Form of Pension. The normal form of pension for a member without a spouse on the date of a retirement is a pension for that member’s lifetime, guaranteed for 10 years from the date it begins. The normal form of pension for a member with a qualifying spouse on the date of retirement is a 50% joint and survivor pension. This means that upon the death of a member, a 50% joint and survivor pension will be paid to an eligible spouse at no cost. The Pension Benefits Act requires that a 60% joint and survivor pension be provided. This, along with other optional forms of pension, will also be available for an actuarial cost under the UPP.
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Sources: Milestones and Key Terms Summary Agreement, Milestones and Key Terms Summary Agreement