NORMAL FORM OF PENSION PAYMENTS
The normal form of pension payments is a pension payable for your lifetime, subject to a guarantee that at least 60 monthly payments will be made. In other words, if you should die before receiving 60 pension payments, your beneficiary will continue to receive the monthly payments for the balance of the 60 months.
However if you are married or party to a common-law relationship at the date of your retirement, Alberta pension law requires that the pension be paid in a form which continues to your Spouse after your death, for the rest of their life, in an amount not less than 60% of the pension you were receiving. Your pension will be reduced on an actuarial basis to allow for the cost of the pension to your Spouse which would result if you died first.
Your Spouse may waive their rights to this entitlement by completing a prescribed form, in which case you may receive the pension in the normal form or in another optional form.
Prairie Teamsters Administration Services Ltd.
209, 7260 - 12 St SE Calgary, Alberta T2H 2S5
Telephone 403-252-6924 - Toll Free1-877-817-7526 - Fax 403-253-3231