RSSPension Money
What are my options on retirement?
…If I have a pension…?
You are eligible to receive a pension when you reach the normal retirement date specified by your pension plan.
A pension is a life annuity. If you have a spouse, pension legislation requires that your pension be offered in a “joint and survivor” form. This provides your surviving spouse with a lifetime pension of at least 60% of the pension that was being paid to you. The amount of the pension payable to you at retirement may be reduced to ensure that continuing payments can be made throughout your lifetime and your spouse’s lifetime.
However, you may retire any time you are within 10 years of the normal retirement date. For example, if your plan has a normal retirement date of 65 years of age, you have the right to retire and begin to receive a pension at any time after reaching age 55.
By selecting an early retirement option you may reduce the amount of pension you will receive.
If you have transferred money from your plan to a LIRA, then your pension can commence at the earliest of:
- age 55; or
- an early retirement age provided by the plan where the money originated