Early retirement

Non-reduced pension benefits

You may start to receive pension benefits from the University of Ottawa Pension Plan before age 65 if, at termination:

you are 60 years of age, or
you meet the 90 factor requirements: when your age (in years, months and days) plus your credited service (in years, months, and days) total at least 90

If you qualify, your pension will follow the basic pension formula.

Reduced pension benefits

You may retire early and collect a reduced pension if you have reached 55 years of age. In this situation, your pension would be calculated according to the basic pension formula and then be reduced for early retirement. The reduction is approximately 5% to 6% for every year of early retirement. ¹

The reduction is applied either to each year or portion of year that your age is less than 60 OR to the number of years left until you would have reached factor 90 (credited service + age) if you had continued to work, whichever comes first.

¹ Reduction of approximately 6% for every year of early retirement between the ages of 55 and 60, or between 55 and the age at which you each factor 90 (before 60)