Member Center


When can I retire?

When can I retire?

You may elect to retire and start receiving the proceeds for the program up to, but no later than the end of the calendar year in which you turn age 71. The Income Tax Act (Canada) requires that the program cease to exist on your behalf at age 71. At this time you must convert your RRSP to a retirement income.

How much retirement income will I receive when I retire or when I leave the program?

The amount of benefit at retirement will be the income that can be derived from the accumulation in a member’s account.

How will my retirement income from the program be paid?

There are three ways in which you are able to receive Retirement income from the program.

  • Lump Sum: You may take the proceeds of your account in cash, which will be fully taxed.
  • Life Annuity: You may choose to have the proceeds paid to you in the form of a monthly income payable for life, which will be subject to tax.
  • A Registered Retirement Income Fund (RRIF): You may choose to receive the proceeds in the form of an income over which you will have control as to the amounts received each year (subject to the Income Tax Act (Canada) rules). Amounts withdrawn from your account will be fully taxable.


You may wish to seek independent advice at retirement as to which option is best suited to you.