Retirement benefits
What is the best option for me when I retire?
Find the answer to this question and many others on the video below.
- Monthly benefits
The public service pension plan is a Defined Benefit Plan that provides guaranteed monthly payments for life. The pension benefits are directly related to your salary and years of pensionable service. Depending on your age and years of service you could be entitled to one of the following benefits:
- Immediate annuity
- Annual allowance
- Deferred annuity
- Indexing
- CPP/QPP bridge benefits
- Pension calculator
Transcript of the Retirement benefits
There are three different types of monthly pension benefits payable under the public service pension plan. Your public service pension can be paid as an immediate annuity, an annual allowance or a deferred annuity depending on whether you will be receiving your pension from the date you retire or from a later date.
Each pension benefit includes a lifetime pension payable until your death and a temporary bridge benefit payable until age 65.
The formula to calculate your annual public service pension is equal to 2% of your average salary for your 5 consecutive years of highest paid service, multiplied by the number of years and days of your pensionable service. For periods of part-time pensionable service, the calculation is adjusted based on the assigned hours compared to the full-time hours of the position.
The date when you became a member of the public service pension plan determines when you will be eligible to receive an unreduced pension benefit. For example, if you became a plan member on or before December 31, 2012, the normal age at which you will be eligible to receive an unreduced pension is age 60. If you became a plan member on or after January 1, 2013, the normal age at which you will be entitled to receive an unreduced pension is age 65.
To learn more, you may view the Immediate annuity, Annual allowance, Deferred annuity or Bridge benefit videos.
You can also visit Pension and benefits web portal or contact the Government of Canada Pension Centre for more information.
Public Services and Procurement Canada
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