Changes to your pension at age 65
When you reach age 65, you are eligible to collect an unreduced pension from CPP. At that point your CPP bridge pension from OPTrust ends.
You qualify for unreduced CPP
Your CPP retirement pension is payable when you turn 65. You must apply for it because it will not start automatically. There is a limit on the amount of your CPP pension you can collect retroactively.
The annual CPP benefits are adjusted every year to reflect changes in the cost of living. You can apply to start receiving your CPP retirement pension as early as age 60 but it will be reduced. If you delay starting your CPP pension past age 65, your CPP pension will increase. For details on CPP, please refer to Service Canada.
Note: The date you start your CPP pension does not affect the amount of your pension from the OPSEU Pension Plan. The formula under the Plan applies regardless of your decision regarding CPP. As well, the actual amount of your CPP pension will vary depending on your individual circumstances. This means that when the CPP pension bridge ends, the total amount of your pension from the OPSEU Pension Plan plus your CPP pension may differ from the amount you were receiving before the CPP bridge ended.
In addition to CPP, you may be entitled to a monthly retirement benefit from Old Age Security (OAS). Your pension from the OPSEU Pension Plan is not adjusted due to OAS payments.
QUESTIONS ABOUT CPP AND OAS?
To get more information about CPP and OAS go to the Service Canada website at servicecanada.gc.ca or call toll-free at 1 800 622-6232.