Pension Plan for Members of the Service Employees' Union (SEU)
The McGill University Pension Plan for members of the Service Employees' Union is what is known as a “defined contribution” plan. The amount of contribution is known in advance, but the amount of pension isn’t. The amount of pension you receive depends on the size of your “pension account” at retirement, your age, and market conditions when you convert your savings into a retirement income.
The University contributes a certain amount to your pension account every month. These contributions are invested with Sun Life according to your investment instructions. When the time comes to retire, you use these contributions and investment income to “buy” a pension.
SEU Pension Plan Brochure