Your 2017 Annual Pension Statement is now available on Employee Self-Service (ESS).
Your statement summarizes the Pension Plan benefits you have earned to June 30, 2017. Remember that statements are now provided exclusively online. Copies of all statements provided since 2012 are available on Employee Self-Service (ESS).
How to View Your Pension Statement
Please note that if you have not previously submitted a response to the University’s Employment Equity Survey, you will be prompted to do so when you log in to Employee Self-Service.
To view your pension statement(s) please following these steps:
- Log in to Employee Self-Service
- Select the My HR Self-Service tab to enter the Employee Self-Service Welcome page
- A Security Question will come up
- Enter your answer to the security question(s)
- Choose Pay and Benefits Information under the Map tab
- Under the Pensions heading, select Pension Statement
- Select the pension statement you want to view by year
Please review the spousal information section on your statement each year.
Starting in 2015, the Statement includes a section that details the spousal information we have on file for you.
Confirm Spousal Information
Having the correct information about your spouse on file is vitally important. By law, your spouse is entitled to benefits from the Pension Plan when you retire or die (unless waived by completing the approved forms). Having incorrect or out-of-date information can delay the payment of benefits or may mean benefits are not paid according to your wishes.
Take a careful look at the person listed as your spouse on this year’s statement. If the person listed is no longer your spouse or if you are living separate and apart from this person, please contact your Human Resources office to update your information.
Who is an Eligible Spouse?
Contact your Human Resources office if you have an eligible spouse who is not listed on your pension statement. This may be the case, particularly if you have been in a common-law relationship for three (3) or more years.
For the purpose of your Pension Plan benefit, your eligible spouse is the person who:
- Is legally married to you, provided you are not living separate and apart; or
- Is not legally married to you and has been living with you in a conjugal relationship continuously for a period of not less than three (3) years; or
- Is in a relationship with you of some permanence, if you both are the natural or adoptive parents of a child, both as defined in the Family Law Act (Ontario).
Commuted Value and What It Tells You
The commuted (or present) value of your defined benefit pension is the amount of money that would need to be invested today, earning an assumed rate of interest between now and retirement, to provide you with your pension earned to date.
The commuted value of your pension will change as the assumption about interest rates change. A lower commuted value invested at a higher interest rate will provide you with the same benefit at retirement as a higher commuted value invested at a lower interest rate.
Because of today’s low interest rates, the commuted value on your 2017 pension statement may seem quite high. Keep in mind that due to the volatile nature of interest rates and the way this value is calculated, your commuted value could change significantly year-over-year. This is not a result of ‘losing money,’ but rather a function of the interest rate within your commuted value calculation.
Your commuted value may also be affected by whether you are eligible for an immediate reduced or unreduced early retirement pension. When you first become eligible for a reduced pension (June 30 following your 55th birthday), you may see a drop in your commuted value since you are eligible to commence a significantly reduced pension immediately. When you reach your unreduced retirement date (at least 60 years of age, with varying service requirements based on your employee group) you may see your commuted value increase, as you are now eligible for an unreduced pension. Once you reach your Normal Retirement Date, you will no longer see a commuted value, as you no longer have the option to take the commuted value out of the plan at termination.
Have a question?
Visit the Your Benefits Resources® website for more information about your Pension Plan benefits and to access to the online pension estimator.