The NSTU publishes the Teachers' Pension Plan and Retirement Tips booklet as a guide to our members.
Below you will find an example of the type of information contained in the booklet:
- Decide when you wish to retire.
- (a) Check with the Nova Scotia Pension Services Corporation to ensure that you are indeed eligible for retirement on the date you have chosen to retire.
(b) Have the Nova Scotia Pension Services Corporation provide you with an estimate of how much your pension will be, both before and after integration.
(c) Ask the Nova Scotia Pension Services Corporation to send you an application form. (If leaving at the end of June, request this in January or February.)NB. Always try to return your application at least three (3) months in advance of your retirement date. (eg. If retiring at the end of June, apply by April 1st if possible.)
(d) Be sure to provide a copy of your birth certificate with your application and, if married, a copy of a marriage certificate or other evidence of relationship and copy of spouse’s birth certificate.
- Decide whether you are interested in the Early Retirement Incentive Plan (see Appendix A in the Teachers’ Provincial Agreement or Appendix F in this booklet). You must apply to your School Board by no later than December 31st of the school year in which you plan to retire if leaving at end of school year.
- Notify your school board by April 1st in writing of your intent to retire:
(a) specify the date that your resignation will be effective;
(b) request that your Service Award/Retirement Award be transferred to an RRSP (see page 29) or give other instructions to the Board as to the payment of this Award. (Community College instructors must let the College know in writing at least six (6) weeks in advance of the effective date of the resignation.)
- If placing your Service Award/Retirement Award in an RRSP, it is important to make arrangements with a financial institution so as to advise the Nova Scotia Pension Services Corporation. The bank, trust company, credit union, investment firm, etc. will then undertake the necessary steps so that the amount is deposited directly into an RRSP without going through your hands. (See page 33 and Appendix E.)
- You are able to use your Service Award/Retirement Award to purchase pension service. Contact the Nova Scotia Pension Services Corporation for the appropriate Canada Revenue Agency forms and the procedures to access the funds earlier.
- If you have not been contacted by Johnson Inc. by at least one (1) month before your retirement date, call Johnson Inc. to make arrangements to continue your insurance benefits.
- Apply for your CPP (can apply at age 60 for a reduced CPP) and apply for your OAS at least 6 months before age 65 (or up to age 67 depending on date of birth).
- Enjoy your retirement!
Contacts for further information:
Nova Scotia Teachers Union
Phone: 477-5621 or toll-free 1-800-565-6788