Flexible Pension Options

The Teachers’ Pension Board approved a change in the Teachers’ Pension Plan Regulations to allow for the Flexible Pension Option to continue for the next four school years, 2014-2015, 2015-2016, 2016-2017 and 2017-2018.

D. Flexible Pension Options

On February 23, 2006, the NS Teachers' Pension Partners' Board gave formal approval to renew the Option for the school year 2006-07 that allows Part-Time Employment -Full Pension Credit as described below. This option was renewed for 2007-08 and again for a further three years (2008-2009, 2009-2010 and 2010-2011).  The option has been approved to continue for the next four school years, 2014-2015, 2015-2016, 2016-2017 and 2017-2018.

In order to participate in this Option, you must contact your Human Resources Department to make arrangements to reduce your work assignment. Please check your Regional, APSEA or Community College Collective Agreement to determine deadlines for applying for such leave. Please note that the maximum participation in the Option is two (2) years during your career, so if you have participated already for two years, you would not be eligible.

Once you have obtained the employer's approval, you must contact the Nova Scotia Pension Services Corporation to register. The web site is www.nstpp.ca or call 902-424-5070 (tollfree 1-800-774-5070).

Description

Part-Time Employment - Possible Full-Pension Credit

This options allows a plan member who accepts an assignment working less time than the immediately prior year to contribute to the Plan based on the equivalent salary for the previous year's position and to accrue the same amount of pensionable service as the previous year. The employer will match the contributions made by the teacher. In accordance with Canada Revenue Agency (CRA) Regulations, the individual must have worked for the 36 months before the period of reduced service and the salary in the period of reduced service must be less than the salary in the previous year.

Members who are already working part-time (or job-sharing) prior to the school year they wish to use this Option, should note that they must work less than the previous year and they can only receive pension credit equal to what they had in the previous year. For example, a member working 50% in the current academic year must work less than 50% in the next academic year and receives only 50% of a pension credit.

The period of reduced employment may begin or end at any time during the academic year. Any member, regardless of age or service, may participate in this Option.

Note: If salary is not paid over 26 pay periods, when electing this Option, there may be implications for insurance coverages which may require the member to obtain an Associate Membership for insurance purposes. For further information on this, contact the NSTU Member Services department.

Click here to view memorandum on this change.


For further information contact

Member Services Department:  902-477-5621 or toll free 1-(800)-565-6788

email:  pension@nstu.ca