From actuary to vested, find the definitions of the most commonly used pension terms


A person who is a Fellow of the Canadian Institute of Actuaries or a firm employing such a person, who is appointed by the Trustees as actuary of the Plan.


The person or entity you designate to receive your pension payments in the event of your death.

Commuted Value

The lump sum present value of your accrued pension as determined by an actuary. It is the amount of money required to be set aside to pay for a pension benefit in the future.

Credited Interest

Equals the annual fund rate of return and is credited at the end of each Plan Year.

Credited Service

The total years of service used to calculate your pension benefit. After 1997, your annual credited service is equal to the hours (as defined by the Plan) reported on your behalf divided by 1,400, to a maximum of one.

Current Service

The total years of credited service earned after your group's entry into the Plan.

Deemed Earnings

The earnings reported on your behalf by Canada Safeway while you are in receipt of wage loss benefits, which are based on your average earnings for the previous 13 week period.


Total compensation paid to you by Canada Safeway and reported as earnings on your T4 form excluding any taxable benefits, plus any deemed earnings.

Employee Contribution Account

The accumulated balance of a member's employee contributions, including credited interest.

Group Entry Date

The date on which contributions to the Plan were first made by a participating employer or a Union local on your behalf. If you were a member of the former Retail Meat Industry Pension Plan, your Group Entry Date can be no earlier than January 1, 1963. If you were a member of the former Retail Clerks Industry Pension Plan, your Group Entry Date can be no earlier than January 1, 1970. Any service you had with an employer before your Group Entry Date may be eligible for Past Service, in which case you should contact the Plan Administrator.

Joint Pensioner

Your spouse at the date of your retirement.

Life Annuity

A pension you buy from a life insurance company that is guaranteed for your lifetime.


Your benefit under the Plan cannot be withdrawn in cash; the value must be applied to provide you with a lifetime pension.

Normal Retirement Date

The last day of the month in which you turn age 65.

Past Service

The total years of credited service earned before your group's entry into the Plan.

Pension Benefits Standards Act (PBSA)

The provincial legislation regulating the terms and the operations of this Plan.

Plan Year

The calendar year ending on December 31st.


The person at your date of retirement (or at your date of death if you die before retiring) to whom you are legally married and, if no longer living with you, has not lived separate and apart from you for more than two years; or the person with whom you have been living in a marriage-like relationship for at least two years, including a person of the same gender.

Terminated Vested Plan Member

A member who has left employment covered by the Plan and who has not transferred the commuted value of their benefit out of the Plan.

Totally and Permanently Disabled

Inability to work in any occupation for which you would be reasonably fitted by education, training or experience because of a medically determined impairment that is expected to be of long, continued and indefinite duration.


Is the UFCW Local 1518 and the UFCW Local 247.


You are entitled to the pension you have earned as calculated by the terms of the Plan.

Wage Loss Benefits

Benefits you receive while absent from your employment including weekly indemnity, long term disability, Employment Insurance sickness, parental or maternity, and Workers' Compensation wage loss.

Pension Calculator

Estimate your future pension and review your personal information