Early retirement
Retiring before the normal retirement age will affect your pension. Here are the key points to consider.
Calculating your reduced pension
If you decide to retire early and you do not meet the criteria for an unreduced pension, your pension will be reduced. The bridge benefit (if applicable) is also proportionately reduced.
The amount of your pension will be reduced based on a combination of:
- The member group you are in
- When you earned your service
- Your contributory service
- Your age when you start receiving your pension
- Your age when you end your employment
If you do not work in public safety as a police officer or firefighter, you are a member of group 1.
Reduction rates by member group and service earned
For service earned | Reductions | |
Group 1 | Before January 1, 2022 |
If you have at least two years of contributory service: 3% or 5%* per year before age 60, or your age plus years of contributory service is less than 90 (the “rule of 90”)—whichever results in the lowest reduction If you have less than two years of contributory service: 3% per year before age 65 |
Group 1 | As of January 1, 2022 |
If you have at least two years of contributory service: 6.2% for each year your age is less than 60 If you have less than two years of contributory service: 5.2% for each year your age is less than 65 |
Group 2 or 5 | Any date |
If you have at least two years of contributory service: 3% or 5%* for each year before age 55 or your age plus years of contributory service is less than 80 (the “rule of 80”)—whichever results in the lowest reduction If you have less than two years of contributory service: 3% per year before age 60 |
*The 3% reduction rate applies when you end employment if you meet the minimum age requirement:
If you do not meet the minimum age requirement, your pension will be reduced by five per cent per year. |
Reductions are prorated by month for partial years.
If you left your employer before September 30, 2015, please contact the plan as different rules may apply.