Pension respecting five or more years of service
12(1)The following provisions are applicable in respect of any contributor who has to his or her credit five or more years of pensionable service, namely,
(a)
if he or she ceases to be employed as a teacher, having reached the age of sixty-five years, he or she is entitled to an immediate pension;
(b)
if he or she ceases to be employed as a teacher, not having reached the age of sixty-five years by reason of having become disabled, he or she is entitled to
(i)
an immediate pension, or
(ii)
a return of contributions with interest calculated from September 1, 1966,
at his or her option, except that if he or she fails to advise the Minister of his or her option within one year of ceasing to be employed, he or she shall be deemed to have chosen an immediate pension;
(c)
if he or she ceases to be employed as a teacher, not having reached the age of sixty-five years for any reason other than disability or death, he or she is entitled to
(i)
a return of contributions with interest calculated from September 1, 1966,
(ii)
in the case of a contributor sixty or more years of age, an annual allowance payable immediately, which allowance is to be the actuarial equivalent of the immediate pension that would have been payable had the contributor been entitled to the immediate pension calculated in accordance with subsection 9(3) when he or she actually ceased to be employed,
(iii)
in the case of a contributor who ceases to be employed before April 30, 1995 and whose age plus years of pensionable service totals eighty-five or a number falling between eighty-five and ninety, an annual allowance payable immediately, which allowance is to be the actuarial equivalent of the immediate pension that would have been payable had the contributor been entitled to the immediate pension calculated in accordance with subsection 9(3) when the contributor actually ceased to be employed,
(iv)
in the case of a contributor who ceases to be employed on or after April 30, 1995, and before April 1, 1999, and whose age plus years of pensionable service totals eighty-five or a number falling between eighty-five and eighty-seven, an annual allowance payable immediately, which allowance is to be the actuarial equivalent of the immediate pension that would have been payable had the contributor been entitled to the immediate pension calculated in accordance with subsection 9(3) when the contributor actually ceased to be employed, or
(v)
in the case of a contributor who ceases to be employed on or after April 1, 1999, and whose age plus years of pensionable service totals eighty or a number falling between eighty and eighty-seven, an annual allowance payable immediately, which allowance is to be the actuarial equivalent of the immediate pension that would have been payable had the contributor been entitled to the immediate pension calculated in accordance with subsection 9(3) when the contributor actually ceased to be employed,
at his or her option, except that if he or she fails to advise the Minister of his or her option within one year of ceasing to be employed, he or she shall be deemed to have chosen a return of contributions with interest calculated from September 1, 1966;
(d)
a contributor who terminated his or her employment or whose employment was terminated before he or she attained retirement age, and upon complying with the conditions contained in the regulations, may elect to receive
(i)
an annual allowance or an immediate pension payable when he or she attains retirement age or makes the election, whichever occurs later, or
(ii)
a return of contributions with interest,
at his or her option except that if he or she fails to advise the Minister of his or her election within one year of the termination of his or her employment, he or she is deemed to have chosen a return of contributions with interest;
(e)
a contributor who elects to receive a deferred pension and subsequently becomes disabled not having reached retirement age, is eligible to receive an immediate pension;
(f)
if he or she elects to receive a deferred pension, that pension shall until time of payment, be adjusted in accordance with subsection 10(6), (6.01) or (6.02) and subsection 10(6.1) and section 10.1 commencing the first day of the year following the year in which he or she ceased to be employed;
(g)
if he or she elects to receive a deferred pension and subsequently becomes a contributor, the election is void.
Extension to time to make election
12(1.1)The Minister may extend the time for an election under paragraph (1)(c) or (d) if the contributor submits a satisfactory reason as to his or her failure to make his election within the time prescribed.
When immediate pension payable
12(2)Notwithstanding anything in subsection (1),
(a)
a person who, before the person attains the age of sixty-five years, has to the person’s credit a period of pensionable service of at least twenty years may, any time after the person attains the age of sixty years, retire with an immediate pension; and
(a.1)
Repealed: 1999, c.45, s.3
(b)
a female person who immediately prior to September 1, 1966 was a contributor under the Teachers’ Act and who, before she attains the age of sixty-five years has to her credit a period of pensionable service of at least thirty-five years may, any time after she attains the age of fifty-five years, retire with an immediate pension.
(c)
Repealed: 1996, c.69, s.6
Contributor deemed contributor under Teachers’ Act
12(2.1)For the purposes of paragraph (2)(b), a contributor who has purchased service under clause 4(1)(b)(ii)(A), (C), (C.1), (D) or (E) which occurred immediately prior to September 1, 1966 shall be deemed to be a person who immediately prior to September 1, 1966 was a contributor under the Teachers’ Act.
Election for deferred pension
12(3)Notwithstanding subsection (1), a person who has elected to receive a deferred pension, shall be entitled to an immediate pension upon attaining the age of sixty years if he or she has to his or her credit a period of pensionable service of at least twenty years.
Election for deferred pension
12(4)Notwithstanding subsection (1), a female person who immediately prior to September 1, 1966 was a contributor under the Teachers’ Act, and who has elected to receive a deferred pension, shall be entitled to an immediate pension upon attaining the age of fifty-five years if she has to her credit a period of pensionable service of at least thirty-five years.
12(5)Notwithstanding this section, where a teacher
(a)
retires at the end of a school year as defined in the
Schools Act, and
(b)
reaches the age at which he or she could retire between the date of retirement and the first day of January next following,
he or she is entitled to an immediate pension or annual allowance.
Entitlement to immediate pension
12(6)Notwithstanding any other provision of this section, the following contributors are entitled to an immediate pension:
(a)
a contributor who ceases to be employed before April 30, 1995 and whose age plus years of pensionable service total ninety or more at the time the contributor ceases to be employed; and
(b)
a contributor who ceases to be employed on or after April 30, 1995 and whose age plus years of pensionable service total eighty-seven or more at the time the contributor ceases to be employed.
Entitlement to immediate pension
12(7)Notwithstanding any other provision of this section a contributor who at the time he or she ceases to be employed has to his or her credit thirty-five years or more of pensionable service is entitled to an immediate pension.
Contributions to cease when contributor reaches sixty-nine years of age
12(8)Notwithstanding any other provision of this Act, a contributor shall not continue to contribute to the Teachers’ Pension Fund or accumulate pensionable service after the last day of the year in which the contributor reaches the age of sixty-nine, and any benefit to which the contributor is entitled under this Act shall commence to be paid no later than that day.
1966, c.29, s.10; 1971, c.69, s.5, 6; 1972, c.67, s.5; 1973, c.78, s.3; 1975, c.61, s.6; 1976, c.56, s.4; 1977, c.53, s.3; 1978, c.57, s.6; 1982, c.63, s.2; 1982, c.64, s.2; 1983, c.90, s.6; 1987, c.58, s.3; 1992, c.31, s.3; 1995, c.52, s.3; 1996, c.69, s.6; 1999, c.44, s.8; 1999, c.45, s.3; 2000, c.36, s.3; 2008, c.45, s.37