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Pension Option Selection Tool

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Your ATRF pension is one component of your retirement plan. This tool is designed to complement your retirement planning and assist you in deciding which pension option is most appropriate for your situation. We always suggest that you consult with your financial advisor before making a final decision.

Your use of the Pension Option Selection Tool does not mean that you are actually selecting your pension option.

We will not under any circumstances be liable to you or anyone else for any damages (direct, indirect or consequential) relating to the use of this tool by you or anyone else (including without limitation, loss of use, loss of business, loss of data, loss of profits and third party claims).

By clicking "Accept" you acknowledge and signify that you have read, and understood, this Agreement.

When planning your retirement, you have to balance your needs and those of your family and dependants. When you consider the different pension options, you will want to think about how to:

  • Maximize your retirement income, and also,
  • Maximize the income available to your survivors.

There are seven different pension options you can choose from. Only you can determine which option is best for you depending on how you balance your retirement income needs and the income needs of your survivors. The higher the monthly payment you receive, the lower the survivor benefit will be. If you opt for a higher survivor benefit, though, the monthly payment will be lower.

Are you in good health and/or is there longevity in your family?
Will your estate, excluding your pension (such as life insurance, savings and investments), provide a good source of income to your family and dependents after your death?
Do you have a spouse or pension partner?
Is in good health and/or is there longevity in family?
Does have a pension?
Is pension equivalent or higher than your pension?
Does pension provide survivor benefits to you?
Does have savings and investments that will be able to provide with a good source of income?
Will waive right to continue to receive your pension after your death?
Since will waive right to a survivor pension, will you name as the beneficiary to your pension?
Are you caring for financially dependent children?
Will they be financially independent...
Do you have financially dependent elderly parents?
Hitting the beach
Spending time with grandchildren
Travelling the world
Golfing every day
Moving someplace quiet

,

This is what you should be thinking about when choosing your pension option:

  • You have no spouse or pension partner, or they will sign a waiver to a survivor's pension, and
  • You have no financial dependents.

Teachers in similar circumstances often consider the Single Life pension with a five-year guarantee.

With a five-year guarantee, the pension will be paid for your lifetime or for at least five years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

You could also consider a no guarantee pension to maximize your pension income. This pension will also be paid for your lifetime, but the payments will end at your death and no beneficiary can be named.

,

This is what you should be thinking about when choosing your pension option:

  • You have no spouse or pension partner, or they will sign a waiver to a survivor's pension, and
  • You are caring for elderly parents.

Teachers in similar circumstances often consider the Single Life pension with a five-year guarantee.

With a five-year guarantee, the pension will be paid for your lifetime or for at least five years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

You could also consider a longer ten-year guarantee for additional peace of mind, but your pension income will be lower.

,

This is what you should be thinking about when choosing your pension option:

  • You have no spouse or pension partner, or they will sign a waiver to a survivor's pension, and
  • Your child or children will be financially dependent on you for less than 5 years.

Teachers in similar circumstances often consider the Single Life pension with a five-year guarantee. If you name your child or children as the beneficiary, this ensures that they will be supported in case of your untimely death based on your expectation that they will be financially dependent for no more than 5 years. If you die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

You could also consider a longer ten-year guarantee for additional peace of mind, but your pension income will be lower.

,

This is what you should be thinking about when choosing your pension option:

  • You have no spouse or pension partner, or they will sign a waiver to a survivor's pension, and
  • Your child or children will be financially dependent on you for another 5 to 10 years.

Teachers in similar circumstances often consider the Single Life pension with a ten-year guarantee. If you name your child or children as the beneficiary, this ensures that they will be supported in case of your untimely death based on your expectation that they will be financially dependent for no more than 10 years. If you die before the guarantee period expires, the remaining balance of the payments -up to 120 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

You could also consider a longer fifteen-year guarantee for additional peace of mind, but your pension income will be lower.

,

This is what you should be thinking about when choosing your pension option:

  • You have no spouse or pension partner, or they will sign a waiver to a survivor's pension, and
  • Your child or children will be financially dependent on you for at least 10 years.

Teachers in similar circumstances often consider the Single Life pension with a fifteen-year guarantee. If you name your child or children as the beneficiary, this ensures that they will be supported in case of your untimely death based on your expectation that they will be financially dependent for more than 10 years. If you die before the guarantee period expires, the remaining balance of the payments -up to 180 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

This is the longest guarantee period that you can choose for your peace of mind.

