Early retirement

Retiring before the normal retirement age will affect your pension. Here are the key points to consider.

Key points to consider for early retirement

For most members, the normal retirement age is 65 and the earliest retirement age is 55. For group 2 and 5 members (police officers and firefighters), the normal retirement age is 60 and the earliest retirement age is 50.

If you are thinking about retiring before your normal retirement age, you should keep in mind the following:

  • You must fully terminate all employment within the Municipal Pension Plan in order to start collecting your pension
  • You will receive a reduced pension if you do not meet the minimum age and service criteria for an unreduced pension
  • You may receive a bridge benefit until you turn 65 or die, whichever comes first
  • You can buy a temporary annuity to supplement your retirement income until you turn 65 or die, whichever comes first
  • You are responsible for choosing the date your pension will start and you must apply to start your pension
  • You may be eligible for an unreduced pension before you reach normal retirement age
  • If you do not apply to start your unreduced pension when you are eligible, you will not be entitled to have your pension backdated to a previous date
  • You may want to talk to an independent financial advisor about which start date is best for you and your situation
  • Your health care coverage as an employee will end when your employment ends, although you can apply for retirement health coverage through the Municipal Pension Plan when you apply for your pension