{"id":20565,"date":"2020-03-04T16:00:23","date_gmt":"2020-03-04T21:00:23","guid":{"rendered":"https:\/\/carleton.ca\/hr\/?page_id=20565"},"modified":"2026-01-07T12:11:56","modified_gmt":"2026-01-07T17:11:56","slug":"planning-your-retirement","status":"publish","type":"page","link":"https:\/\/carleton.ca\/hr\/pension\/planning-your-retirement\/","title":{"rendered":"Planning Your Retirement"},"content":{"rendered":"\n<section class=\"w-screen px-6 cu-section cu-section--white ml-offset-center md:px-8 lg:px-14\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n            <div class=\"cu-textmedia flex flex-col lg:flex-row mx-auto gap-6 md:gap-10 my-6 md:my-12 first:mt-0 max-w-5xl\">\n        <div class=\"justify-start cu-textmedia-content cu-prose-first-last\" style=\"flex: 0 0 100%;\">\n            <header class=\"font-light prose-xl cu-pageheader md:prose-2xl cu-component-updated cu-prose-first-last\">\n                                    <h1 class=\"cu-prose-first-last font-semibold !mt-2 mb-4 md:mb-6 relative after:absolute after:h-px after:bottom-0 after:bg-cu-red after:left-px text-3xl md:text-4xl lg:text-5xl lg:leading-[3.5rem] pb-5 after:w-10 text-cu-black-700 not-prose\">\n                        Planning Your Retirement\n                    <\/h1>\n                \n                                \n                            <\/header>\n\n                    <\/div>\n\n            <\/div>\n\n    <\/div>\n<\/section>\n\n\n\n<p>Familiarize yourself with retirement and pension information on our Receiving your Pension section below\u2013 implications of retiring early or postponing retirement are discussed.<\/p>\n\n\n\n<p>If you are planning on retiring in the next two to five years, please use the Retirement Planner to estimate your pension for various projected pension commencement dates.<\/p>\n\n\n\n<p>If you are planning to retire by July 1 in the current year, there are a number of important arrangements that you will need to make over the next few months. <\/p>\n\n\n\n<h2 id=\"retirement-planner-pension-estimates\" class=\"wp-block-heading\">Retirement Planner <strong>\u2013 Pension Estimates<\/strong><\/h2>\n\n\n\n<p>If you are currently employed by Carleton and joined the Carleton University Retirement Plan prior to July 1st last year, you can access the <a href=\"https:\/\/www.carleton-ret.ca\/\" target=\"_blank\" rel=\"noopener noreferrer\">Carleton Retirement Planner<\/a> to obtain a pension estimate. For assistance with this tool please refer to our Retirement Planner User Guide.<\/p>\n\n\n\n    \n\n\n                                                                                                                                                                                                                                                                                                                                                        \n\n\n\n<section class=\"w-screen px-6 cu-section cu-section--white cu-section--cards ml-offset-center md:px-8 lg:px-14\" data-attributes=\"&#x7B;&quot;numberOfPosts&quot;&#x3A;2,&quot;blockType&quot;&#x3A;&quot;cards&quot;,&quot;contentType&quot;&#x3A;&quot;cu_file&quot;,&quot;currentPage&quot;&#x3A;1,&quot;blockBackground&quot;&#x3A;&quot;white&quot;,&quot;numberOfColumns&quot;&#x3A;3,&quot;showAllPosts&quot;&#x3A;false,&quot;order&quot;&#x3A;&quot;ASC&quot;,&quot;orderBy&quot;&#x3A;&quot;title&quot;,&quot;moreButton&quot;&#x3A;&quot;none&quot;,&quot;showFilter&quot;&#x3A;false,&quot;taxName&quot;&#x3A;&quot;cu_file_type&quot;,&quot;categories&quot;&#x3A;&quot;229&quot;,&quot;tags&quot;&#x3A;&quot;&quot;&#x7D;\" data-page=\"2\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n                \n                \n        <div class=\"cu-loading hidden text-center mx-auto h-6 w-6 animate-spin rounded-full border-4 border-solid border-current border-r-transparent align-[-0.125em] motion-reduce:animate-[spin_1.5s_linear_infinite]\" role=\"status\">\n    <span class=\"!absolute !-m-px !h-px !w-px !overflow-hidden !whitespace-nowrap !border-0 !p-0 ![clip:rect(0,0,0,0)]\">\n        Loading&#8230;\n    <\/span>\n<\/div>\n\n                                        \n        <p class=\"cu-no-posts hidden\">\n            No\n            file\n\n            posts are available.