UNDERSTANDING YOUR PENSION
No matter what phase of life you’re in, the idea of retirement and pension planning can feel daunting.
We understand that our members have many demands on their time, so we’re here to make managing your pension as simple and worry-free as possible.
Overview
The Newfoundland and Labrador Teachers’ Pension Plan is a defined benefit pension plan that provides members with a lifetime pension when they retire.
Your pension benefit is funded through contributions from both you and your employer, along with investment income from the Plan’s assets. When you’re ready to retire, the pension you receive is based on a formula related to the years of pensionable service you’ve earned as a Plan member and your best 8-year average earnings.
While there are important rules to follow — outlined in the Plan Text, and more simply explained in your Plan Member Guide — here are four key actions you can take to set yourself up for success.
Register for myPENSION
One of the easiest things you can do to help yourself — and your future — no matter your career or life stage, is to register for myPENSION.
myPENSION is like a window to your financial future, with personalized information, tools, and resources that enable you to see the role your TPP pension will play in your financial retirement future.
Don’t like pension details as much as we do? See if myPENSION will change your mind!
First, myPENSION is secure, and online. It’s for members and pensioners alike, and it’s available 24/7. It’s designed to help you understand how the pension works, and it’s personalized to you.
Next up, myPENSION is packed with features you’ll truly learn to appreciate:
- Keep your information accurate and up-to-date
- Easily check and update your personal, financial, and beneficiary information.
- Review and update your beneficiary choices — just save, print, and submit forms through myPENSION or send them by email or mail.
- Retirement Modeling Tools
- Plan ahead by estimating your pension at different ages — you can see what it will mean to retire earlier or later, track key retirement milestones, and save your benefit calculations in just seconds!
- Access personalized documents
- Find your Annual Benefit statements, important forms, helpful links, and FAQs, all in one spot.
Reach out to us if you have any trouble registering or signing into myPENSION — we’ll be happy to help!
Keep an eye out for this icon across the site — it’s your gateway to discovering the many benefits of registering and regularly logging into myPENSION. From personalized tools to valuable insights, you won’t want to miss out!
Register for myPENSION
One of the easiest things you can do to help yourself — and your future — no matter your career or life stage, is to register for myPENSION.
myPENSION is like a window to your financial future, with personalized information, tools, and resources that enable you to see the role your TPP pension will play in your financial retirement future.
Don’t like pension details as much as we do? See if myPENSION will change your mind!
First, myPENSION is secure, and online. It’s for members and pensioners alike, and it’s available 24/7. It’s designed to help you understand how the pension works, and it’s personalized to you.
Next up, myPENSION is packed with features you’ll truly learn to appreciate:
- Keep your information accurate and up-to-date
- Easily check and update your personal, financial, and beneficiary information.
- Review and update your beneficiary choices — just save, print, and submit forms through myPENSION or send them by email or mail.
- Retirement Modeling Tools
- Plan ahead by estimating your pension at different ages — you can see what it will mean to retire earlier or later, track key retirement milestones, and save your benefit calculations in just seconds!
- Access personalized documents
- Find your Annual Benefit statements, important forms, helpful links, and FAQs, all in one spot.
Reach out to us if you have any trouble registering or signing into myPENSION — we’ll be happy to help!
Keep an eye out for this icon across the site — it’s your gateway to discovering the many benefits of registering and regularly logging into myPENSION. From personalized tools to valuable insights, you won’t want to miss out!
Read your annual benefit statement
Here’s why:
- Your statement has all the important details about your TPP, like your salary, pensionable service, and contribution history.
- By reviewing it each fall on myPENSION, you’ll stay on top of the key info that affects the pension you’re building.
- It’s a great opportunity to make sure your personal details are accurate. Keeping everything up to date helps avoid delays (and worse, errors!) when it’s time to retire!
- Your employer should be notified of any required corrections to your personal information. We can help connect you.
- If there are gaps in service that you would like to explore, contact us at the TPPC for a review of your options to buy back any eligible time.
Knowledge is power!
Everything you learn can help you make better-informed decisions about how you plan for retirement, and retirement itself.
Learn how to maximize your pension benefit
We know that career paths, similar to life, are not linear. We’re here for you — to guide you no matter where you are in your journey!
Whether you’re just starting out or nearing retirement, knowing how your pension works and exploring your options can help you maximize your pension. For example:
You might be able to add to your pensionable service if you worked as a substitute teacher.
If you took an unpaid leave, like maternity leave (congratulations!), you can buy back that time.
You can transfer your service to, or from, another teachers’ pension plan in Canada, under our Reciprocal Transfer Agreement.
Pensionable service may be transferrable to, or from, the TPP with another registered pension plan.
Designate your beneficiary(ies)
Whether you’re a new member or preparing to retire, it’s critical to ensure that your beneficiary designation(s) on file is up to date.
It’s easy to do, and this one small act can help ensure that your TPP pre-retirement death benefits are paid out as you intend, so your loved ones are cared for after you’re gone.
Find more detailed information about beneficiary designation in the Plan Member Guide.