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I am turning 65 but will continue to work for a few months. Do I apply now for CPP or wait?

I am age 59 and will be leaving full-time employment with Western after 25 years service. What should I do regarding my pension?

I have retired some years ago and need to know when I am required by law to use my pension account for income?

Can I change from a Life Annuity which I purchased some years ago to one of these Life Income funds?


I am turning 65 but will continue to work for a few months. Do I apply now for CPP or wait?

You may commence payments from CPP (Canada Pension Plan) the month following your 65th birthday even though you will continue to be employed for some time. You do have the option to wait to commence CPP income until you actually end your employment with the University. CPP payments are increased each month by .05% that you continue to contribute after age 65 but delay the CPP income start.

Most employees do commence CPP payments at age 65. The amount received monthly at that time usually outweighs the benefit of waiting several months to commence this income.

After you have applied for CPP income to commence, you will receive a “Notice of Entitlement“ from CPP. This notice states exactly how much CPP income you will receive. Please send a copy to the Human Resources department, so that no further CPP premiums will be taken from your salary. You may send that to Rm 262, SLB or fax at 661-4104. For more information about CPP and other plans for seniors visit www.hrdc.gc.ca/english/seniors.


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I am age 59 and will be leaving full-time employment with Western after 25 years service. What should I do regarding my pension?

Once you decide on your retirement date, you should provide that information to your department in writing and copy to the Human Resources Department.

You should then set up an appointment with a retirement counselor in Human Resources to arrange an appointment to discuss all your pension income options.

You have the option to commence an income the month following retirement or, you may decide to defer receiving income up to the end of the year in which you reach age 69. You may choose a Lifetime Annuity and/or a Life Income Fund. The choice is yours depending on your individual needs.


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I have retired some years ago and need to know when I am required by law to use my pension account for income?

Your pension account and any Registered Retirement Savings Plans (RRSP) that you have must be in an appropriate payment arrangement to provide an income stream for you by the end of the year in which you reach age 69 years. This is a requirement of the Income Tax Act. Income from registered funds may be a Life Annuity, a Life Income Fund (LIF) or Registered Retirement Income Fund (RRIF)


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Can I change from a Life Annuity which I purchased some years ago to one of these Life Income funds?

The purchase of a life annuity is irrevocable, thus you cannot convert your annuity to any other payment option at a later date.


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