\n        <\/p>\n\n                <div class=\"cu-column cu-component not-contained mx-auto grid max-w-5xl md:grid-cols-3 gap-6 md:gap-10\">\n                        \n                    \n    \n    \n<div class=\"not-prose cu-card rounded-lg @container md:max-w-lg flex flex-col gap-3 bg-white shadow-lg shadow-cu-black-100 \">\n    <figure class=\"flex items-center justify-center w-10 h-10 mx-6 mt-6 mb-2 overflow-hidden \">\n        <img decoding=\"async\" src=\"https:\/\/cdn.carleton.ca\/rds\/assets\/font-awesome\/file-pdf.svg\" alt=\"An icon of a saxophone\" class=\"cu-icon-thumb \" style=\"filter: invert(20%) sepia(50%) saturate(7177%) hue-rotate(348deg) brightness(91%) contrast(100%);\"><\/figure>\n\n        \n            <header class=\"flex flex-col gap-3  px-6 text-left first:mt-6\">\n                \n        \n    \n    <h2 class=\"line-clamp-3 text-lg font-semibold text-cu-black @sm:md:text-xl leading-6 @sm:md:leading-8\">\n        Retirement Planner Log In Guide\n    <\/h2>\n\n            <\/header>\n\n\n        <div class=\"flex flex-col px-6 text-left\">\n            <p class=\"text-base text-cu-black-700\">\n                \n            <\/p>\n        <\/div>\n        <footer class=\"px-6 pt-3 mt-auto md:pt-5\">\n            <a href=\"https:\/\/carleton.ca\/hr\/wp-content\/uploads\/sites\/16\/2025\/06\/Carleton-Retirement-Planner-LOG-IN-Guide-v1.1.pdf\" class=\"cu-button cu-button--red cu-button--small\">\n                Download\n                <span class=\"sr-only\">\n                    Retirement Planner Log In Guide\n                <\/span>\n            <\/a>\n        <\/footer>\n    <\/div>\n    \n            \n                    \n    \n    \n<div class=\"not-prose cu-card rounded-lg @container md:max-w-lg flex flex-col gap-3 bg-white shadow-lg shadow-cu-black-100 \">\n    <figure class=\"flex items-center justify-center w-10 h-10 mx-6 mt-6 mb-2 overflow-hidden \">\n        <img decoding=\"async\" src=\"https:\/\/cdn.carleton.ca\/rds\/assets\/font-awesome\/file-pdf.svg\" alt=\"An icon of a saxophone\" class=\"cu-icon-thumb \" style=\"filter: invert(20%) sepia(50%) saturate(7177%) hue-rotate(348deg) brightness(91%) contrast(100%);\"><\/figure>\n\n        \n            <header class=\"flex flex-col gap-3  px-6 text-left first:mt-6\">\n                \n        \n    \n    <h2 class=\"line-clamp-3 text-lg font-semibold text-cu-black @sm:md:text-xl leading-6 @sm:md:leading-8\">\n        Retirement Planner User Guide\n    <\/h2>\n\n            <\/header>\n\n\n        <div class=\"flex flex-col px-6 text-left\">\n            <p class=\"text-base text-cu-black-700\">\n                \n            <\/p>\n        <\/div>\n        <footer class=\"px-6 pt-3 mt-auto md:pt-5\">\n            <a href=\"https:\/\/carleton.ca\/hr\/wp-content\/uploads\/sites\/16\/2017\/01\/Carleton-Retirement-Planner-Guide-2025.pdf\" class=\"cu-button cu-button--red cu-button--small\">\n                Download\n                <span class=\"sr-only\">\n                    Retirement Planner User Guide\n                <\/span>\n            <\/a>\n        <\/footer>\n    <\/div>\n    \n                    \n        <\/div>\n        \n                                    \n    <\/div>\n<\/section>\n\n\n\n<h2 id=\"retirement-checklist\" class=\"wp-block-heading\">Retirement Checklist<\/h2>\n\n\n\n<p>It is a good idea to start making arrangements to retire about six months before your retirement date. This checklist covers what you need to do in the months before your planned retirement date.