How much you receive depends on four factors:
- Years of pensionable service
- Average pensionable salary
- In some instances, the reason for termination of employment.
The basic superannuation benefit calculation provided under the PSSA is as follows:
2% x number of years of pensionable service x average salary for five consecutive years of highest salary.
Part time pensionable service is calculated as follows:
2 per 100 X Number of years of part-time pensionable service X Average salary for 5 consecutive years of highest paid service based on full-time salary rate X Assigned part-time hours / standard full-time hours.
The calculation for a superannuation benefit of an employee, age 55 or older, who retires with 35 years of service and an average salary of $45,000 over the best five years would be :
2 p.100 x 35 x 45 000 $ = 31 500 $ per annum
If the same employee had 25 years of full-time service, along with 10 years of part-time service working 20 hours during a standard 37.5-hour work week, the benefit calculation would be:
2% x 25 x 45 000 $ = 22 500 $ per annum
2% x 10 x 45 000 $ x 20/37,5 = 4 800 $
Total = 27 300 $ per annum