Self Payment Rates For Pension

Self-Payments

Self-payments allow you to increase the number of hours used to determine the amount of pension you earned during the Plan Year.

You are eligible to make a self-payment if you:

  • Were a member of an Alberta Carpenters Local Union (1325 or 2103) on December 31 of the Plan Year you are making the self-payment for,
  • Have a minimum of 20 hours, but not more than 3,000 Hours of Covered Employment in the Plan Year you are making the self-payment for, and
  • Have at least 5 Plan Years to your credit.

Your combined purchased and reported hours cannot exceed 3,000 in a Plan Year.

The self-payment rate for the 2016 Plan Year is $6.81 per hour. The self-payment deadline for the 2016 Plan Year is June 16, 2017.

For example, to purchase 50 hours, the total payment would be $340.50 (50 hours x $6.81). 50 hours will increase your pension by $3.75 per month (formula: 50 hours ÷ 2000 x $150.00).

You are not eligible to make a self-payment in the year in which you retire or after you retire.