Money Purchase Plan (MPP)
Canada Revenue Agency Registration # 0345827
A person can transfer funds into the Money Purchase Plan (MPP) only if he or she:
becomes a participant of the Civil Service Superannuation Fund (CSSF) and within one year elects to transfer funds (locked-in or non locked-in) from their prior employer’s pension plan. Any locked-in funds will be administered as “Manitoba locked-in money”, or
has ceased to be an employee in the CSSF, is entitled to transfer money out of the CSSF, and applies to transfer those funds to the MPP, or
is the former spouse or common-law partner of a member and is entitled to a portion of the member’s pension as a result of a separation of relationship prior to May 31, 2010.
Ongoing contributions to the MPP are not permitted.
Operation of the Plan
MPP accounts are credited with interest each month, using the same Bank of Canada interest rate as used to determine annual interest on employee contributions (less an administration fee of ¼ of 1%). If the interest credited in a year is less than the CSSF rate of return minus a management fee (3% in 2018), an additional interest adjustment for the year will be applied. Withdrawals and annuitizations from the MPP made before the CSSF rate of return is determined will not receive the additional interest adjustment.
Participants of the MPP can view their account balance through CSSB online services. To register, click here.
Money transferred into the MPP purchases units. The initial unit value was $10.00 when the MPP was established in 1985. The unit value at the end of 2018 was $45.82.
Past Ten Years Interest Rates (net of management fee)
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
1.19% 7.59% 2.41% 4.60% 6.04% 11.59% 6.95% 1.71% 10.79% 12.46%
Participants may withdraw all or part of their money, limited to one transaction a month. We must withhold tax on any cash refund. Withdrawal options are based on whether or not funds are locked-in.
Locked-in funds must be administered in accordance with the Pension Benefits Act of Manitoba and can be:
left in the MPP until eligible for an annuity,
transferred to a Locked-in Retirement Account (LIRA), or
transferred to a registered pension plan (where the funds remain locked-in).
Non locked-in funds can be:
received as cash (less tax withholding),
left in the MPP until eligible for an annuity,
transferred to an RRSP, or
transferred to a registered pension plan.
A participant is eligible for an annuity if age 55 or older and no longer an employee contributing to the CSSF, or if the Board considers the person totally and permanently disabled prior to age 55. The annuity payable from the MPP is not indexed, meaning it will not increase with cost-of-living adjustments. Annuities are effective on the first day of the month coincident with or next following the date of retirement.
A participant has a choice of the same annuity options offered under the CSSF. The annuity would be determined based on the participant’s account balance, age at retirement, and prevailing interest rates at that time. If a participant’s MPP account provides an annuity below The Pension Benefits Act small benefit amount ($191.33 per month in 2019), any non locked-in funds will be refunded.
If a participant has not applied for an annuity by December 1st in the year they turn age 71, we will automatically start paying them an annuity, and they may no longer have the ability to select an annuity option. Non locked-in funds below the small benefit amount will automatically be refunded as a taxable cash payment.
Death of a Participant
Where a participant dies before they have applied for an annuity, their spouse/common-law partner may elect to transfer funds out of the MPP or to have the benefits paid in the form of an immediate life annuity or a deferred life annuity commencing anytime by December 1st in the year they turn age 71. If the funds are not locked-in, a cash refund is available. Where there is no spouse/common-law partner, a refund would be made to the participant’s Estate.
Where a participant dies after they have applied for an annuity, any further payment depends on the option selected when the application was made.
Obligation of a Participant
A person who becomes a member of the CSSF and wishes to transfer funds from a prior employer’s pension plan to the MPP must complete a “Request Form To Transfer Funds To The Civil Service Superannuation Board Money Purchase Plan”. This form can be obtained by contacting the Board office. A Canada Revenue Agency (CRA) T2151 must be completed and provided to the administrator of the former employer’s pension plan (a CRA T2033 is to be completed for Group RRSP transfers). These forms are typically available from the administrator of that plan, the Canada Revenue Agency, or the Board office. As the MPP is administered in accordance with Manitoba pension legislation, locked in funds cannot be accepted if they are required to be administered under the legislation of another jurisdiction.
A terminated member would receive the necessary forms from the Board when they become eligible to participate.
To transfer money from the MPP or receive an annuity, you must apply to the Board in writing.
Participants are asked to keep the Board informed of any changes of name or address.
The Board’s staff is available to provide information and answer questions about the plan and your entitlements. The Board’s staff can be contacted by:
Mail: The Civil Service Superannuation Board
1200-444 St. Mary Ave.
Winnipeg MB R3C 3T1
Phone: 204-946-3200 or Toll Free (Canada): 1-800-432-5134
Please click here for a printable version.