Early retirement

Retiring before the normal retirement age will affect your pension. Here are the key points to consider.

1. Calculating your reduced pension

3. Deciding whether a temporary annuity is right for you

2. Calculating your bridge benefit

4. Health and dental benefits in retirement

The normal age of retirement is 65; however, you can retire early and begin receiving your pension as early as age 55.

If you are considering early retirement, you should keep in mind the following:

You will receive a reduced pension if you do not meet the minimum age and service criteria for an unreduced pension
You will receive a bridge benefit until age 65 or your death
You can buy a temporary annuity to supplement your retirement income until age 65 or your death, whichever comes first
You are responsible for choosing the date your pension will start and you must apply to start your pension
You may be eligible for an unreduced pension before you reach normal retirement age
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 may want to talk to an independent financial advisor about which start date is best for you and your situation
Your health care coverage as a WorkSafeBC employee will end when your employment ends, although you are still covered for some health care costs through WorkSafeBC as a retiree. These benefits are not guaranteed.