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Main -> Superannuation Plan -> Eligibility
-> Retirement with a Reduced Allowance
B. Retirement with a Reduced Allowance
In the following circumstances, a teacher may retire without meeting the conditions set out in Section A. A reduction in the amount of the benefit paid occurs on the following basis:
(a) Effective January 1, 1993, if the teacher is at least age 55 and has 20 years of eligibility service, then the allowance is reduced by 0.25% for each month prior to the earlier of:
(i) the teacher's 60th birthday, or
(ii) the teacher's age plus eligibility service equals 85.
(b) If the teacher's age is over 55, but less than 60, and the sum of the teacher's age and service is at least 85, and at least some of the service is qualifying service, then the pension is reduced as follow:
REDUCTION FACTOR
Age 55 but less than 56  
11.9%
Age 56 but less than 57  
9.8%
Age 57 but less than 58  
7.5%
Age 58 but less than 59  
5.2%
Age 59 but less than 60  
2.7%
  If more than one of (a) or (b) apply, the allowance will be reduced by the smaller factor.
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ADMINISTRATION
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FUNDS
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CONTRIBUTION RATE
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TEACHING SERVICE
* Contributory Teaching Service
* Income Continuance Plan Service
* Purchase of Service
* Service on a Part-Time Contract
* Substitute Service
* Accumulation of Partial or Substitute Service
* Qualifying Service
* Procedures
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RECIPROCAL TRANSFER AGREEMENTS
* Procedure
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ELIGIBILITY
* Retirement with an Unreduced Allowance
* Retirement with a Reduced Allowance
* Procedures
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RETIREMENT BENEFITS
* Prior to Age 65
* Age 65
* Minimum Allowance
* Procedures
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INDEXING OF ALLOWANCES
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DEFERRED ALLOWANCES
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SURVIVOR BENEFITS
* Death Before Retirement
* Death After Retirement
* Adjustment at Age 65
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TERMINATION
(For Reasons Other Than Retirement)
* Conditions for a Refund
* Amount of Refund
* Reinstatement of Refund
* Commuted Value
* Spouse of Deceased Teacher
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SUPERANNUATES WHO RETURN TO TEACHING
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PENSION DIVISION ON MARRIAGE BREAKDOWN
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VOLUNTARY CONTRIBUTIONS
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SUMMARY
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PENSION AUTHORITIES' CONTACT
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