,

This is what you should be thinking about when choosing your pension option:

  • You have no spouse or pension partner, or they will sign a waiver to a survivor's pension,
  • Your child or children will be financially dependent on you for at least 5 years, and
  • Your estate can provide sufficient income to your child or children after your death.

Teachers in similar circumstances often consider the Single Life pension with a five-year guarantee. With a five-year guarantee, the pension will be paid for your lifetime or for at least five years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

You could also consider a no guarantee pension to maximize your pension income, which will also be paid for your lifetime, but the payments will end at your death, and no beneficiary can be named. For additional peace of mind, you could also consider a longer guarantee of ten or fifteen years, but your pension income will be lower.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • You both require the financial security of your pension, and
  • Neither of you have enough savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint Equal pension. Under this option, the survivor will continue receiving the same monthly pension amount without any reduction.

This is the option that will pay the most to after your death for your peace of mind.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • does not have enough savings and investments to provide a good source of income, and
  • Your estate will provide a good source of income to after your death.

Teachers in similar circumstances often consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first. While you are both living, this pension is a higher amount than the Joint Equal option.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • has some financial security from own pension, and
  • Neither of you have enough savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first. While you are both living, this pension is a higher amount than the Joint Equal option.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • has some financial security from own pension, and
  • You have some financial security from pension after death.

Teachers in similar circumstances often consider the Joint Reducible by One-Third pension since the survivor may not need to continue receiving the entirety of your pension after either of you die. Under this option, whether you or predeceases the other, the survivor will continue to receive 2/3 of your monthly pension amount.

While you are both living, this pension is a higher amount than the other Joint options, but this is the only option where 's death will affect your own pension. Note: If 's combination of survivor pensions and your estate are not going to be sufficient income for after your death, or if your reduced pension and your savings and investments are not going to be sufficient income for you after 's death, you may consider the Joint Equal pension. Under this option, the survivor will continue receiving the same monthly pension amount without any reduction.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • has some financial security from own pension, and
  • You both have some savings and investments to provide a good source of income.

Teachers in similar circumstances choose the option they are most comfortable with, rather than basing the decision on ensuring their spouse or pension partner's financial security.

If you will get peace of mind from leaving your pension to after your death, you could consider any of the Joint and Survivor options. All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

If you and are not concerned about leaving your pension to after your death, you could consider any of the Single Life options as long as signs a waiver to right to a Joint and Survivor's pension. With the Single Life options, the pension will be paid for your lifetime or to the end of the guarantee period, whichever is longer. Note: The longer the guarantee period, the smaller the monthly pension payment. A beneficiary can be any person you choose, including , or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You are in good health, but is not in good health and/or there is no longevity in family, and
  • does not have enough savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint Equal pension. Under this option, the survivor will continue receiving the same monthly pension amount without any reduction.

This is the option that will pay the most to after your death for your peace of mind.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

If 's poor health is due to a terminal illness, can sign a waiver to right to the Joint and Survivor pension and you can choose one of the Single Life pensions. With the Single Life options, the pension will be paid for your lifetime or to the end of the guarantee period, whichever is longer. Note: The longer the guarantee period, the smaller the monthly pension payment. A beneficiary can be any person you choose, including , or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You are in good health, but is not in good health and/or there is no longevity in family, and
  • has some financial security from own pension.

Teachers in similar circumstances often consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first.

While you are both living, this pension is a higher amount than the Joint Equal option, which will increase your pension income.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

If 's poor health is due to a terminal illness, can a waiver to right to the Joint and Survivor pension and you can choose one of the Single Life pensions. With the Single Life options, the pension will be paid for your lifetime or to the end of the guarantee period, whichever is longer. Note: The longer the guarantee period, the smaller the monthly pension payment. A beneficiary can be any person you choose, including , or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You are in good health, but is not in good health and/or there is no longevity in family, and
  • has some financial security from own pension, and
  • You have some financial security from pension after death.

Teachers in similar circumstances often consider the Joint Reducible by One-Third pension because the survivor may not need to continue receiving the entirety of your pension after either of you die. Under this option, whether you or predeceases the other, the survivor will continue to receive 2/3 of your monthly pension amount.

While you are both living, this pension is a higher amount than the other Joint options, but this is the only option where 's death will affect your own pension. Note: Be sure to verify the survivor benefits on 's pension before choosing this option, since a reduction to both pensions may not be enough income for the survivor. If the combined survivor pensions are not sufficient income, you may consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

If 's poor health is due to a terminal illness, can sign a waiver to right to the Joint and Survivor pension and you can choose one of the Single Life pensions. With the Single Life options, the pension will be paid for your lifetime or to the end of the guarantee period, whichever is longer. Note: The longer the guarantee period, the smaller the monthly pension payment. A beneficiary can be any person you choose, including , or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • is in good health, but you are not in good health and/or there is no longevity in your family, and
  • Neither of you have enough savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint Equal pension. Under this option, the survivor will continue receiving the same monthly pension amount without any reduction.

