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Guarantee Period

Employees must choose the period during which the payment of 100% of their pension is guaranteed.

The two following guaranteed options are offered:
  • 10 years (120 monthly payments)
OR
  • 15 years (180 monthly payments)

Employees receive their pension until death. However, if an employee dies before having receiving all of guaranteed monthly pension payments, the remaining payments are payable to the surviving spouse or beneficiaries, When the survivor option has been chosen, the spouse will receive a monthly pension; when the pension without a survivor option has been chosen, the beneficiaries will receive a lump-sum payment.

Example:
A retiree who chose a 10-year guarantee (120 payments) dies after having received 34 monthly pension payments. If this employee chose the pension with a survivor option, the spouse will:
  • receive 100% of the pension that was payable to the employee for 86 months, that is:
    120 – 34 = 86

After the guarantee period has expired, the amounts payable vary depending on the survivor option chosen.

From January 1, 2005 to October 31, 2013, the following guarantee options were proposed: 5 years (60 monthly payments) or 10 years (120 monthly payments).

An employee who takes partial retirement may choose a 10- or 15-year guarantee period for the pension from the General Account. The guarantee period starts on the employee’s retirement date. The same guarantee option will apply to the employee’s second pension from the Complementary Account, and the guarantee period will start on the date on which that pension begins.

Example:
Daniel took partial retirement on October 1, 2014; he chose a 10-year guarantee period for his pension from the General Account. His pension from the General Account is guaranteed from October 1, 2014 to September 1, 2024 (120 instalments). Daniel applies to receive his pension from the Complementary Account as of November 1, 2019; his pension from the Complementary Account will also be guaranteed for 10 years, from November 1, 2019 to October 1, 2029.