<\/p>\n\n\n\n    \n\n\n                                                                                                                                                                                                                                                                                                                                                        \n\n\n\n<section class=\"w-screen px-6 cu-section cu-section--white cu-section--cards ml-offset-center md:px-8 lg:px-14\" data-attributes=\"&#x7B;&quot;blockType&quot;&#x3A;&quot;cards&quot;,&quot;contentType&quot;&#x3A;&quot;cu_file&quot;,&quot;currentPage&quot;&#x3A;1,&quot;blockBackground&quot;&#x3A;&quot;white&quot;,&quot;numberOfColumns&quot;&#x3A;3,&quot;numberOfPosts&quot;&#x3A;6,&quot;showAllPosts&quot;&#x3A;false,&quot;order&quot;&#x3A;&quot;ASC&quot;,&quot;orderBy&quot;&#x3A;&quot;title&quot;,&quot;moreButton&quot;&#x3A;&quot;none&quot;,&quot;showFilter&quot;&#x3A;false,&quot;taxName&quot;&#x3A;&quot;cu_file_type&quot;,&quot;categories&quot;&#x3A;&quot;227&quot;,&quot;tags&quot;&#x3A;&quot;&quot;&#x7D;\" data-page=\"2\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n                \n                \n        <div class=\"cu-loading hidden text-center mx-auto h-6 w-6 animate-spin rounded-full border-4 border-solid border-current border-r-transparent align-[-0.125em] motion-reduce:animate-[spin_1.5s_linear_infinite]\" role=\"status\">\n    <span class=\"!absolute !-m-px !h-px !w-px !overflow-hidden !whitespace-nowrap !border-0 !p-0 ![clip:rect(0,0,0,0)]\">\n        Loading&#8230;\n    <\/span>\n<\/div>\n\n                                        \n        <p class=\"cu-no-posts hidden\">\n            No\n            file\n\n            posts are available.\n        <\/p>\n\n                <div class=\"cu-column cu-component not-contained mx-auto grid max-w-5xl md:grid-cols-3 gap-6 md:gap-10\">\n                        \n                    \n    \n    \n<div class=\"not-prose cu-card rounded-lg @container md:max-w-lg flex flex-col gap-3 bg-white shadow-lg shadow-cu-black-100 \">\n    <figure class=\"flex items-center justify-center w-10 h-10 mx-6 mt-6 mb-2 overflow-hidden \">\n        <img decoding=\"async\" src=\"https:\/\/cdn.carleton.ca\/rds\/assets\/font-awesome\/external-link.svg\" alt=\"An icon of a saxophone\" class=\"cu-icon-thumb \" style=\"filter: invert(20%) sepia(50%) saturate(7177%) hue-rotate(348deg) brightness(91%) contrast(100%);\"><\/figure>\n\n        \n            <header class=\"flex flex-col gap-3  px-6 text-left first:mt-6\">\n                \n        \n    \n    <h2 class=\"line-clamp-3 text-lg font-semibold text-cu-black @sm:md:text-xl leading-6 @sm:md:leading-8\">\n        Retirement Checklist\n    <\/h2>\n\n            <\/header>\n\n\n        <div class=\"flex flex-col px-6 text-left\">\n            <p class=\"text-base text-cu-black-700\">\n                \n            <\/p>\n        <\/div>\n        <footer class=\"px-6 pt-3 mt-auto md:pt-5\">\n            <a href=\"https:\/\/carleton.ca\/hr\/wp-content\/uploads\/sites\/16\/2020\/08\/Retirement-Checklist-v2.12-2026.pdf\" class=\"cu-button cu-button--red cu-button--small\">\n                Download\n                <span class=\"sr-only\">\n                    Retirement Checklist\n                <\/span>\n            <\/a>\n        <\/footer>\n    <\/div>\n    \n                    \n        <\/div>\n        \n                                    \n    <\/div>\n<\/section>\n\n\n\n<h2 id=\"receiving-your-pension\" class=\"wp-block-heading\">Receiving Your Pension<\/h2>\n\n\n\n<p>You will receive your pension benefit, commencing with the first payment at the end of the month of your retirement and payable in <strong>monthly<\/strong> installments for your remaining lifetime, in an amount equal to the greater of your Money Purchase Pension or Minimum Guarantee Pension plus your Pension from Additional Voluntary Contributions (if applicable).<\/p>\n\n\n\n<p>Pensions are directly deposited into the account that you specify at retirement.<\/p>\n\n\n\n<section class=\"w-screen px-6 cu-section cu-section--white ml-offset-center md:px-8 lg:px-14\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n        \n            \n\n\n<header class=\"mb-6 cu-pageheader cu-component-updated md:mb-12\">\n    <h2 id=\"retirement-types\" class=\"cu-prose-first-last font-semibold !mt-2 mb-4 md:mb-6 relative text-2xl md:text-3xl lg:text-4xl lg:leading-[3rem] pb-4 after:w-8 after:absolute after:h-px after:bottom-0 after:bg-cu-red after:left-px\">\n        Retirement Types\n    <\/h2>\n\n    <\/header>\n    \n    <dl class=\"cu-description cu-component-updated\">\n        \n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Normal Retirement\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>Your normal retirement date (NRD) is the first day of July nearest your 65th birthday.