Contributions to the Plan
Both you and your employer are required to contribute to the Plan. These contributions, along with the proceeds from investment returns, are used to fund the benefit you receive at retirement. The following table summarizes the current contribution rates to the Plan:
Member Group |
Member Contribution Rate |
Employer Contribution Rate |
Public Safety Occupations (PSO) |
12.56% |
12.56% |
All other members (Non-PSO) |
12.21% |
12.21% |
* Note that some longer service PSO members contribute at slightly higher rates than indicated in the table above, and some contribute at the Non-PSO rate.
Retirement Provisions
Your Normal Retirement Date is defined as age 65 if you have a Non-Public Safety Occupation and age 60 if you have a Public Safety Occupation. Plan members can retire at their Normal Retirement Date without a reduction applied to their benefit. However, depending on your situation, you may be able to retire from the Plan earlier than this date. To find out more about the Plan's various retirement dates and eligibility for early retirement, click here to visit the Retirement Eligibility Date section of the website.
Maximum Pension Amount
The maximum pension you may earn under the Plan is the defined benefit limit as specified under the Income Tax Act.
For members retiring in 2024, this limit is $3,610 per year of Credited Service. This would impact members retiring in 2024 with Best Average Earnings of $180,500 or higher in our Plan.
Similarly, the highest level of earnings on which a member would contribute to the pension plan is $180,500 for 2024. Beyond this level of earnings, no further contributions are remitted to the Plan.
Government Benefits
Upon retirement, you may be eligible for government-sponsored pension benefits in addition to your pension payable from the HRM Pension Plan. For information on the Canada Pension Plan (CPP), Old Age Security (OAS), and other government-sponsored programs; please contact Service Canada at 1-800-277-9914 or visit www.servicecanada.gc.ca.