A person who, at the date of determination of your marital status, is not living separate and apart from you and is:
(i) your legally married spouse; or
(ii) your common-law spouse with whom you either have lived in a conjugal relationship of some permanence if both of you are the natural or adoptive parents of a child as defined under the Family Law Act; or
(iii) your common-law spouse who has lived with you in a conjugal relationship for at least three full years immediately prior to the date as of which a determination of the Member’s marital status is required.
The amounts shown in the bar chart are all payable in the “Normal Form” of pension. The Normal Form is the standard, default form of payment under the terms of the Plan and it varies depending on whether or not you have an Eligible Partner when you retire.
If you have an Eligible Partner at retirement, the Normal Form is a lifetime pension with 60% continuing to your Eligible Partner after your death. If your Eligible Partner dies after beginning to receive pension payments, the same amount of payment will continue to your Dependent Children. The payment will be divided equally among them, and will continue until the last child no longer qualifies as a Dependent.
If you do not have an Eligible Partner at retirement, the Normal Form is a lifetime pension with a guarantee that payments will be made for at least 5 years. This means that, should you die before 60 monthly payments have been made, your pension will continue to be paid to your Beneficiary (or estate) until a total of 60 monthly payments have been paid out.
When you retire, you will be offered additional “Optional Forms” of pension payment. These pension forms differ in terms of the level of benefits that continue to your Eligible Partner or Beneficiary when you die. The options available to you will depend on your marital status when you retire. If you have an Eligible Partner at your date of retirement, you must select a 'Joint & Survivorship' with at least 60% continuing to your Eligible Partner in the event of your death—unless your Eligible Partner waives his or her right to this benefit.
Because the various optional forms of payment differ in terms of the survivor benefits included, your pension is adjusted to reflect the value of these benefits. Depending on the option you choose, your pension could be adjusted higher or lower.
To learn more about each form of payment, click (or tap) on the form of pension in the table.
This is a retirement planning tool only. Although every effort has been made to provide pension estimates that are accurate, these estimates are not a statement of fact or promise of a future pension. All estimates are based on the current provisions of the Victoria University General Pension Plan and your personal information as entered in the tool. In some cases, errors or limitations in the data inputs may produce inaccurate results. Estimates do not take into account any future changes to the plan.
The Plan Administrator is not responsible for decisions you make using this pension calculator or any liabilities that may arise from those decisions.
If you are considering retirement and would like an official pension estimate, please contact the Plan Administrator.
This web site may collect and store certain types of personal information through the use of "Cookies." Cookies are small data files that are sent to your browser and stored on your computer’s hard-drive – and are used to "track" your visit to the site. The Administrator may, from time to time, collect non-personal information about you and your use of the site though the use of Cookies as a means of monitoring site use and effectiveness. We do not match or correlate this information with any personal information that you submit on the web site.
We reserve the right to change this privacy policy at any time by posting a new privacy policy on this web site. By using this web site, you consent to the collection and use of your personal information as described herein.
Based on the data you entered, we’ve determined that you’ll be able to retire within the next 3 years. Note that this calculator estimates your future monthly pension based on your current pay rate that you entered in Step 2. It does not use your actual historical earnings and as such your actual retirement estimate will differ from the one shown here. If you are close to retirement and would like to receive an actual retirement quote, please contact Human Resources.