<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Early Retirement\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>Early retirement is permitted any time after you reach 55 or ten years prior to normal retirement.<br>If you retire early, you will receive a pension in an amount equal to the greater of your Money Purchase Pension or your Minimum Guarantee Pension plus your pension from <a href=\"https:\/\/carleton.ca\/hr\/pension\/retirement-plan-information\/#sect2.3\">Additional Voluntary Contributions<\/a> (if applicable).<br>Pensions at early retirement are reduced to reflect the fact that you are retiring before your Normal Retirement Date.<\/p>\n\n\n\n<p><br>The amount of your Money Purchase Pension will be less than at normal retirement because you and the University would have contributed for a fewer number of years.<br>Therefore, your account would have had less time to grow in value, and you will collect your pension for a longer period than if you retired later.<\/p>\n\n\n\n<p><br><strong class=\"myprefix-text-bold\">Minimum Pension<\/strong><br>The Minimum Guarantee Pension will be based on your earnings and participation to your early retirement date and reduced as follows:<br><\/p>\n\n\n\n<p>For early retirements after July 1, 2012, the Minimum Guarantee pension will be reduced by the actuarial equivalent factors which will range between 5% and 7% <strong>for each year<\/strong> prior to your Normal Retirement Date. These factors will apply to current members born after 1957 and to new members joining on or after July 1, 2012.<br>For plan members who were eligible to retire on July 1, 2012 (i.e. age 55 or within 10 years of your normal retirement date), the Minimum Guarantee pension will be reduced by one-quarter (0.25) of one percent <strong>for each month <\/strong>of early retirement prior to your Normal Retirement Date. This applies regardless of the date on which you actually choose to retire.<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Postponed Retirement\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>You may remain in the service of the University following your <strong><em>normal retirement date<\/em><\/strong>, however you may in no event postpone the commencement of your pension beyond December 1 of the year in which you reach age 71.<br><\/p>\n\n\n\n<p><strong class=\"myprefix-text-bold\">Contributions<\/strong><br>If you postpone retirement, you have a choice of continuing your required contributions or stopping contributions. At actual retirement, you will receive a pension in an amount equal to the greater of your Money Purchase Pension or your Minimum Guarantee Pension plus your Pension from Voluntary Contributions (if applicable).<br><\/p>\n\n\n\n<p><strong class=\"myprefix-text-bold\">Minimum Pension<\/strong><br>The amount of your minimum pension will depend on whether or not you continued to contribute to the plan after normal retirement. If you continued to contribute, your Minimum Guarantee Pension will be based on your participation in the plan and earnings up to your actual retirement date.<br>Other benefits such as Life Insurance and Long Term Disability may reduce or cease at your NRD.<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <\/dl>\n\n\n    <\/div>\n<\/section>\n\n\n\n<section class=\"w-screen px-6 cu-section cu-section--white ml-offset-center md:px-8 lg:px-14\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n        \n            \n\n\n<header class=\"mb-6 cu-pageheader cu-component-updated md:mb-12\">\n    <h2 id=\"types-of-pensions\" class=\"cu-prose-first-last font-semibold !mt-2 mb-4 md:mb-6 relative text-2xl md:text-3xl lg:text-4xl lg:leading-[3rem] pb-4 after:w-8 after:absolute after:h-px after:bottom-0 after:bg-cu-red after:left-px\">\n        Types of Pensions\n    <\/h2>\n\n    <\/header>\n    \n    <dl class=\"cu-description cu-component-updated\">\n        \n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Money Purchase Pension\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>This pension is calculated from the total balance to your credit in your Money Purchase Component Account, based on the actuarial tables in force for plan purposes at that time.