jpbago Posted February 20, 2015 Posted February 20, 2015 I get a pretty good pension with early retirement (55) and no penalty but I still get Canada pension. At what age did you start to get your CPP? I will start mine this summer and I believe that there is a clawback in that I do not get my full CPP on top of my company pension. People with no company pension get the full CPP based on their income and years of contribution. Link to comment Share on other sites More sharing options...
sjp52 Posted February 21, 2015 Posted February 21, 2015 I get a pretty good pension with early retirement (55) and no penalty but I still get Canada pension. At what age did you start to get your CPP? I will start mine this summer and I believe that there is a clawback in that I do not get my full CPP on top of my company pension. People with no company pension get the full CPP based on their income and years of contribution. Well I dont get it until im 65 ( not there yet ). But my company told me I will get it at 65 and in my info package I received from them it states in there I will get it. I worked for a big oil company and I,m sure they would not mislead me Link to comment Share on other sites More sharing options...
jpbago Posted February 22, 2015 Posted February 22, 2015 I get a pretty good pension with early retirement (55) and no penalty but I still get Canada pension. At what age did you start to get your CPP? I will start mine this summer and I believe that there is a clawback in that I do not get my full CPP on top of my company pension. People with no company pension get the full CPP based on their income and years of contribution. Well I dont get it until im 65 ( not there yet ). But my company told me I will get it at 65 and in my info package I received from them it states in there I will get it. I worked for a big oil company and I,m sure they would not mislead me Yes, your company is correct in saying that you will get your CPP and the info package is correct as well but neither says how much it will be. Some companies in Canada use the bridging benefit for those that retire early. My Pension Bridge BenefitMany members choose to retire before reaching age 65. But early retirement may mean waiting until you are eligible to receive some government pensions. Bridge the gapSome companies offer early retirement provisions, including an unreduced pension at age 60 and a bridge benefit that's payable if you retire while aged 55 to 64. The bridge benefit is a monthly payment that supplements your basic lifetime pension until age 65 when full government pensions typically begin. The bridge is intended to increase your basic lifetime pension to a full 2% of your average annualized earnings for each year of contributory service. In other words, the full bridge equals 0.5% of your average annualized earnings up to the average Year's Maximum Pensionable Earnings (YMPE) at retirement for each year of contributory service. It is important to note that the bridge benefit, as well as your basic lifetime pension, will be reduced – as shown in the Early Retirement Table – unless you have at least 30 years of eligibility service or are age 60 or older at the time of retirement. The bridge benefit is payable until age 65 or your passing, whichever occurs first. Link to comment Share on other sites More sharing options...
sjp52 Posted February 22, 2015 Posted February 22, 2015 I get a pretty good pension with early retirement (55) and no penalty but I still get Canada pension. At what age did you start to get your CPP? I will start mine this summer and I believe that there is a clawback in that I do not get my full CPP on top of my company pension. People with no company pension get the full CPP based on their income and years of contribution. Well I dont get it until im 65 ( not there yet ). But my company told me I will get it at 65 and in my info package I received from them it states in there I will get it. I worked for a big oil company and I,m sure they would not mislead me Yes, your company is correct in saying that you will get your CPP and the info package is correct as well but neither says how much it will be. Some companies in Canada use the bridging benefit for those that retire early. My Pension Bridge BenefitMany members choose to retire before reaching age 65. But early retirement may mean waiting until you are eligible to receive some government pensions.Bridge the gapSome companies offer early retirement provisions, including an unreduced pension at age 60 and a bridge benefit that's payable if you retire while aged 55 to 64. The bridge benefit is a monthly payment that supplements your basic lifetime pension until age 65 when full government pensions typically begin. The bridge is intended to increase your basic lifetime pension to a full 2% of your average annualized earnings for each year of contributory service. In other words, the full bridge equals 0.5% of your average annualized earnings up to the average Year's Maximum Pensionable Earnings (YMPE) at retirement for each year of contributory service. It is important to note that the bridge benefit, as well as your basic lifetime pension, will be reduced – as shown in the Early Retirement Table – unless you have at least 30 years of eligibility service or are age 60 or older at the time of retirement. The bridge benefit is payable until age 65 or your passing, whichever occurs first. They do say how much. $1367.00 / month but I don,t receive it until age 65 Link to comment Share on other sites More sharing options...
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