Benefits after Retirement

When you retire and start to receive a pension from the Public Service you are entitled to certain benefits.

If you have been contributing to the Public Service Pension Plan for 2 years or more, you will have an entitlement in the form of a monthly pension. Consult Public Service Pension Plan at a Glance for information on pension entitlements. You should note particularly the sections Understanding the integration of your pension with CPP/QPP, Indexing (inflation protection) and Protecting your survivors. You can also use the Pension Calculator to estimate your future pension benefits.

You can continue the Public Service Health Care Plan (PSHCP) without interruption. However, you must declare your intention to maintain coverage. Check out What Happens to my coverage when I retire or otherwise leave the Public Service? on Public Service Health Care Plan FAQ's.

Coverage under your Dental Care Plan ceases on termination of employment. The Pensioners Dental Services Plan (PDSP) may be used to replace it. You must complete an enrolment form and pay contributions from your pension. See the PDSP Enrolment Information and Plan Summary Booklet for details.

Life Insurance under the Public Service Management Insurance Plan (PSMIP) ceases on your last day of employment, subject to a 31 day extension period during which you may convert (without medical examination and regardless of your state of health) to an individual policy. This policy is normally offered by Industrial Alliance Insurance and Financial Services Inc. See Life Insurance FAQ's for information on policy conversion.

Members of the Executive Plan should refer to the PSMIP - Executive Booklet which describes the post-retirement life insurance benefit available to members receiving a continuing Public Service pension on retirement.

Under certain circumstances, Life Insurance under the Supplementary Death Benefit can continue. Consult Your Pension Plan for related details.

Coverage for Disability Insurance (DI) and Long Term Disability (LTD) is not available after retirement.

If you are retiring from public service employment, you have a number of important financial decisions to make concerning your retirement benefits. You may wish to seek advice from a financial advisor. If you do, you should print and take with you copies of information from:

• Your Pension Plan; and
• Insurance Benefits Programs.

You may also want to check out the Canada Pension Plan (CPP), Quebec Pension Plan, and the Old Age Security web sites to see if you are entitled to benefits.

For more details on retirement, contact your Compensation Advisor.