Retirement and Pension

Click on these questions to find answers and to see tools or resources to plan for retirement.

I’m planning on retiring soon. What are my next steps?

The process of retiring is actually not that complicated but there are a few important steps.

How do I inform my employer when I intend to retire?

There are template retirement letters available to be used for any retiring teacher.

When can I retire?

Regardless of how long a teacher has been teaching it is important to know when retirement can happen and to plan for that day.

Who is Vestcor?

Learn more about the people who invest and manage the NB Teachers pension.

How much will my pension be?

Try this pension calculator. You will need your Employee Statement of Pension Benefits.

How do I purchase pensionable service?

The number one thing to increase your pension is to have more service. Learn how to purchase pensionable service. To get an estimate of your cost, click here.

I am a supply teacher; can I pay into my pension?

When supply teachers meet certain conditions, they are eligible to pay into the pension plan. When does that happen and how does it work? Learn more here.

What happens to my pension when I take Canada Pension Plan (CPP)?

Another source of pension income for teachers is CPP. Drawing of CPP actually has no impact on a teachers pension.

What happens when I turn 65?

The NB Teachers pension is integrated at age 65, with the end result meaning teachers pension amounts decrease at 65. How much varies, depending on a number of factors. Read this PDF or watch this video to learn more.

What is a retirement allowance?

Other than a teacher’s pension, all teachers receive a lump sum payment when they retire. Learn more about what this is.

How do I take time off before I retire? (eg.: pre-retirement vacation, deferred leave, work-time flex, leave of absence without pay)

Sometimes teachers need time off when it is not a holiday or summer. Learn how to do that in a variety of ways:

How do I inform my employer that I am taking pre-retirement vacation?

Once the decision has been made to take a pre-retirement vacation, a letter needs to be forwarded to the employer and the NBTA can help you with this. Contact NBTA Staff Officer - Teacher Welfare Services.

I am retiring. What are the options (forms of pension) for a spousal benefit in the event of my death?

Watch this video on forms of pension.

What happens to my pension when I pass away? (survivor benefits) When a teacher has pensionable service, and they pass away, what happens to their pension?

There is a spousal benefit payable to a surviving spouse. Watch this video to learn more.

I’m going through a separation, what happens to my pension?

Unfortunately, life happens and sometimes it is best to move out of a relationship. Oftentimes, this involves the division of pension assets. Learn more about this here.