Information Sheets


SHEPP has prepared a number of information sheets to address important topics in more detail. For additional information on any topic please contact our office.

Change of Employment
If your employment circumstance changes or terminates, the impact on your pension and the options available to you will depend on the type of circumstance (i.e. reduced hours, layoff, termination or retirement) and the benefit you are eligible for on that date.

 

Commuted Value Transfer
If you are a vested Plan member and are not yet eligible for an unreduced pension benefit when you terminate all SHEPP-eligible employment, you may elect to transfer the commuted value of your vested pension to a Locked-in Retirement Account (LIRA) or another Registered Pension Plan (RPP).

 

Current Service Purchase (Leave of Absence)
If you are planning to take a Leave of Absence without pay, you may consider making monthly contributions (both the member and employer required contributions) to SHEPP to ensure your contributory earnings, credited service and full-time equivalent service continue to accumulate during your leave.

 

Designation of a Beneficiary (Pre-Retirement)
If you pass away before retiring, your designated beneficiary may be entitled to a SHEPP death benefit. It is important you designate a beneficiary and understand beneficiary entitlements and options under the Plan.

 

Designation of a Beneficiary (Post-Retirement)
If you pass away after retiring, your designated beneficiary is only entitled to a SHEPP death benefit if your spouse has predeceased you and you chose a form of pension with a guarantee which has not yet expired. It is important to keep your list of designated beneficiaries updated to ensure your SHEPP death benefit is disbursed according to your wishes.

 

Disability
Strict rules are in place regarding your pension during periods of disability. If you are receiving benefits from a 3sHealth disability income plan or you have been granted SHEPP approved-disability status, you will continue to earn credited service and build your pension.

 

Plan At-A-Glance
The Plan At-A-Glance offers a quick explanation of the most important aspects of the Plan and it's provisions, including investments, contribution rates, retirement eligibility, and more.

 

Portability Agreement Transfer
You may be eligible to increase your SHEPP pension and qualify sooner for unreduced early retirement through a direct transfer of credited service and money from a Canadian registered pension plan of your former employer to SHEPP. Portability Agreement Transfer Procedure

 

Power of Attorney
Often included as part of an estate plan, a Power of Attorney allows you to plan ahead and choose who will handle your affairs if you are unable to do so.

 

Prior Service Purchase
If you have a period of employment with a SHEPP participating employer that is not presently credited under any registered pension plan, you may consider purchasing the prior service to increase your SHEPP pension and qualify sooner for unreduced early retirement. Prior Service Purchase Procedure

 

Retirement
Upon retirement, SHEPP provides you with a lifetime monthly pension determined by a formula based on your highest average contributory earnings and years of participation in the Plan (credited service). This means as your average contributory earnings and years of credited service grow, so does your pension.

 

Shortened Life Expectancy
Members who become terminally ill prior to retirement can apply to receive the commuted value of their pension benefit as a lump sum cash payment less the applicable income tax.

 

Spousal Relationship Breakdown
A SHEPP pension falls within the definition of family property. Upon the breakdown of a spousal relationship, a calculation of the value of the SHEPP pension may be required for the purpose of establishing the value of the family property.

 

Termination of Employment
If you terminate employment and Plan Membership, your termination benefit and options depend on whether you are eligible at that time for an unreduced pension, and if not, your years of service. Following notification from your employer SHEPP will mail you a statement of your benefit and options.

 

Transfer Deficiency Holdbacks
Due to the Plan's solvency ratio, SHEPP is required to apply a holdback to certain termination benefits. Vested Plan members who terminate employment and active Plan membership, and choose to transfer out the commuted value of their pension benefit are subject to a transfer deficiency holdback.