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Retirement

Last updated on October 25, 2023

Retirement is a huge milestone. The transition from work to retirement can feel exciting and overwhelming at the same time. While you can begin planning for retirement at any point in your career, action is required of you during the last six months before your chosen retirement date.

When can I retire?

Age eligibility

The normal retirement age for Public Service Pension Plan members is 65, and the earliest you can retire is at age 55. Certain designated occupations, like correctional facility employees, have different retirement rules based on age. Under the Income Tax Act, at age 71 you must start receiving your pension no later than December 1 of the same year you turn 71, but you may continue working without interruption and retire at a later date.

For more information, attend the Approaching Retirement Public Service Pension Plan seminar.

Personal considerations

Evaluate your individual circumstances. Factors such as health, personal goals, financial readiness, and lifestyle preferences play a crucial role when determining retirement timing. Consulting with a retirement planning professional and financial advisor can help you make informed decisions.  

How can I transition into retirement?

There are work arrangement options

Whether you're approaching retirement or have already retired, you may have the opportunity to have a mix between retirement and continuity of work.

Learn about flexible work arrangements and retirement

You might be eligible for a retirement allowance

Long serving BC Public Service employees (minimum of 20 years of service) are eligible for a retirement allowance which can be taken as leave, cash payout or directed into a Registered Retirement Savings Plan (RRSP).

Find out if you're eligible for a retirement allowance

Any remaining leave banks or retirement allowance can be used as time off. This is known as pre-retirement leave or paid absence prior to retirement and keeps you on pay until you start your Public Service pension.

Learn how to use leave banks and allowances before you retire

What will my pension and benefits look like?

You can plan your pension ahead of time

Understand your options as you prepare for life after work in the BC Public Service. The Pension Corporation can assist you and can be reached at 1-800-665-3554. You're also strongly encouraged to seek independent financial advice as you plan for retirement.

Learn about your pension options

What do I need to do before I retire?

It is common to begin planning your retirement a year or more in advance. During this time, it's best to:

  • Choose a retirement date 
  • Inform your supervisor of your plan to retire and discuss ways to transfer your knowledge to other team members, divide your responsibilities, and train your replacement 
  • Start thinking about your retirement options: if you have banked leave, how would you like to use it? If you're eligible for a retirement allowance, how do you want to receive it? Do you want to continue work as usual or take on a modified schedule or new work arrangement? 

As soon as you start planning for retirement, contact Pensions BC to request a retirement package. It is recommended that you reach out prior to the three month mark to avoid possible delays due to mailing.

Below is a timeline of actions to take in the last few months before retirement.

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Three months prior

During this time period, you can apply for your pension and retirement benefits and will work with HR Service Representatives who will provide you with the necessary paperwork to complete. 

Public Service Pension Plan: 

  • Apply for your pension by signing in to My Account to apply online, or calling the BC Pensions Corporation at 1-800-665-3554, Monday to Friday, 8 am to 4:30 pm. If you are not applying through MyAccount, complete and submit your pension package to the Pension Corporation within three months before your pension start date 
  • Complete the Group Life Beneficiary Designation (PDF, 174KB) if you’re maintaining group life coverage and want to update your beneficiary information. Once you’ve completed the form, mail it to the address listed on the top of the form 

Employee Self Service:

  • Check that your contact information is up to date including your mailing address, telephone number, and personal email address

AskMyHR: 

  • Contact AskMyHR (IDIR restricted) to start your retirement process. Submit a service request using the categories Myself (or) My Team/Organization > Leaving The Public Service > Retirement
  • Provide your planned last physical day at work and your planned pension start date
  • Discuss your leave balances amounts and options and your retirement allowance eligibility and options with an HR Service Representative
  • Let the HR Service Representative know if you're completing a Canada Revenue Agency (CRA) T1213 form (request to reduce tax deduction at source). This ensures your leave banks are not paid out until payroll receives confirmation from CRA 
  • Complete the T1213 form and send it to CRA if you want to reduce tax deductions at source for your leave balances pay-outs 
  • The HR Service Centre will verify your Retirement Allowance eligibility and prepare your Paid Absence Prior to Retirement (PAPR) form and send it to you
 

Two months prior

AskMyHR:

Submit the following forms within two months but no less than one month before your last physical day of work, through an AskMyHR (IDIR restricted) service request using the categories Myself (or) My Team/Organization > Leaving The Public Service > Retirement:

  • Your signed PAPR and if applicable, the Retiring Allowance RRSP Contribution form and/or Retiring Allowance RRSP Eligible Transfer form
  • A copy of the letter you receive from Canada Revenue Agency regarding T1213
 

At retirement

Expect to start receiving your pension and any payouts for leave and/or Retirement Allowance. 

Public Service Pension Plan:

  • Your pension starts the first day of the month following your last day on pay
  • You'll receive your pension cheque at the end of each month

AskMyHR:​

  • Any remaining leave balances are paid within two pay periods of your last day on pay
  • If you choose to receive a cash payout option for your Retirement Allowance and Pre-1978, 50 percent Sick Bank payout, a cheque will be mailed to your home address in the month following your last day on pay
  • Make sure to keep your address current. If you move, or your address on file is incorrect, contact AskMyHR as soon as possible at 1-877-277-0772 (toll-free) 

 

What support resources are there?

Follow these guides to transfer knowledge and hand-off work

Consider using the available non-financial retirement counselling

You can schedule free, one-on-one telephone sessions with a retirement planning professional to create a personalized plan based on your retirement priorities.

For access, call the EFAS provider at 1-800-655-5004 or visit one.telushealth.com.