This is the option that will pay the most to after your death for your peace of mind.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are not in good health and/or there is no longevity in your families, and
  • has some savings and investments to provide a good source of income.

Teachers in similar circumstances choose the option they are most comfortable with, rather than basing the decision on ensuring their spouse or pension partner's financial security.

If you will get peace of mind from leaving your pension to after your death, you could consider any of the Joint and Survivor options. All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

If you and are not concerned about leaving your pension to after your death, you could consider any of the Single Life options as long as signs a waiver to right to a Joint and Survivor's pension. With the Single Life options, the pension will be paid for your lifetime or to the end of the guarantee period, whichever is longer. Note: The longer the guarantee period, the smaller the monthly pension payment. A beneficiary can be any person you choose, including , or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are not in good health and/or there is no longevity in your families.

Teachers in similar circumstances choose the option they are most comfortable with, rather than basing the decision on ensuring their spouse or pension partner's financial security.

If you will get peace of mind from leaving your pension to after your death, you could consider any of the Joint and Survivor options. All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

If you and are not concerned about leaving your pension to after your death, you could consider any of the Single Life options as long as signs a waiver to right to a Joint and Survivor's pension. With the Single Life options, the pension will be paid for your lifetime or to the end of the guarantee period, whichever is longer. Note: The longer the guarantee period, the smaller the monthly pension payment. A beneficiary can be any person you choose, including , or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • is in good health, but you are not in good health and/or there is no longevity in your family, and
  • You both have some savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint Equal pension. This option will provide the financial security of your pension after your death to , since the survivor will continue receiving the same monthly pension amount without any reduction.

This is the option that will pay the most to after your death for your peace of mind.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • is in good health, but you are not in good health and/or there is no longevity in your family,
  • does not have enough savings and investments to provide a good source of income, and
  • Your estate will provide a good source of income to after your death.

Teachers in similar circumstances often consider the Joint Equal pension. This option will provide the financial security of your pension after your death to , since the survivor will continue receiving the same monthly pension amount without any reduction.

This is the option that will pay the most to after your death for your peace of mind.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • is in good health, but you are not in good health and/or there is no longevity in your family,
  • has some financial security from own pension, and
  • Neither of you have enough savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint Equal pension. This option will provide the financial security of your pension after your death to , since the survivor will continue receiving the same monthly pension amount without any reduction.

This is the option that will pay the most to after your death for your peace of mind.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health, and
  • has some savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first. While you are both living, this pension is a higher amount than the Joint Equal option.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You are in good health, but is not in good health and/or there is no longevity in family, and
  • has some savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first.

While you are both living, this pension is a higher amount than the Joint Equal option, which will increase your pension income.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

If you and are not concerned about leaving your pension to after your death, you could Single Life pension with a fifteen-year guarantee as long as signs a waiver to right to a Joint and Survivor's pension. This option may provide some financial security for in case of your untimely death and is the longest guarantee period that you can choose for your peace of mind.

With a fifteen-year guarantee, the pension will be paid for your lifetime or for at least 15 years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 180 - will be made to your beneficiary. A beneficiary can be any person you choose, including , and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health, and
  • has some financial security from own pension, and
  • Your estate will provide a good source of income to after your death.

Teachers in similar circumstances often consider the Joint Reducible by One-Third pension since the survivor may not need to continue receiving the entirety of your pension after either of you die. Under this option, whether you or predeceases the other, the survivor will continue to receive 2/3 of your monthly pension amount.

While you are both living, this pension is a higher amount than the other Joint options, but this is the only option where 's death will affect your own pension. Note: If 's combination of survivor pensions and your estate are not going to be sufficient income for after your death, or if your reduced pension and your savings and investments are not going to be sufficient income for you after 's death, you may consider the Joint Equal pension. Under this option, the survivor will continue receiving the same monthly pension amount without any reduction.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • has some financial security from own pension, but it is not payable to you after death, and
  • Your estate will provide a good source of income to after your death.

Teachers in similar circumstances often consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first.

While you are both living, this pension is a higher amount than the Joint Equal option, which will increase your pension income.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • will sign a waiver to right to the Joint and Survivor pension, and
  • You plan to name as your beneficiary.

