Husband and Wife Pension

 

The Husband and Wife Pension is automatic under the Federal Law if you are married. You and your spouse will receive this form of pension unless you both reject it in favor of another benefit option.

 

The Husband and Wife Pension is a two-life pension that pays an amount to you for the rest of your life and then, in the event your spouse survives you, pays 50% of your monthly pension amount to your surviving spouse.

 

In calculating the Husband and Wife Pension, a reduction of 6% plus ½% for each year your spouse is younger than you are is applied to your normal or early retirement amount.  Similarly, if your spouse is older than you are, the 6% reduction is made smaller by ½% for each year your spouse is older.  There is always a reduction of at least 1% for this form of pension.

 

The 50% Husband and Wife Pension, the 66 2/3% Joint and Survivor Option and the 75% Joint and Survivor Option are considered “actuarial equivalents”.  This means that from the pension fund’s point of view, it does not matter which you choose, the pension fund expects to pay the same value over the entire two life period under each choice.  You have to decide which option is best for your and your spouse based on your health and financial circumstances.

 

You can see the amount that would be payable to you based on your current pension credits by using the NASI Pension Fund’s Pension Estimator.

 

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