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Planning for Life Events |
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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. Download Change of Employment Information Sheet. |
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Commuted Value Transfer If you are a vested Plan member, are not yet eligible for an unreduced pension benefit, and are under the age of 55 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). Download Commuted Value Transfer Information Sheet. |
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Deferred Pensions If upon termination from all SHEPP employers you elected to receive a deferred pension, you are entitled to begin receiving monthly pension payments from SHEPP at age 65. However, there are other options for receiving your deferred pension. Download Deferred Pensions Information Sheet. |
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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. Download Disability Information Sheet. |
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Disability T4A Each February, T4A slips are mailed to members who were approved for disability income plan benefits for all or part of the previous year. Please keep all T4A slips you receive from SHEPP for your records. You will need the pension adjustment (PA) information found on your T4A when you file your annual income tax return. Download Disability T4A Information Sheet. |
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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. Download Power of Attorney Information Sheet. |
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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. Download Shortened Life Expectancy Information Sheet. |
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Spousal Relationship Breakdown (Pre-Retirement) 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. Download Spousal Relationship Breakdown (Pre-Retirement) Information Sheet. |
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Spousal Relationship Breakdown (Post-Retirement) Upon the breakdown of a spousal relationship post-retirement, an inter-spousal agreement or court order must be submitted for dividing a SHEPP pension or to remove a spouse's entitlement to survivor benefits. Download Spousal Relationship Breakdown (Post-Retirement) Information Sheet. |
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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. Download Termination of Employment Information Sheet. |
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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. Download Transfer Deficiency Holdbacks Information Sheet. |