<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Minimum Guarantee Pension\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>The amount of your Minimum Guarantee pension benefit will be calculated using the following formula:<br><em>Minimum Guarantee pension =<\/em><br><em>Years of Credited Service<\/em><br><em>\u00d7 [The Sum of 1.29% of the average of your highest 5 years\u2019 earnings up to the 5-year average of the YMPE<\/em><br><em>+ 2% of the average of your highest 5 years\u2019 earnings in excess of the 5-year average of the YMPE]<\/em><br>Example<br>Assumptions<br>Average of 5 highest Years\u2019 Earnings = $80,000<br>Average of 5 highest Years\u2019 YMPE = $50,482<br>Credited Service = 35 Years<br>Calculation<br>Minimum Guarantee Pension = 35 \u00d7 [(1.29% \u00d7 $50,482) + 2% \u00d7 ($80,000 \u221250,482)] = $43,455.22<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Pension from Additional Voluntary Contributions\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>You will receive an additional amount of pension, commencing at the end of the month of your retirement and payable in monthly instalments for your remaining lifetime.<\/p>\n\n\n\n<p>Instalments are provided from the balance in your Additional Voluntary Contributions (AVC) Fund and based on the actuarial tables in force for plan purposes at the time.<\/p>\n\n\n\n<p>Additional Voluntary Contributions can be withdrawn in cash, transferred to an RRSP or RRIF, or left in the Plan. However, any special transferred contributions which were subject to \u201clocking in\u201d provisions must remain locked-in. Cash withdrawals are subject to taxation.<\/p>\n\n\n\n<p><\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <\/dl>\n\n\n    <\/div>\n<\/section>\n\n\n\n<section class=\"w-screen px-6 cu-section cu-section--white ml-offset-center md:px-8 lg:px-14\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n        \n            \n\n\n<header class=\"mb-6 cu-pageheader cu-component-updated md:mb-12\">\n    <h2 id=\"pension-options\" class=\"cu-prose-first-last font-semibold !mt-2 mb-4 md:mb-6 relative text-2xl md:text-3xl lg:text-4xl lg:leading-[3rem] pb-4 after:w-8 after:absolute after:h-px after:bottom-0 after:bg-cu-red after:left-px\">\n        Pension Options\n    <\/h2>\n\n    <\/header>\n    \n    <dl class=\"cu-description cu-component-updated\">\n        \n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Normal Form of Pension\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>The normal form of pension is payable for your lifetime and guaranteed for a minimum of five (5) years. If you die after your retirement but before receiving 60 monthly payments, the balance of the guaranteed payments will be paid to your beneficiary.<\/p>\n\n\n\n<p>There are many alternative forms of pension payments available. You may choose one of these other forms by giving written notice to the University any time prior to the commencement of your pension. The following are some examples of these alternatives:<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Life Guaranteed \u2013 10 or 15 Years\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>This pension is payable for your lifetime, except that a minimum of 120 or 180 monthly payments are guaranteed. Because more payments are guaranteed, the amount of pension under this form will be less than the amount of a normal pension.<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Life Only\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>This pension is payable for your lifetime and stops on your month of death regardless of the number of payments that have been made.<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <div class=\"grid gap-2 pt-4 pb-3 border-b border-cu-black-100 md:pt-6 md:pb-5 last:border-none first:pt-0 first:md:pt-0 grid-row\">\n        <dt class=\"font-semibold not-prose\">\n            Joint Life Survivorship\n        <\/dt>\n        <dd class=\"p-0 mt-0 cu-prose cu-prose-first-last md:p-0 md:mt-0\">\n            \n\n<p>This form of pension is payable for your lifetime with all or part of your benefit continuing to your surviving spouse after your death.