Deferred Retirement
The deferred retirement benefit offers flexibility for members who leave service before the age of 45 with at least 10 years of service. This option allows them to delay their pension payments until a later age, ensuring financial security during retirement while providing the opportunity to choose the most suitable commencement date for their pension.
A deferred retirement benefit is available to members who have accumulated at least 10 years of service and are under the age of 45 at the time of separation from employment. This benefit will be calculated in accordance with Regulation 8(4), but the commencement of payments will be deferred until the last day of the month following one of the two conditions:
- For Judges: Payments will commence after the member’s 65th birthday.
- For All Other Members: Payments will commence after the member’s 60th birthday.
However, members entitled to deferred retirement benefits have the flexibility to start receiving their pension earlier, between the following age ranges:
- For Judges: Any time between the member’s 45th and 65th birthday.
- For Other Members: Any time between the member’s 45th and 60th birthday.
This allows members to choose a start date that best suits their financial and personal needs while maximizing the value of their pension.