How is your pension calculated?
Your pension is calculated based on a defined formula. However, the formula used to calculate your pension will depend on:
- when you were appointed,
- your age and service at retirement, and
- your salary (based on the highest judicial rank you attained).
Pension formulas
Scenario 1: Met BSR
At retirement, you:
- have 15 years credited service; and
- have attained age 65
Base Benefit equals 56% multiplied by salary (no further age or service enhancements)
Age and Service enhancements at retirement:
- For every year of service in excess of 15 years at age 65 you will receive an additional 1% of salary
- For every year greater than age 65 at retirement, you will receive an additional 1% of salary
| Formula |
|---|
| Your base benefit: 56% PLUS Your retirement age enhancement: 1% per year after age 65 PLUS Your service enhancement: 1% per year in addition to 15 years of service at age 65 EQUALS new percentage of salary |
Example: You were appointed at age 48 and retired at age 67
| Formula | Percentage |
|---|---|
| Your base benefit | 56% |
| PLUS Your retirement age enhancement | 2% (2 years greater than age 65) |
| PLUS Your service enhancement | 2% (2 years in addition to 15 years of service at age 65) |
| EQUALS new percentage of salary | 60% |
You can simply refer to this Table (PDF) . Cross reference your appointment age and retirement age to obtain the pension factor.
| Age at Appointment | Age at Retirement | Percentage of benefit |
|---|---|---|
| 48 | 67 | 60% |
Scenario 2: Late appointment
At retirement, you:
- were appointed after age 60
- served full-time to age 70
| Age at Appointment | Percentage of benefit |
|---|---|
| 60 | 56% |
| 61 | 50% |
| 62 | 44% |
| 63 | 38% |
| 64 | 32% |
Appointment age and Service enhancements at retirement:
- For every year of appointment after age 60, you will receive an additional 1% of salary
- For every year of service after age 70, you will receive an additional 1% of salary
| Formula |
|---|
| Your base benefit: refer to percentage at age 60 table above PLUS Your appointment age enhancement: 1% per year after age 60 PLUS Your service enhancement: 1% per year after age 70 EQUALS new percentage of salary |
Example: You were appointed at age 62 and retired at age 72
| Formula | Percentage |
|---|---|
| Your base benefit | 44% (per table above) |
| PLUS Your retirement age enhancement | 2% (2 years after age 60) |
| PLUS Your service enhancement | 2% (2 years after age 60) |
| EQUALS new percentage of salary | 48% |
Scenario 3: Did not meet BSR
Service:
- Entitled to a reduced pension
- Base Benefit is based on your age at appointment and age at retirement
- No appointment age enhancement
- No service enhancement
Example: You were appointed at age 48 and retired at age 58 (use Table 2 under 55)
| Age at Appointment | Age at Retirement | Percentage of benefit |
|---|---|---|
| 48 | 58 | 29% |
If you defer your pension, your pension will be protected against inflation. You can commence at any time before age 65 and must commence the month following your 65th birthday.