A civil servant's sweet payoff

A civil servant’s sweet payoff

By MoneySense Staff on November 8, 2011
Estimated reading time: 1 minute

Check out the hefty pensions government workers get. Turns out the value of their golden handshakes is even higher than you think

Federal government worker Average age at retirement: 58 Years of service: 26 Years collecting a pension: 27 Estimated value of pension at retirement: $560,000 to $660,000 (based on a projected real return of 2.8% to 4.3% a year) Amount of pension currently contributed by the employee: 33% Pension benefit is equivalent to what percentage of worker’s salary? 12% to 20% RCMP employee Average age at retirement: 54 Years of service: 31 Years collecting a pension: 32 Estimated value of pension at retirement: $820,000 to $990,000 (based on a projected real return of 2.8% to 4.3% a year) Amount of pension currently contributed by the employee: 31% Pension benefit is equivalent to what percentage of worker’s salary? 14% to 24% Canadian Forces employee Average age at retirement: 45 Years of service: 25 Years collecting a pension: 39 Estimated value of pension at retirement: $640,000 to $790,000 (based on a projected real return of 2.8% to 4.3% a year) Amount of pension currently contributed by the employee: 27% Pension benefit is equivalent to what percentage of worker’s salary? 15% to 24% Ontario schoolteacher Average age at retirement: 59 Years of service: 26 Years collecting a pension: 30 Estimated value of pension at retirement: $650,000 to $840,000 (based on a projected real return of 2% to 4% a year) Amount of pension currently contributed by the employee: 50% Pension benefit is equivalent to what percentage of worker’s salary? 11%