When you can retire

Learn how your age at retirement affects the value of your pension.


The age at which you apply for your pension will affect your monthly lifetime pension payment.

As required by the Income Tax Act, you must begin receiving your pension no later than the end of the year in which you turn 71, even if you are still working.

Your normal retirement age and earliest retirement age   depend on whether you work in public safety. If you work in public safety as a police officer or firefighter, your normal retirement age is 60 and your earliest retirement age is 50.
 

For all other members of BC's Municipal Pension Plan, your normal retirement age is 65 and your earliest retirement age is 55.

If you are an inactive member,   you may apply to begin receiving your pension as early as:
 
  • Age 55 for all other members of the plan
  • Age 50 for police officer or firefighters in member group 2 or 5

If you are retiring before your normal retirement age, your age at retirement and years of contributory service will determine if you are eligible for an unreduced pension.

Qualifying for an unreduced pension

You will receive an unreduced pension if, at the date of your retirement, you are:

  • 55 (50 for group 2 and 5 members) or older and your age plus years of contributory service   equals 90 or more (80 for group 2 and 5 members)
  • 60 (55 for group 2 and 5 members) or older, with two or more years of contributory service
  • 65 (60 for group 2 and 5 members) or older, with any amount of contributory service

For example, if you are 57 and have 33 years of contributory service, you are eligible for an unreduced pension because your age plus years of contributory service equals 90 or more.

Qualifying for a reduced pension

You will receive a reduced pension,   if, at the date of your retirement, you are:
 
  • Over 55 (50 for group 2 and 5 members) but under 60 (55 for group 2 and 5 members) and your age plus years of contributory service is less than 90 (80 for group 2 and 5 members)
  • Over 60 (55 for group 2 and 5 members) but under 65 (60 for group 2 and 5 members), with fewer than two years of contributory service

For example, if you are 57 and have 20 years of contributory service, you are eligible for a reduced pension. If you choose to retire, you will receive a reduced pension because your age plus years of contributory service is 77, which is lower than the required 90 for most members or 80 for group 2 and 5 members. 

To learn more about how the changes may affect your pension, sign in to My Account and use the Personalized Pension Estimator to find out what your monthly pension might be based on your salary and years of service.


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