On or After 65th Birthday
If you stop contributing to the Plan on or after your 65th birthday, you are automatically vested and entitled to a lifetime PSPP pension, no matter how many years of PSPP service you have.
If you postpone your pension and start working with a PSPP employer and re-join the Plan, you will continue to grow your future PSPP pension benefit.
You must start your pension by the end of the year in which you turn 71, even if you continue to work.
Leaves of Absence
You have 30 days from the date you leave the Plan to apply to purchase a leave of absence. If you are already paying for a leave of absence, you have 90 days* from the date you leave the Plan to complete that purchase.
Prior Service Purchases
If you intend to buy prior service, you must submit your application before you leave the Plan. If you are already making prior service payments, you will have 90 days* to complete your buyback purchase.
In either scenario, if you do not complete your purchase it will be prorated—only the amount of service you have paid for will be credited.
Combined Pensionable Service (CPS) can impact buybacks in these situations as well.
*If you are retiring, you must complete any outstanding buyback payments prior to your pension commencement date. If the buyback is not paid in full before your pension commencement date, the buyback will be prorated and your service will be adjusted accordingly.
More on Buying Service