<br>The amount of monthly pension under this option is less than the normal form because the pension is paid over the lifetimes of two people, and it may vary considerably from the basic pension depending on the age of your spouse.<br>Definition of Spouse and Legislation<br>Pension legislation guarantees survivor benefits to spouses of members of the Retirement Plan. Survivor benefits include the pre-retirement death benefit and the joint and survivor pension of at least 60% of the member\u2019s pension should the member predecease the spouse. The definition of spouse in the legislation is as follows:<br>\u201cSpouse\u201d means a person of the same or the opposite sex, who at the date of determination:<br>is married to the member and is not living apart from the member, or<br>is not married to the member but has been living with the member in a conjugal relationship:<br>continuously for a period of not less than three years, or<br>in a relationship of some permanence, if they are the parents of a child as set out in section 4 of the Children\u2019s Law Reform Act<br>A member who has a spouse at retirement must receive the pension in a form, which continues at least 60 percent of the initial amount to the surviving spouse, unless the spouse waives the right to pension in writing. The amount of the initial pension will be actuarially adjusted so that its value is the same as the value of the pension under the normal form.<br>If both spouses agree in writing using the prescribed form within 12 months immediately preceding the pension commencement, the pension may be paid in another form.<\/p>\n\n\n        <\/dd>\n    <\/div>\n\n\n    <\/dl>\n\n\n    <\/div>\n<\/section>\n\n\n\n<h2 id=\"adjustment-to-pension-after-retirement\" class=\"wp-block-heading\">Adjustment to Pension after Retirement<\/h2>\n\n\n\n<p>After you retire, your pension will be adjusted each year based on the average investment experience of the Fund for that year and the 3 preceding years less 6%.<\/p>\n\n\n\n<p>The investment experience for any pre-retirement year that is included in the formula is deemed to be 6%. Adjustments can produce a reduction as well as an increase in your pension. However, the portion of your pension that relates to pre-July 1, 2003 pension credits and contributions will not reduce.<\/p>\n\n\n\n<h2 id=\"historical-pension-fund-interest-rates\" class=\"wp-block-heading\">Historical Pension Fund Interest Rates<\/h2>\n\n\n\n    \n\n\n                                                                                                                                                                                                                                                                                                                                                        \n\n\n\n<section class=\"w-screen px-6 cu-section cu-section--white cu-section--cards ml-offset-center md:px-8 lg:px-14\" data-attributes=\"&#x7B;&quot;blockType&quot;&#x3A;&quot;cards&quot;,&quot;contentType&quot;&#x3A;&quot;cu_file&quot;,&quot;currentPage&quot;&#x3A;1,&quot;blockBackground&quot;&#x3A;&quot;white&quot;,&quot;numberOfColumns&quot;&#x3A;3,&quot;numberOfPosts&quot;&#x3A;6,&quot;showAllPosts&quot;&#x3A;false,&quot;order&quot;&#x3A;&quot;ASC&quot;,&quot;orderBy&quot;&#x3A;&quot;title&quot;,&quot;moreButton&quot;&#x3A;&quot;none&quot;,&quot;showFilter&quot;&#x3A;false,&quot;taxName&quot;&#x3A;&quot;cu_file_type&quot;,&quot;categories&quot;&#x3A;&quot;228&quot;,&quot;tags&quot;&#x3A;&quot;&quot;&#x7D;\" data-page=\"2\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n                \n                \n        <div class=\"cu-loading hidden text-center mx-auto h-6 w-6 animate-spin rounded-full border-4 border-solid border-current border-r-transparent align-[-0.125em] motion-reduce:animate-[spin_1.5s_linear_infinite]\" role=\"status\">\n    <span class=\"!absolute !-m-px !h-px !w-px !overflow-hidden !whitespace-nowrap !border-0 !p-0 ![clip:rect(0,0,0,0)]\">\n        Loading&#8230;\n    <\/span>\n<\/div>\n\n                                        \n        <p class=\"cu-no-posts hidden\">\n            No\n            file\n\n            posts are available.