Collecting your pension
When can I retire?
The normal retirement age is age 65. You can choose to retire earlier, if you qualify under any one of the early retirement rules below.
You can retire without any reduction to your lifetime pension if:
- factor 85 — your age, when added to your years of membership or pensionable service, equals at least 85 years
- 60/20 rule — you are at least 60 years old, and you have at least 20 years of membership or pensionable service in the Plan
What's on this page
- Retirement dates and monthly payments
- Retirement age
What if I want to retire before my unreduced retirement date?
You can still retire if you’re age 55 or older. Your lifetime pension will be reduced to reflect the fact that you’re starting your pension earlier and will probably receive it for a longer period of time.
Learn about how your pension is calculated to understand your options.
What if I want to retire after I’m 65?
You may also choose to postpone your retirement beyond age 65. You can find more information on these options in the My Pension Resource guidebook or you can contact us at the WISE Trust Pension Contact Centre.
Retirement dates
Retirement dates are on the first of the month, and monthly pensions are paid by direct deposit to a Canadian bank account on the first business day of each month.How to initiate your retirement
You can initiate your retirement on My Pension Resource or by calling the WISE Trust Pension Contact Centre. We recommend you talk to your manager and contact us approximately six to nine months before your desired retirement date.
Learn more about getting ready for retirement.
Want a pension estimate first? No problem! Run one any time, any where on My Pension Resource.
Tips to complete your retirement forms
About one month after you initiate your retirement, will receive a retirement package to complete in the mail. You’ll need to:- provide a void cheque and direct deposit form.
- provide proof of age documentation for you and your spouse. You can use a valid driver’s license, valid Passport, or birth certificate for proof of age. We need this to verify what we have on file to ensure your pension payments are accurate.
- complete the enclosed TD1 Form, and Spousal Declaration and Beneficiary Designation Form.
- sign and date the forms.
- make a copy of the forms for your records.
- submit your forms no later than the first of the month before your retirement date to start your pension on time.