When Can I Retire?
If you have 2 or more years of pensionable service (5 or more years, if you left your employer before April 1, 2020), you're vested—meaning you're entitled to a lifetime SFPP pension when you turn 55, or at any age if you have at least 25 years of service.
Receiving your SFPP pension doesn't prevent you from returning to the workforce. However, once you begin collecting your pension, you'll no longer be able to contribute to the Plan. You must begin your SFPP pension no later than December 31 of the year in which you turn 71.
SFPP provides you with annual statements, called Pension Highlights, which offer a high-level overview of things that affect your pension. In addition to details about your service, salary and contributions, your Pension Highlights includes an estimate of your future pension. You may also choose to use the following tools to estimate your pension amount and decide when retiring is best for you:
Pension Estimator—input your own service and salary details to compare different "what if" scenarios.
Pension Projection Calculator—uses your actual SFPP pensionable salary and service details, as reported by your employer, to project your pension. You will need to log in to this website to access this calculator.
You may want to get at least two estimates: one for the earliest you would consider retiring and another for the latest you would consider retiring.
Other Sources of Retirement Income to Consider
For many Canadians, retirement income will come from multiple sources. The Canada Pension Plan (CPP) and Old Age Security (OAS) are federal pensions most Canadians will collect. You may also have Registered Retirement Savings Plans (RRSPs), other investments or even a pension from another employer. The following is a list of common sources of income for you to consider when retirement planning.
Common Sources of Retirement Income
Government Pension Plans
- Canada Pension Plan (CPP)
- Old Age Security (OAS)
- Guaranteed Income Supplement (GIS)
Employer Pension Plans
- Your SFPP defined benefit pension
- Other defined benefit pensions
- Defined contribution pensions
- Deferred profit sharing plans
- Group RRSPs
- Registered Investment Income
Registered Investment Income
- Locked-In Retirement Account (LIRA)
- Locked-In Retirement Income Fund (LRIF)
- Non-Registered Investment Income
Non-Registered Investment Income
- Personal savings
- Guaranteed Investment Certificates (GICs)
- Dividends from or sale of stocks
- Interest from bonds
- Dividends from or redemption of mutual funds
- Conversion of home equity
- Income from business assets
- Income from real estate
- Liquidation of personal assets