Each year, SHEPP provides all active Plan members with an Annual Pension Statement. This statement summarizes the benefit entitlements you have earned up to December 31 of the preceding year. Review it carefully and keep it handy. You can also download a copy of your most recent statement on SHEPPweb.

If any of your personal information changes, be sure to update your member record by signing in to SHEPPweb or contacting our office.

Your statement includes a lot of information, so we’ve provided a guide to understanding it below.

Your Annual Pension Statement Guide

Note: Your SHEPP Member ID # is also your USERNAME to sign in to SHEPPweb!

1. Your personal information

• SHEPP uses your date of birth to determine your normal and early retirement dates.
• Date of hire states the date you became an employee of a SHEPP participating employer.
• The date you’ve been a SHEPP member since is used to determine when you are vested, or entitled to a SHEPP pension.

2. Your estimated monthly pension benefit

• If you are a permanent or temporary full-time or part-time employee, pension projections are provided for the date(s) you become eligible for an unreduced pension.
• The Normal Retirement pension projection provides an estimate of the pension you are expected to earn by your normal retirement date (age 65), assuming your current employment and Plan membership continues until retirement, and you have accumulated the credited service shown.
• The Early Retirement (Rule of 80) pension projection provides an estimate of the Pension you would be entitled to, if you retire on your early retirement date (Rule of 80), assuming your current employment and Plan membership continues until retirement and you have accumulated the credited service shown.
  • Before age 65 states the monthly pension amount which includes both the basic lifetime pension and the bridge benefit, payable to age 65.
  • After age 65 states the basic lifetime pension payable to you until death.
• Deferred Pension Payable at age 65, is based on the credited service earned as of the statement date.
• Form of Pension will default to normal form (Single Life 5) if you do not have a spouse, and the minimum required optional form (Joint Life 60%) if you do have a spouse. You will have the opportunity to choose which form of pension you want when you complete your retirement application.

3. Your earnings and service

• Contributory Earnings are the earnings on which you have made contributions to the Plan.
  • Highest average is the average of your four highest years of contributory earnings.
  • Highest average base is the average of your contributory earnings up to the Year’s Maximum Pensionable Earnings (YMPE) during your five highest years of contributory earnings.
  • Highest average excess is the difference between your Highest average and your Highest average base.
• Credited service is broken down into three time periods because each has a different pension accrual rate.
• Employers with which you are enrolled in SHEPP will all be listed here.

4. Your contributions

• Your Contributions to the Plan and the interest earned for the year is provided in this section. SHEPP is required to provide this information on your annual statement, however it is important to remember that as a defined benefit pension plan, your pension is calculated using a benefit formula (based on contributory earnings and credited service) and NOT your contributions to the Plan.

5. Your spouse and/or designated beneficiaries

• Your spouse and/or designated beneficiaries are reflected here. Your spouse, if you have one according to Saskatchewan pension legislation, is automatically entitled to the pre-retirement death benefit.
  • Your Spouse’s date of birth may affect the amount of a Joint Life form of pension. An asterisk following your spouse’s name indicates SHEPP has a spousal waiver on file.
• Your designated beneficiaries (primary, contingent and designated trustee) shown here would be entitled to the pre-retirement death benefit if you don’t have a spouse by legal definition or if your spouse has waived their entitlement prior to your death. If SHEPP has a spousal waiver on file, an asterisk will appear behind your spouse’s name.