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 the amount of your lifetime monthly pension payment.

The normal retirement age for most members of BC’s Public Service Pension Plan is 65 and the earliest retirement age is 55. However, if you work in a designated public safety occupation, your normal retirement age is 60 and your earliest retirement age is 50. Different retirement rules apply to BC Ambulance Service employees in CUPE Local 873.

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.

If you are an inactive member,   you may apply for your pension as early as:
 
  • Age 50 if you worked in a designated public safety occupation
  • Age 55 for all other plan members
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

Although you can apply for your pension as early as age 55 (50 for members working in designated public safety occupations), your pension will be reduced if you stop working for a plan employer before you turn 60 (55) and do not meet certain criteria.

For pensionable service earned on and after April 1, 2018, you will qualify for an unreduced pension if, at the date of your retirement, you are:

  • 55 (50) or older, with 35 years of contributory service
  • 60 (55) or older, with two or more years of contributory service
  • 65 (60) or older, with any amount of contributory service

For pensionable service earned before April 1, 2018, you will qualify for an unreduced pension if, at the date of your retirement, you are:

  • 55 (50) or older, and your age plus years of contributory service equals 85 or more
  • 60 (55) or older, with two or more years of contributory service
  • 65 (60) or older, with any amount of contributory service

Contributory service earned on and after April 1, 2018, will count toward the rule of 85 for service earned before April 1, 2018.

Receiving a reduced pension

For pensionable service earned on and after April 1, 2018, you will receive a reduced pension if, at the date of your retirement, you are:

  • Over 55 but under 60 (over 50 but under 55 for members working in designated public safety occupations), with fewer than 35 years of contributory service
  • Over 60 but under 65 (over 55 but under 60), with fewer than two years of contributory service

For pensionable service earned before April 1, 2018, you will receive a reduced pension if, at the date of your retirement, you are:

  • Over 55 but under 60 (over 50 but under 55), and your age plus years of contributory service is less than 85
  • Over 60 but under 65 (over 55 but under 60), with fewer than two years of contributory service

To learn more about how the changes may affect your pension see the Member scenarios.

 

Page last updated: April 27, 2018


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