Quote:
Originally Posted by Sliver
I know you didn't read his link or calculate the pension amount because I am exactly correct. The specific wording from this site is as follows:
...teachers at age 65 with 35 years of service can expect a pension of 70 per cent of their pre-retirement income. That's quoted word for word directly from the Alberta Teachers' Pension Plan site and off a PDF copy of their brochure. Their pre-retirement income is based on their highest earning five consecutive years. |
The actual numbers are a bit lower.
A teacher retiring today at the top of the pay scale would have a five-year average annual salary of about $95,000. Their pension with 35 years of pensionable service is $50,298.87 a year. That's 52.9% of their pre-retirement income. With just 30 years of pensionable service it's $43,113.12, which is 45.4% of pre-retirement income.
Perhaps once you take into account that a teacher making $95,000 a year pays about $13,000 into the fund, that takes their taxable salary down to $82,000. That gets the numbers a little closer to 70%, I suppose.