Native Benefits Plan

Characteristics of the NBP

 

Description

Category 1

Category 2

Employee eligibility

All employees of an Aboriginal employer whose membership application has been accepted by the Retirement Committee. Upon membership, its optional for the employer determines eligible categories.

All employees of an Aboriginal employer whose membership application has been accepted by the Retirement Committee. Upon membership, its optional for the employee and the employer determines eligible categories

Cost to the employee
Native
 

6.25 % of basic gross salary 

8.5 % of basic gross salary

Cost to the  employee
Non-native
 

4.6 % of basic gross salary

6.8 % of basic gross salary

Employer Cost

1.82 time the employee contribution

1.82 time the employee contribution

Retirement 
without reduction

63 years of age 
or
35 years of service 
55 years of age
or
factor 95 
(age + years of service)

60 years of age 
or
30 years of service 
or
factor 85
(age + years of service)

Early retirement
with reduction

10 years before retirement age without reduction

10 years before retirement age without reduction

Pension calculation
Native

1.875 %

number of years of contribution 

final average salary

2 %

number of years of contribution 

final average salary

Pension Calculation
Non-native

1.875 %

number of years of contribution 

final average salary
-
From 65 of age, 0.7%
x
number of years of contribution
x
minimum between final average salary and maximum pensionable earnings

2 %

number of years of contribution 

final average salary
-
From 65 of age, 0.7%
x
number of years of contribution
x
minimum between final average salary and maximum pensionable
earnings

Surviving spouse's 

 60 % of the pension accumulated at the time of death of the member

60 % of the pension accumulated at the time of death of the member

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