When you reach the normal
retirement date you are eligible to receive an unreduced pension. This date must be
specified in the plan documents.
However, you may choose to retire at any time you are
within ten years of the normal retirement date. So, for instance, if your plan has as a
normal retirement date, the date a member reaches age 65 years, then 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. The amount of the reduction, if any, will depend on
the terms of your plan.
Working Beyond Retirement Age
You may choose to postpone retirement if your employer
permits you to do so. If you are not receiving a pension, then your plan will either:
- allow you to continue to be a member on the same basis as
applied before you reached the normal retirement date, or
- not allow you to continue to participate in the plan, but
will increase your pension when it is payable to account for the period of time during
which the pension was not paid.
If you are re-employed after you have started to receive
your pension, then your plan will either:
- continue to pay your pension, but not allow you to become a
member of the plan again, or
- suspend payment of the pension and will require you to join
the plan and accrue further benefits.
