When you are able to retire from the HRM Pension Plan depends on your age and continuous service as well as your employment type. As specified below, retirement eligibility dates may differ for members in Public Safety Occupations (“PSO”) compared to those in Non-Public Safety Occupation ("Non-PSO") roles. Contact your employer, our office or review your most recent annual statement if you have any questions about your employment type.
For additional information on the retirement process, including how to retire from the HRM Pension Plan, please visit the Life in Retirement section of our website.
Normal Retirement Date
For Non-PSO members of the Plan, the Normal Retirement Date is the first day of the month coincident with or next following your 65th birthday.
For PSO members, the Normal Retirement Date is the first day of the month coincident with or next following your 60th birthday.
There is no early retirement reduction for members retiring on or after their Normal Retirement Date.
Early Retirement Date
A member’s Early Retirement Date is 10 years before their Normal Retirement Date. That is;
For Non-PSO members: Age 55
For PSO members: Age 50
Members retiring on or after their Early Retirement Date are subject to an early retirement reduction of ½ of a percent for each month that they are retiring prior to their Optional Retirement Date (see definition below).
Note that if your Optional Retirement Date is before age 55 (or before age 50 for PSO members), there will be no reduction applied to your pension.
Optional Retirement Date (or Earliest Unreduced Retirement Date)
You may retire from active employment with an unreduced pension as early as age 60 or when you meet one of the following age and service criteria:
Rule of 80: For Non-PSO members, the date at which your continuous service plus your age equals 80
Rule of 75: For PSO members*, the date at which your continuous service plus your age equals 75
*Note that certain PSO members are not eligible for the rule of 75. Please contact our office or review your most recent annual statement if you have questions about whether or not you are eligible for the Rule of 75 or the Rule of 80.
Postponed Retirement Date
If you choose to work beyond your Normal Retirement Date, your pension will commence the first day of the month following your last day of work, but not later than December 1st of the year in which you turn age 71, in accordance with Plan provisions and the Income Tax Act.