Responsibilities | Pension Plans
Information for Pension Plan Members

Retirement Ages
A pension plan must define a "pensionable age", an age at which you can start to receive your pension with no reduction in benefits (for example, age 60 or 65).

Under the PBSA you are entitled to receive early retirement benefits if you are vested and terminate employment at age 55, or anytime later. Plans may have more generous early retirement provisions. The plan may provide for a reduced monthly pension to compensate for the earlier start of pension payments.

If you continue to be employed after pensionable age, you will continue to earn benefits under the plan. The plan, however, may stipulate the maximum number of years of employment or a maximum pension that can be earned. Once the maximum is reached, you will make no further contributions and earn no further benefits.

Your pension must commence no later than the end of the calendar year in which you turn 71.

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