\n        <\/p>\n\n                <div class=\"cu-column cu-component not-contained mx-auto grid max-w-5xl md:grid-cols-3 gap-6 md:gap-10\">\n                        \n                    \n    \n    \n<div class=\"not-prose cu-card rounded-lg @container md:max-w-lg flex flex-col gap-3 bg-white shadow-lg shadow-cu-black-100 \">\n    <figure class=\"flex items-center justify-center w-10 h-10 mx-6 mt-6 mb-2 overflow-hidden \">\n        <img decoding=\"async\" src=\"https:\/\/cdn.carleton.ca\/rds\/assets\/font-awesome\/file-pdf.svg\" alt=\"An icon of a saxophone\" class=\"cu-icon-thumb \" style=\"filter: invert(20%) sepia(50%) saturate(7177%) hue-rotate(348deg) brightness(91%) contrast(100%);\"><\/figure>\n\n        \n            <header class=\"flex flex-col gap-3  px-6 text-left first:mt-6\">\n                \n        \n    \n    <h2 class=\"line-clamp-3 text-lg font-semibold text-cu-black @sm:md:text-xl leading-6 @sm:md:leading-8\">\n        Historical Pension Fund Rates\n    <\/h2>\n\n            <\/header>\n\n\n        <div class=\"flex flex-col px-6 text-left\">\n            <p class=\"text-base text-cu-black-700\">\n                \n            <\/p>\n        <\/div>\n        <footer class=\"px-6 pt-3 mt-auto md:pt-5\">\n            <a href=\"https:\/\/carleton.ca\/hr\/wp-content\/uploads\/sites\/16\/2021\/04\/Historical-Pension-Fund-Rates-2024.pdf\" class=\"cu-button cu-button--red cu-button--small\">\n                Download\n                <span class=\"sr-only\">\n                    Historical Pension Fund Rates\n                <\/span>\n            <\/a>\n        <\/footer>\n    <\/div>\n    \n                    \n        <\/div>\n        \n                                    \n    <\/div>\n<\/section>\n\n\n\n<h2 id=\"retiring-allowance-professional-services\" class=\"wp-block-heading\">Retiring Allowance \u2013 Professional Services<\/h2>\n\n\n\n<p class=\"x_MsoNormal\">Professional Services includes the following groups: CUPE 2424, CUPE 910, CUPE 3778 and non-union<\/p>\n\n\n\n<p class=\"x_MsoNormal\">If you have thirteen (13) or more years of continuous service at retirement you may be eligible to receive a retiring allowance (you must be in receipt of an immediate Carleton pension), equal to one week\u2019s salary for each year of continuous service \u2013 subject to applicable maximum.<\/p>\n\n\n\n<p class=\"x_MsoNormal\">You can take a lump-sum payment, or transfer all or part of the retiring allowance to your Group RRSP with Canada Life, subject to limits.<\/p>\n\n\n\n<p class=\"x_MsoNormal\">Please contact&nbsp;<a href=\"mailto:HumanResources@Carleton.ca\" data-linkindex=\"1\">HumanResources@Carleton.ca<\/a> for more details.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Familiarize yourself with retirement and pension information on our Receiving your Pension section below\u2013 implications of retiring early or postponing retirement are discussed. If you are planning on retiring in the next two to five years, please use the Retirement Planner to estimate your pension for various projected pension commencement dates. If you are planning [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":20560,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_cu_dining_location_slug":"","footnotes":"","_links_to":"","_links_to_target":""},"cu_page_type":[206],"class_list":["post-20565","page","type-page","status-publish","hentry","cu_page_type-pension"],"acf":{"cu_post_thumbnail":""},"_links":{"self":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/pages\/20565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/comments?post=20565"}],"version-history":[{"count":4,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/pages\/20565\/revisions"}],"predecessor-version":[{"id":27214,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/pages\/20565\/revisions\/27214"}],"up":[{"embeddable":true,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/pages\/20560"}],"wp:attachment":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/media?parent=20565"}],"wp:term":[{"taxonomy":"cu_page_type","embeddable":true,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/cu_page_type?post=20565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}