Flexible Pension Options

On April 10, 2018, formal approval was given to make the Part Time Employment Full Pension Credit, as described below, a permanent option under the Teachers’ Pension Plan.

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 advise the Nova Scotia Pension Services Corporation of your desire to participate in the Flexible Pension Option by completing the Teacher Status Advice (Flexible Pension Options) form.  

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.


For further information contact

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

email:  pension@nstu.ca