Apply for Variable Pension Benefit
Overview
The Variable Pension Benefit offers you flexibility and control over when and how much retirement income to withdraw, and choice over how your money is invested within the Plan. Lifetime Pension is designed to provide you with dependable monthly payments for life, regardless of how long you live. You have the option to choose a combination the Variable Pension Benefit and Lifetime Pension for your retirement income.
Related information:
Resources to learn more about the Variable Pension Benefit:
Understand Your Pension - Variable Pension Benefit
PEPP Talk on Variable Pension Benefit
Requirements
Forms and Documents
These are the forms PEPP requires to process your Variable Pension Benefit application:
Application for Variable Pension Benefit form
Designation of Beneficiary form
Declaration of Common-Law Relationship - Member form (if applicable)
Additional Forms Required if in a Relationship
If you are in a relationship (married or common-law) and want to purchase a Variable Pension Benefit, we require the Spouse's Consent and Waiver of Post-Retirement Survivor Benefits form to be completed.
If you are in a relationship (married or common-law) and want to name someone other than your spouse as your designated beneficiary, we require the Spouse's Waiver of Designated Beneficiary Status form to be completed.
TD1 Personal Tax Credits Return form
TD1 Saskatchewan Personal Tax Credit Return form
Other Documentation Required
Proof of Age if not previously provided to PEPP - refer to the list of acceptable documents for proof of age.
Proof of Relationship - refer to the list of acceptable documents for proof of relationship status.
If applicable:
- Proof of membership for former PEPP members, which can be a previous PEPP member statement, a T4, or a payslip showing PEPP deductions.
- Applicable Canada Revenue Agency transfer documents for members transferring money into the VPB from outside sources (T2033 for RRSPs, T2151 for locked-in transfers).
Processing Time
Your VPB application will be processed in approximately five business days of receipt after all documentation is submitted.
PEPP is not responsible for any delays due to mail or fax.
Fees
There is no cost to apply for the Variable Pension Benefit.