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Preparing for retirement
- Members
- How your plan works
- Preparing for retirement
Under UPP, you decide when to start collecting your pension.
With a UPP pension, you can retire with an unreduced pension as early as age 60 if your age plus your eligibility service equal at least 80 points.
Keep in mind, if you’ve earned a pension under a participating employer’s prior plan, different early retirement eligibility rules and reductions may apply to the pension benefits earned for service under that plan.
When you can retire
Earliest retirement date
You can retire as early as age 55 but your pension will be permanently reduced to reflect the fact that you will receive your pension for a longer period, unless you qualify for an early unreduced pension (see below).
If you are an active member:
- If you retire from your employment on an early retirement date, your pension will be permanently reduced by 5% for each year that you are under age 65 (prorated for partial years).
- For example, if you decided to begin your pension at age 62.5 with 15 years of eligibility, your pension would be reduced by 12.5% ([65-62.5] x 5% per year).
If you are a deferred member:
- If you terminated plan membership on or after your earliest retirement date and deferred your pension, the early retirement reduction above applies if you decide to begin your pension before your normal retirement date.
- If you terminated plan membership before your earliest retirement date and deferred your pension, you will receive the actuarial equivalent of the pension that would have been payable if you had retired on your normal retirement date.
Early unreduced retirement
You can retire with an unreduced pension as early as age 60 if your age plus your eligibility service equal at least 80 points.
For example, if you were 62, you would need at least 18 years of eligibility service to qualify for an early unreduced pension (62 + 18 = 80 points). A member aged 58 with 22 years of eligible service would not qualify for an early unreduced pension as they have not reached age 60.
Normal retirement
UPP’s normal retirement date is the end of the month in which you reach age 65. This is the earliest you can receive an unreduced pension, unless you qualify for an early unreduced retirement described above.
Postponed retirement
You must start your pension by December 1st of the year in which you reach age 71. Reaching this milestone doesn’t mean that you must stop working, but contributions must stop, and you are required to start your pension.
Starting retirement
Once your monthly pension payments start, they will continue for the rest of your life.
Applying for your pension and giving notice of retirement
Your pension does not begin until we receive the necessary documentation and your notice that you wish to start your pension.
If you are an active member, you must provide your notice to your employer, who will in turn notify UPP to prepare your pension options. If you are a deferred member, you may notify UPP directly via secure message through the myUPP Member Portal.
Choosing your survivor benefit
When you pass away after retirement, your spouse, children, or designated beneficiaries may qualify for survivor benefits. The amount and type of benefit will depend on the payment options you choose at retirement. It’s important to know that these choices cannot be changed once your lifetime pension starts, even if your personal situation changes.
Frequently asked questions
How much notice should I provide in advance of my retirement date?
If you’re an active member, please notify your employer at least 90 days before your intended pension start date. If you’re a deferred member, notify UPP directly. Providing less than 90 days’ notice may delay your first payment.
How is my pension impacted if I start my pension before or after my normal retirement date?
Your UPP pension is determined by a formula that is based on your pensionable earnings and service. The longer you work and contribute to UPP, the more pensionable service you will have and the bigger your pension will be.
You can retire with no reduction to your pension at any time after reaching:
- the normal retirement date – the last day of the month in which you turn 65, or
- your early unreduced retirement date – the date your age and your eligibility service equal 80, and you are at least 60 years of age.
You can retire as early as age 55, but if you have not yet reached your early unreduced retirement or normal retirement date, your pension will be reduced by 5% for each year you are under age 65 to reflect the fact that you will receive it over a longer period of time. If you are a deferred member, your early retirement reduction is calculated differently. Learn more about when you can retire here.
Can I go back to work after retirement?
Yes, but there may be impacts on your pension if you return to work for a participating UPP employer.
If you return to work a continuous full-time basis (in an eligible employment class), your pension payments will stop and you will resume contributions to UPP. You’ll earn additional pension benefits through your new period of employment.
If you return to work on a basis other than continuous full-time (in an eligible employment class), you will have a choice of:
- Continuing to receive your pension – you won’t contribute to UPP or earn additional pension benefits, or
- Pausing your pension and resuming contributions – you’ll earn additional pension benefits through your new period of employment.
If you return to work for a non-UPP employer, there is no impact to your pension.
Does UPP have projection/calculator tools?
UPP’s Pension Estimate Calculator is a valuable tool for retirement planning, designed to help you make informed decisions about your future. It provides tailored projections of your expected retirement income under various scenarios, based on an array of factors. Learn more about the Pension Estimate Calculator here.
Can I take out the commuted value of my pension when I retire?
As a member of a defined benefit pension plan, once you reach retirement age (as early as age 55), you are entitled to a guaranteed, monthly pension for life. Your pension includes advantages such as inflation protection (indexation) and survivor benefits. In most cases, once you reach retirement age, funds are locked in as a monthly pension, and you can’t take out the value of your pension as a lump sum.
Learn more about the commuted value here.
For more information about your pension entitlements, please refer to the UPP Member Handbook. If you were a member of a plan before they joined UPP, the applicable Pre-conversion Guide can help you understand your pre-conversion entitlements.
Does the Pension Estimate Calculator provide commuted value estimates?
The Pension Estimate Calculator is designed to give you reliable estimates of your monthly pension, which is based on a set formula that takes into account predictable factors such as your pensionable earnings and service. Since the commuted value is less predictable – fluctuating with changes in interest rates – the tool does not provide commuted value estimates. Learn more about the commuted value here.
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