Canada and Quebec Pension Plan

Retirement Benefits (Updated January 2002)

The normal age for retirement benefits to commence is age 65. Employees who retire early may start receiving reduced benefits as young as age 60. The pension can be delayed until age 70. The benefit is first calculated as if the person was age 65, and then increased by 0.5% for each month the pension was delayed, or reduced by 0.5% for each month the pension commenced early.

Pensions are taxable income.

The maximum retirement pension is $788.75 per month.