When you can retire
Learn how your age at retirement affects your pension.
While the normal age of retirement is 65, you can choose to retire as early as 55 or as late as the year in which you turn 71. Your age at retirement will affect the value of your pension.
The age at which you choose to retire will affect the value of your pension.
The earliest age you can start receiving your pension is 55. The latest is the end of the year in which you turn 71.
Eligibility for an unreduced pension
Your age at retirement and your years of contributory service will determine if you are eligible for an unreduced pension.
You will receive an unreduced pension if, at the date of your retirement, you are:
- Age 55 or older and your age plus your years of contributory service equals 90
- Age 60 or older, with two or more years of contributory service
- Age 65 or older, with any amount of contributory service
For example, if you are 57 and have 33 years of contributory service, you are eligible for an unreduced pension because your age plus your years of contributory service equals 90.
If you are 60 and have two years of contributory service, you are also eligible for an unreduced pension.
If you do not apply to start your unreduced pension when you are eligible, you will not be entitled to have your pension backdated to a previous date. You are responsible for choosing the date your pension will start and you must apply to start your pension.
You will receive a reduced pension, if, at the date of your retirement, you are:
- Over 55 but under 60, and your age plus your years of contributory service is less than 90
- Over 60 but under 65, with fewer than two years of contributory service
For example, if you are 57 and have 20 years of contributory service, you are not eligible for an unreduced pension. If you choose to retire, you will receive a reduced pension because your age plus your years of contributory service does not equal 90.
If you are an inactive member working for an employer other than WorkSafeBC, you may apply to begin receiving your pension as early as at age 55.
To learn more about how the changes may affect your pension, sign in to My Account and use the personalized Pension Estimator to find out what your monthly pension might be based on your salary and years of service.
You may want to talk to an independent financial advisor about which start date is best for you and your situation.