Potential changes to the Civil Service Superannuation Act DO NOT AFFECT MONTHLY PENSIONS - August 26, 2020
Regardless of what your financial advisor or your co-worker or your cousin’s friend tells you, your monthly pension is not being reduced.
Bill 43, The Civil Service Superannuation Amendment Act, is currently proceeding through the legislative process. If passed, the amendment will affect the calculation of lump sum benefits paid out of the plan.
This change would not affect the amount you would receive if you plan to collect a monthly pension at retirement, or if you’re already collecting a monthly pension.
The Bill passed through the Committee stage on June 16 without any changes. We expect that it will receive Third Reading and Royal Assent when the legislature sits again. The Legislative Assembly Sessional Calendar suggests that the House will reconvene on October 7, 2020, although it also says that the House is adjourned, “until the call of the Speaker”.
Bill 43 will also extend the timeline to purchase service for periods of maternity and parental leave.
See details here
COVID-19 Update - September 9, 2020
The Civil Service Superannuation Board is continuing to maintain physical distancing measures to help reduce the spread of COVID-19. Our office will remain closed to the public and all in-person meetings will be cancelled until at least the end of October 2020. The situation will be reassessed in early November.
We'll be happy to continue to assist you by telephone or email.
In person seminars will be cancelled for the remainder of 2020, however an online seminar will be presented on Thursday, October 1, 2020 at 9:00 am. You can register for this seminar by logging in to your CSSB Online Services account, then go to Register for Group Seminars.
See details here