A life change could impact your pension. To help you make an informed decision, ask your plan administrator for details. You can also find information here.

Dealing with financial hardship

Changing/ending a spousal relationship

FSRA provides a guide for members and their spouses for valuing and dividing a member’s pension upon marriage breakdown. It is also a helpful resource for plan administrators and other professionals.

Go to Pensions and marriage breakdown – a guide for members and their spouses

Leaving your job

If you leave your job, you may be eligible for one or more of the following options:


Receive a full pension from the pension plan starting on your normal retirement date


Receive a reduced pension from the pension plan starting on an early retirement date


Transfer the commuted value of your pension benefits to another approved retirement arrangement


Receive a refund of certain contributions

Taking a leave of absence

Your employer goes bankrupt

If your employer becomes bankrupt, any pension plan they sponsor may be wound up.

The winding up of a pension plan can be a lengthy process, that may involve some of the following steps: 


    Your pension plan administrator must provide a notice of proposal to wind up the pension plan to the CEO of FSRA, all active members, former members and retired members


    The CEO of FSRA may appoint an administrator to wind up the plan


    Despite the wind up, retired members will continue to receive their pensions 

    Before the wind up is approved, your plan administrator may submit an application to the CEO of FSRA to:


    Begin paying pension benefits to newly retired members


    Begin paying death benefits to a spouse or plan beneficiary


    Continue to pay plan expenses from the pension fund

    What happens if there is not enough money to pay all promised benefits, to all members?

    In this situation, the Pension Benefits Guarantee Fund (PBGF) will guarantee payment of certain defined benefits, subject to certain limitations.