In Canada, the Federal Government operates two pension programs: the Canada Pension Plan (CPP) and Old Age Security (OAS). You may apply for CPP as early as age 60, and for OAS at age 65.
Your ATRF benefit is not affected if you apply for or start to receive CPP and/or OAS. This is true even if you are receiving the optional ATRF advance. (Refer to Choosing a Pension Option for information about the relationship between the ATRF Optional Advance and Reduction Program and these Federal Government programs.)
Key Changes to CPP Effective January 1, 2012
Changes to CPP are being gradually implemented over the next few years. These changes won't affect your Teachers' pension, but will have an impact on your overall retirement income - and may influence your plans for taking CPP.
- If you are under age 65, working and receiving a CPP retirement pension, you now have to make mandatory contributions to CPP.
- If you are over age 65, working and receiving a CPP retirement pension, additional CPP contributions are voluntary.
- You can collect a CPP retirement pension at any time after age 60, even if you are still employed.
- If you take CPP early, the amount it is reduced will be increased incrementally (by 2016, reduction will be 0.6% for every month you are under age 65).