Taking early retirement

Early Retirement

Member Handbook -
Early Retirement Pension

Your "normal" retirement date in the CAAT Plan is the end of the month in which you turn 65. However, for several years, the number of Canadians who retire before reaching age 65 has been increasing steadily.

If you retire between age 50 and 64, you will be taking "early retirement." This means you will get an immediate early retirement pension, made up of two parts - your lifetime pension, plus an additional payment called the Bridge Benefit, which is payable until you turn 65. At age 65, you are eligible for full Canada Pension Plan (CPP) benefits, but you can start reduced CPP benefits any time after age 60.

For an early retirement, you need to select your actual retirement date. Once you have done this, you must notify your College's HR representatives, who will start the process by helping you complete and sign a TRD Pension Claim form to send to the CAAT Plan. We will then calculate your pension and send you a Retirement Option Document and any other forms you may need to complete and sign, such as TD1 income tax forms. You'll need to supply a void cheque, and you may need to supply proof of age for yourself and for your spouse. To make sure your benefits start as soon as possible, all paperwork must be accurately completed and promptly submitted.

You may qualify for early retirement under the Plan's "50/20" provision - you are age 50 or more and have 20 years of Pensionable Service. If so, you should get a copy of the pamphlet called Retiring Early: the 50/20 Option.

Unreduced Pension

Reduced Pension

January 2009