Other retirement income
In addition to the retirement benefit you receive from the University Pension Plan, you may be entitled to:
- a reduced benefit under the Canada Pension Plan from age 60;
- full benefits at age 65.
The benefit will depend on your years of participation and your contribution level.
You may also be eligible for monthly retirement benefits under the Old Age Security Plan (OAS), from age 65, if you meet certain residence requirements. As required by the Canada Revenue Agency, persons with net incomes over $72,809 (in 2015) must repay a portion of this excess net income up to a maximum of $117,908.
The March 1996 federal budget contained changes to OAS benefits for 2001 and later - called the Seniors Benefit. This could influence the government benefits you will receive when you retire.