Teachers in similar circumstances often consider the Single Life pension with a five-year guarantee since they are likely to outlive the alternative 10- or fifteen-year guarantee. The most common situation where a spouse or pension partner will waive the right to a Joint and Survivor pension is when you both manage your finances, including your pension, separately.

With a five-year guarantee, the pension will be paid for your lifetime or for at least five years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, including , and can be changed at any time.

You could also consider a no guarantee pension to maximize your pension income, which will also be paid for your lifetime, but the payments will end at your death, and no beneficiary can be named.

,

This is what you should be thinking about when choosing your pension option:

  • You are in good health, but is not in good health and/or there is no longevity in family,
  • will sign a waiver to right to the Joint and Survivor pension, and
  • You plan to name as your beneficiary.

Teachers in similar circumstances often consider the Single Life pension with a fifteen-year guarantee. This option may provide some financial security for in case of your untimely death and is the longest guarantee period that you can choose for your peace of mind.

With a fifteen-year guarantee, the pension will be paid for your lifetime or for at least 15 years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 180 - will be made to your beneficiary. A beneficiary can be any person you choose, including , and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • is in good health, but you are not in good health and/or there is no longevity in your family,
  • Neither of you have enough savings and investments to provide a good source of income,
  • will sign a waiver to right to the Joint and Survivor pension, and
  • You plan to name as your beneficiary.

Teachers in similar circumstances often consider the Single Life pension with a fifteen-year guarantee. This is the longest guarantee period that you can choose for your peace of mind.

With a fifteen-year guarantee, the pension will be paid for your lifetime or for at least 15 years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 180 - will be made to your beneficiary. A beneficiary can be any person you choose, including , and can be changed at any time.

However, if you believe that may require the financial security of your pension for lifetime, teachers in similar circumstances often consider the Joint Equal pension instead and would not waive the right to the Joint and Survivor pension. Under this option, the survivor will continue receiving the same monthly pension amount without any reduction.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

,

This is what you should be thinking about when choosing your pension option:

  • is in good health, but you are not in good health and/or there is no longevity in your family,
  • will sign a waiver to right to the Joint and Survivor pension,
  • You plan to name as your beneficiary,
  • does not have enough savings and investments to provide a good source of income, and
  • Your estate will provide a good source of income to after your death.

Teachers in similar circumstances often consider the Single Life pension with a five-year guarantee. The most common situation where a spouse or pension partner will waive the right to a Joint and Survivor pension is when you both manage your finances, including your pension, separately.

With a five-year guarantee, the pension will be paid for your lifetime or for at least five years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, including , and can be changed at any time.

You could also consider a longer ten-year guarantee for additional peace of mind, but your pension income will be lower.

,

This is what you should be thinking about when choosing your pension option:

  • is in good health, but you are not in good health and/or there is no longevity in your family,
  • will sign a waiver to right to the Joint and Survivor pension,
  • You plan to name as your beneficiary, and
  • You both have some savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Single Life pension with a five-year guarantee. The most common situation where a spouse or pension partner will waive the right to a Joint and Survivor pension is when you both manage your finances, including your pension, separately.

With a five-year guarantee, the pension will be paid for your lifetime or for at least five years from the beginning of the pensionable period. If you die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, including , and can be changed at any time.

You could also consider a longer ten-year guarantee for additional peace of mind, but your pension income will be lower.

,

This is what you should be thinking about when choosing your pension option:

  • You and are in good health,
  • has some financial security from own pension, but it is not payable to you after death, and
  • Neither of you have enough savings and investments to provide a good source of income.

Teachers in similar circumstances often consider the Joint 100/60 pension. Under this option, will receive 60% of your pension for remaining lifetime after your death, but you will still receive 100% of your pension if dies first.

While you are both living, this pension is a higher amount than the Joint Equal option.

All Joint and Survivor pensions will be paid for your or 's lifetimes, whichever is longest. Additionally, they all have a five-year guarantee, so if you and die before the guarantee period expires, the remaining balance of the payments -up to 60 - will be made to your beneficiary. A beneficiary can be any person you choose, or even a charity or other organization, and can be changed at any time.

This tool provides options based on choices made by teachers in similar circumstances to yours. It is okay to make a different choice, however, as your own circumstances may not always fit into the options presented here. We always suggest that you consult your financial planner, and your spouse or pension partner when appropriate, before you make a final decision.

If you would like more information about all the pension options, please see the Pension Options section on our website, which includes a table of the most commonly selected pension options and how often they are chosen.

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