This new section on your Statement of Participation introduces you to personalized retirement scenarios derived from your years of service and age when you retire.
The scenarios are designed using data Retraite Québec receives from your employer.
Since you are contributing to a public-sector pension plan, your employer or employers deduct contributions from your salary and pay them into your pension plan, which gives you entitlement to benefits payable when you retire or your employment ends.
Below are three different retirement scenarios based on various eligibility requirements:
- the 1st scenario shows the person's earliest possible retirement date with a reduced pension at age 55. The retirement pension amount will be reduced permanently;
- the 2nd scenario shows the person's eligibility for an unreduced retirement pension at age 56, that is, after 35 years of service. The retirement pension amount is not reduced;
- the 3rd scenario shows the person's estimated retirement pension amount at age 65.
Estimated amount of your retirement pension
Your age at the time you retire and the number of years of service you have accrued will have an effect on the amount of your retirement pension.
Reduction in the amount of your pension at age 65
Under your pension plan, your retirement pension amount decreases when you turn 65. The reduction could be offset in part or in full by the Québec Pension Plan (QPP), the Old Age Security (OAS) pension from the federal government or personal savings. For more information, please consult the
Integration of your public-sector pension plan with the Québec Pension Plan (QPP) brochure.
For other retirement scenarios, you can use the
Pension Estimator tool.
Possible variations in your retirement pension amount
The amounts indicated in your Statement are an estimate of the amounts that you could receive when you retire. The actual amount of your retirement pension could differ if there are changes during your career (e.g. salary, hours of work, days of absence, buy-backs, etc.).
Accruing years of service
In general, to have a complete year of service credited for the purpose of calculating your pension, you must work full-time throughout the year. If you work part-time, your plan will credit part of a year. If the years of service for calculation purposes are less than 1 (1.0000), it usually means that you did not work full-time for the entire year. However, there may be other reasons that you have not been credited a full year. For more information,
contact Retraite Québec.
Eligibility for your retirement pension
It is possible to retire on a date different than the ones indicated on your Statement. The dates shown in the scenarios correspond to the dates on which you will meet the first eligibility requirement for an unreduced or reduced pension.
unreduced retirement pension means that no reduction has been applied to the pension amount because you meet one of the eligibility requirements for an unreduced pension.
If you are eligible for a
reduced pension, the amount of your retirement pension will be reduced permanently.
For more information on the eligibility requirements for a reduced or unreduced retirement pension, please consult the brochure concerning your
public-sector pension plan.