Common use of Other Early Retirement Clause in Contracts

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. 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 entitle 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 pension, all 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.