Early retirement

Retiring before the normal retirement age will affect your pension. Here are the key points to consider.


Buying a temporary annuity

Your early retirement pension consists of your lifetime monthly pension payment, the bridge benefit and, if you choose it, a temporary annuity.

A temporary annuity is an additional monthly payment you can buy to increase your monthly income until you turn 65 or die, whichever happens first. Your pension estimate will show you the cost of a temporary annuity and how it may affect your basic lifetime monthly pension payment.

If you buy a temporary annuity to provide a higher monthly pension income until you turn 65, your basic lifetime pension income after age 65 (until your death) will be lower than it would be if you did not buy the annuity. Keep in mind the impact this may have on your spouse or dependants.

The younger you are when you retire, the higher the cost of the temporary annuity.


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