If you are considering terminating your position and leaving the Federal Public Service, the following information will help you understand your pension options under your Public Service pension plan and eligibility rules under your insurance benefit plans.

You may want to know...

• What are your pension options upon leaving the Public Service?
• What are your options if you accept an employment opportunity outside of the Federal Public Service?
• How do you determine the value of your pension options?
• How do you make a pension benefit option?

What are your pension options upon leaving the Public Service?
Your options vary depending on your years of service, your age at the time of your departure and your reason for leaving.

If you have at least 2 years of pensionable service, you may be entitled to the following options:

• Transfer Value
• Deferred Annuity
• Annual Allowance
• Immediate Annuity

If you have less than 2 years of pensionable service, generally, you are only eligible for the following option:

• Return of Contributions

What are your options if you accept an employment opportunity outside of the Federal Public Service?
If you become employed outside of the Federal Public Service, you may be eligible to transfer all or part of your accrued pensionable service to another pension plan through a Pension Transfer Agreement regardless of the number of years of pensionable service that you have to your credit. Additional information can be found by consulting the Pension Portability Package.

How do you determine the value of your pension options?
Begin by looking at your most recent personal Pension and Insurance Benefits Statement, as it provides you with a summary of your entitlements and their approximate value. The Pension Calculator can also help you estimate your yearly and monthly pension based on the information you enter.

How do you make a pension benefit option?
To make your option, you must complete one of the following forms:

• Notice of Termination and Option for Benefit – Employees with Two or More Years of Pensionable Service (PDF 423KB, Help for PDF file)
• Notice of Termination and Option for Benefit – Employees with Less than Two Years of Pensionable Service (PDF 2.21MB, Help for PDF file)

Once you have completed the necessary form, you must submit it to your Compensation Advisor and forward it to the Public Service Pension Centre within one year from the day you leave the Public Service. If you do not make your option during this period, then you are considered to have chosen a deferred annuity payable at age 60. Subsequently, you may choose to receive an annual allowance at any time between age 50 and 60.