Retiring before the normal retirement age will affect your pension. Here are the key points to consider.
Key points to consider for early retirement
For most members of BC's College Pension Plan, the normal retirement age is 65 and the earliest retirement age is 55.
If you are thinking about retiring before the plan's normal retirement age, you should keep the following in mind:
- You will receive a reduced pension if you do not meet the minimum age and service criteria for an unreduced pension
- You will receive a bridge benefit for service earned up to December 31, 2015, payable until you turn 65 or die, whichever happens first
- You can buy a temporary annuity to supplement your retirement income until you turn 65 or die, whichever happens first
- Although your employee health care coverage will end when your employment ends, you can apply for voluntary extended health care and dental coverage through the plan when you apply for your pension