. You have two options:

1. Buy back of eligible prior service.
2. Transfer pensionable service from your former pension plan to the public service pension plan. Your former employer must have Pension Transfer Agreements with the federal government. If not, your former employer may be able to negotiate one.

Note: You must decide to use these options within a certain time limit, once you become a member of the public service pension plan.

If you have 2 or more years of pensionable service to your credit, your family is protected under your pension plan in the event of your death. Your eligible survivors and eligible children may be entitled to a survivor benefit and a child allowance. In addition, a Supplementary Death Benefit will be payable as a lump-sum to your designated beneficiary or to your estate.

If you have less than two years of pensionable service to your credit, your eligible survivors or estate is entitled to a return of your contributions with interest.