Retirement

SPP members may begin receiving benefits from the Plan any time after age 55 and must be retired from the Plan by the end of the year in which they reach 71. At SPP, “retirement” simply means you are receiving pension payments. You can still be employed and receive pension from SPP.

You must apply to start receiving your SPP pension. The forms are available from SPP. The Retirement Guide provides full details on retiring from SPP.

You may choose an annuity from SPP and receive a pension for the rest of your life, transfer the funds to a locked-in account with a financial institution, or choose a combination of the annuity and transfer options.

Individuals choosing the combination option have the security of regular, stable income from the annuity and flexible investment options for the funds transferred to a LIRA or prescribed RRIF, or a combination of annuity and transfer options

Key Benefits

• Several annuity products available
• Lifetime income in retirement
• Transfer options

If your account balance is small you may be able to have your account paid to you in a lump sum instead of receiving monthly payments.