FNPSPP - Public Security of First Nations

Characteristics of the FNPSPP

 

Description

First Nations Public Security Pension Plan

Eligibility

All employees of an Aboriginal employer whose membership application has been accepted by the Retirement Committee.

 

Cost to the employee
Native
 

9.5 % of basic gross salary

Cost to the employee
Non-native
 

8 % of gross salary

Cost to the employer

2 time the employee contribution

Retirement
without reduction

Age 60
or 
25 years of service 
or 
age 56 + 10 years of service 
or factor 75 (age +years of service)

 

Early retirement
with reduction

10 years before retirement age without reduction

Pension calculation
Native

2 %

number of years of contribution

final average salary

(3 years)

Pension calculation
Non-native

2 %

number of years of contribution

final average salary

(3 years)
-
from age 65, 0,7 %
x
number of years of contribution
x
minimum between final average wage and maximum pensionable earnings

Surviving spouse's

66 2/3 % of the pension accumulated at the time of death of the member

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