Q: When can I retire and what monthly options are available?
The normal retirement age under the TCPP is age 65, and you can retire as early as age 55 with a reduced pension. If you are actively employed by a participating employer of the TCPP, you will receive an annual pension statement which will outline the date you are eligible to retire with or without a reduction.
The options available to you may vary by division and can provide more or less protection to your spouse/beneficiary and result in differing pension amounts. The value of your pension (i.e. the present value of future payments) is the same under all options. Please contact your Divisional administrator for details.
Q: Why is my pension reduced if I retire early?
Your pension from the Plan is payable starting on your normal retirement date (your 65th birthday). The earliest you can start your pension is your 55th birthday. Retiring early, prior to age 65, may result in a lower amount of pension payable as you will receive your pension for a longer period of time.
Q: What is the difference between a locked-in amount and a non-locked-in amount?
There is a legislative requirement whereby pension benefits must be used to provide retirement income and cannot be received in a lump sum cash amount (locked-in). This is meant to ensure that members use the money for retirement income.
In some circumstances the money is non-locked-in. For example, if your monthly pension payable at age 65 is considered a small pension under applicable pension legislation, then the value of the pension is non-locked in and you will be able to receive the commuted value of your pension either as a cash lump sum or transfer from the plan.
Please contact your Divisional administrator for further details.