How Late Can I Start My Pension?
You must start your PSPP pension no later than December 31 of the year in which you turn 71. In this situation, you don't have to stop working for your PSPP employer, but once you start receiving a pension from PSPP, you no longer contribute to the Plan.
When Should I Retire?
The date you choose to begin your pension is up to you and can depend on a lot of factors, such as the health of you and your pension partner, your financial situation, the standard of living you want in retirement, and how long you want to continue working.
The amount of your monthly pension will be different depending on the date you choose to start your pension. Your selected date will determine your age at retirement and may impact your highest average salary and how much service you’ve accumulated in the Plan at retirement. These are key components that are used in the calculation of your pension. Your final monthly pension also depends on the pension option you choose and if you choose to coordinate your pension.
Use the Pension Estimator or the Pension Projection Calculator on mypensionplan.ca to estimate how different scenarios, such as early, normal or late retirement, affects your monthly pension.
To find out more about retiring, read Retirement Planning.