BC Municipal Pension Plan
When can I retire?
Earliest retirement age for most Municipal employees is 55. Under the Municipal Pension Plan, you may apply for a pension as early as age 55. However, if you retire before age 60 and you do not meet minimum age plus contributory service requirements, your pension will be reduced.
What are reduced and unreduced pensions?
You will receive an unreduced pension if, at the date of your retirement, you are:
- Age 55 to 59 and your age plus contributory service equals 90
- Age 60 or older, with two or more years of contributory service
- Age 65 or older, with fewer than two years of contributory service, providing you are a contributor to age 65 or older.
You will receive a reduced pension if, at the date of your retirement, you are:
- Age 55 to 59 with two years or more of contributory service, but your age plus contributory service equals less than 90
- Age 60 to 64 with fewer than two years of contributory service, provided you are a contributor to age 60 or older.
Canada Pension Plan
The Canada Pension Plan (CPP) retirement pension provides a monthly benefit to eligible Canadians.
You must have worked and made at least one valid contribution (payment) to the CPP to qualify for a CPP retirement pension. The standard age to begin receiving the pension is 65. However, you can take a permanently reduced CPP retirement pension as early as age 60 or take a permanently increased pension after age 65.
When should I take my retirement pension?
Before you decide when to take your retirement pension, you should consider the following:
- How your age will affect your monthly payment
- Whether you plan on working while receiving your pension
- How much and how long you have made contributions to the CPP
- Your personal savings, investments or company pension plan
- Your retirement planning and lifestyle you want when you retire
- Your current health, family health history or any disabilities
Old Age Security
The Old Age Security (OAS) pension is a monthly payment available to most people 65 years of age and older who meet the Canadian legal status and residence requirements.
Your employment history is not a factor in determining eligibility: you can receive the OAS pension even if you have never worked or are still working.
Am I eligible?
If you are living in Canada, you must:
- Be 65 years old or older
- Be a Canadian citizen or a legal resident at the time we approve your Old Age Security pension application, and have resided in Canada for at least 10 years after turning 18
( 18.13 Retirement ) The City shall pay to an employee who retires after having reached the minimum retirement age set out in the Municipal Pension Plan of British Columbia a sum of money equal to one calendar month’s basic salary at the rate applicable to the employee at the time of retirement.
- Any unused vacation or banked overtime will be paid out upon retirement
- Have the option of continuing life insurance by paying 100% of the premium premium up to age 65
- Other city benefits (Ex H, Dental, etc) continue for a month following retirement
- Pension is effective the next month following retirement, cheque from MPP comes at end of the month, ie retiring end of June first pension cheque comes end of July