Download the Canada Pension Plan Book (PDF)





Early Retirement Benefit

7.02 - Upon the election of the Participant, or the Participant's Surviving Spouse if benefits are payable only to the Surviving Spouse, the Early Retirement Benefit shall commence on the 30th day of the month which includes the Participant's Early Retirement Date, or the month in which the Participant elects early payment, whichever is later. In such event the amount of the benefit, including the Supplemental Spouse Pension, if applicable, shall be reduced by a percentage calculated as follows:

  • 0% if the Participant had attained age 60 and completed 10 years of Vesting Service on the Participant's Early Retirement Date;
  • 5/12% times the number of months that the actual date of the first payment precedes the 30th day of the month in which the Participant would attain age 60, if the Participant had completed 10 years of Vesting Service on the Participant's Early Retirement Date but had not attained age 60; or
  • 1/3% times the number of months that the actual date of the first payment precedes the Participant's Normal Retirement Date, if the Participant had not completed 10 years of Vesting Service on the Participant's Early Retirement Date.

    • Notwithstanding the foregoing, the Early Retirement Benefit outlined above shall not exceed the pension payable to the Participant under Section 7.01 reduced by ΒΌ of 1% for each month by which the date of the Participant's Early Retirement Benefit precedes the earliest of:
  • the Participant's attainment of age 60,
  • the Participant's completion of 30 years of Continuous Service (excluding periods of layoff and temporary suspension of employment), and
  • the date on which the Participant's age plus Continuous Service (excluding periods of layoff and temporary suspension of employment) would have totaled at least 80 years.