Retirement

Normal retirement date

Your normal retirement date is:
 
  • age 65 if your normal retirement age is 65
  • age 60 if your normal retirement age is 60.
Your OMERS Plan pension begins the first of the month following the month you retire.

You can continue to work and earn credited service in the OMERS Plan past your normal retirement date. However, your OMERS Plan pension must begin on December 1 of the year in which you reach 71, whether or not you are still working, and you will no longer make contributions.

Early retirement

You can elect and begin to receive an early retirement pension on/ after your early retirement birthday .

There are two types of early retirement pensions: unreduced and reduced.

Unreduced early retirement pension
An unreduced early retirement pension is calculated without a reduction.
You qualify for an unreduced early retirement pension if you have:
  • 30 years or more of service; or
  • the “90 Factor” if your normal retirement age is 65 or the “85 Factor” if your normal retirement age is 60.
The 90 Factor is:
your age + service* = 90 or more

The 85 Factor is:
your age + service* = 85 or more
Reduced early retirement pension
If you don’t qualify for an unreduced pension, you can still retire but your pension will be reduced by a 5% reduction factor as follows. The reduction factor is pro-rated for part years.

If your normal retirement age is 65, your OMERS Plan pension is reduced by 5% per year multiplied by the least of:
  • 65 minus your age when you retire;
  • 90 Factor minus your current age-plus-service* factor; or
  • 30 years minus your years of service*.
If your normal retirement age is 60, your OMERS Plan pension is reduced by 5% per year multiplied by the least of:
  • 60 minus your age when you retire;
  • 85 Factor minus your current age-plus-service* factor; or
  • 30 years minus your years of service*.
* Eligible service + credited service