A former member of GSU had a number of questions regarding their benefit under the old SWP/GSU pension plan. With the permission of the pensioner, staff rep Lawrence Maier contacted the pension officials and got the required information.
“One issue we often encounter is pensioners who turn 60 years of age and are surprised when their monthly pension drops. In checking with the papers filled out when they retired, it is almost always due to the fact that they chose to integrate their pension with their CPP and OAS benefits,” Lawrence advises. “In this way, they are paid more money up front, but the monthly benefit from the pension plan drops when they become eligible for CPP at age 60. There is another drop in the pension benefit when the retiree becomes eligible for the Old Age Security benefit from the government.”
Integration is a way for those who retire before age 60 to increase their income from the pension plan against taking a reduction in pension once they become eligible for CPP and OAS.
Always check with a trusted financial adviser before you make your decision on what pension option to choose.
Contact a GSU staff rep with your questions and concerns. We will work with you to find answers to your questions and find solutions that work for you. Contact information for GSU staff is available here.