Other Early Retirement. An employee who is age 58 retires with 20 years of credited service on January 1, 2007. His pension is determined as follows: He has 9 years of credited service at December 31, 1995. His annualized gross pensionable earnings in 1995 were $60,000. His pension is upgraded to December 31, 1995 to provide a pension calculated as follows: $60,000 x 9 years x 1.3% = $7020 annually His gross pensionable earnings for each year from 1996 to 2006 were $63,000 and he had a full year of credited service in each year. His pension credit for the period 1996 to 2006 is: $63,000 x 1.35% x 11 years = $9355.50 annually His total pension at December 31, 1996 is: $16,375.50 annually or $1364.63 monthly His pension is reduced for early retirement, as he is not eligible for 85 Point Retirement. He is retiring 7 years early. His pension is reduced by (7 years x 12 x 1/3%) = 28% $1364.63 x (100% - 28%): $982.54 monthly If he has a spouse, he may elect to have his pension reduced by 10% to provide the 60% spousal option, resulting in a pension of: $884.28 monthly At age 60, he can apply for a reduced CPP pension of approximately $510 monthly At age 65, he will be eligible for OAS pension of approximately: $400 monthly His total income from company and government sources at age 65 will be approximately: $1892.54 monthly
Other Early Retirement. At any time after you are age 55, you may request early retirement and elect to draw your pension. If you retire after having reached age 55 but prior to having qualified for Special Early Retirement or 85 Point Retirement, you are entitled to an immediate accrued pension equal to the amount of vested accrued basic pension to your credit for service to the date of your retirement, reduced by 1/3% for each month (i.e. 4% per year) you are under age 65 when your pension commences. In addition, you will be entitled to receive a lifetime supplement calculated as if you had reached age 65 on the date of your retirement, but using your current unreduced vested accrued basic pension and your related credited service, the full unreduced Canada Pension Plan Retirement benefit and the normal retirement minimum pension determined as at your actual date of retirement. This lifetime supplement so calculated will also be reduced by 1/3% for each month (i.e. 4% per year) you are under age 65 when your pension commences.
Other Early Retirement. A member retiring on or after January 1, 2012 and after having attained age 55, with two years of credited service, but prior to having qualified for Special Early Retirement is entitled to an immediate accrued pension equal to the amount of accrued vested pension to his credit for service to date of early retirement reduced by a factor of one-third (1/3) percent for each month he is under Age 65 when his pension commences. In addition, such member shall be entitled to a lifetime supplement calculated as if the member had attained age 65 on his date of retirement but using his current unreduced vested accrued pension and his related credited service, the full unreduced Canada Pension Plan Retirement benefit and the normal retirement minimum Pension all determined as of the member's actual date of retirement. The lifetime supplement so calculated will then also be reduced by a factor of one third (1/3) percent for each month the member is under Age 65 when his pension commences.
Other Early Retirement. At any time after you are age you may request early retirement and elect to draw your pension. If you retire after having reached age but prior to having qualified for Special Early Retirement or Point Retirement, you are entitle to an immediate pension equal to the amount of vested accrued basic pension to your credit for service to the date of your retirement, reduced by for each month year) you are under age when your pension commences. In addition, you will be entitled to receive a lifetime supplement calculated as if you had reached age on the date of your retirement, but using your current unreduced vested accrued basic pension and your related credited service, the full unreduced Canada Pension Plan Retirement benefit and the normal retirement minimum pension, all determined as at your actual date of retirement. This lifetime supplement so calculated will also be reduced by for each month year) you are under age when your pension commences. DISABILITY RETIREMENT (BEFORE AGE 65) As long as you are eligible to receive disability benefits under the Group Insurance Plan you will receive service and basic pension credits under the Retirement Plan and you will not be retired. However, if you become partially disabled and you do not qualify for insurance benefits you may qualify for Disability Retirement. Retirement under this provision requires that:
