Planning for Retirement
It’s never too early to start thinking about life after work. Having a solid retirement plan is important. TTCPP has helpful planning resources to make it easy for you to get the process started.
If you know when you would like to retire, you can request a pension estimate. This is a detailed summary of what you’re entitled to based on your anticipated retirement date, and it includes all the options and benefits available to you. We can forecast your estimate up to six months in advance.
When am I eligible to retire?
If you’re at least age 50 or have 29 years of service, you can begin the process of planning for your retirement.
Eligibility rules
Your pension will be calculated either on an unreduced or a reduced basis, depending on whether you reach certain thresholds for retirement.
Have 30 years of service
regardless of age
OR
Be at least 60 years old
regardless of years of service
OR
Have 29 years of service
and be at least 51 years old
At least age 50
with less than 29 years of service
There is a permanent reduction to your base monthly pension, based on your age at the time of retirement.
If you start your pension between the ages of 50 and 55, the reduction will be 5% for each year that you start your pension before age 60, based solely on your age.
If you start your pension between the ages of 55 and 60, TTCPP will compare your age and service and apply the 5% per year early retirement reduction factor to the lesser of the two. For example, if you retire at age 56 with 27 years of service, you are four years away from age 60 and two years away from 29 years of service. Your early retirement reduction would be 10% because you are two years away from 29 years of service.
OR
Under age 51
with 29 or more years of service
The permanent reduction to your base monthly pension is not based on age or service. If you have 29 years of service and you are under age 51, the reduction factor will be a maximum of 3%, but it can be lower if you are closer to 51.
Example of early retirement reduction*
Sylvia is planning to retire at age 56 with 27 years of service. Since she is four years away from age 60 and two years away from 29 years of service, her early retirement reduction would be 10%.
*This example and calculation are for illustrative purposes only.
Permanent reduction of pension in retirement based on age and years of service (%)
†The permanent reduction is not based on age or service. The reduction factor will be a maximum of 3% (but may be lower if you are closer to age 51).
You must start your pension by December 31st in the year in which you turn age 71 according to the Plan Bylaws and the Income Tax Act. TTCPP will remind you at the beginning of the year in which you turn age 71 and will provide you with the information needed to set up your pension payments.
Note: Although you are required by law to commence your monthly pension and stop making pension contributions to the Plan, you are not required to stop working for this pension to commence.
The Income Tax Act does impose a maximum on members of a registered pension plan such as TTCPP. Although these rules are complex, the maximum would only impact members with average earnings that meet the high threshold, which adjusts from year to year.
Online Pension Estimator
Want to estimate what your pension would be in retirement? Use our Online Pension Estimator to explore various scenarios to understand your options.
Attend a pension seminar
TTCPP offers pension seminars to Plan members. These seminars provide a chance to learn about the Plan benefits available to you based on life events such as employment, relationship or health changes.
Request an estimate
If you are eligible to receive a monthly pension, we can help you forecast your estimate up to six months in advance. This is a detailed summary of what your pension would be upon retirement and it provides you with all the options and benefits available to you.
The steps to your retirement day
If you’re coming up to your retirement, here are the steps you’ll need to take to get you to your big day. Ideally, you should plan to begin this process at least three months before your retirement date.
- Notify us at least three months before your retirement date
Contact us at least three months before your retirement date. Once we receive notification, we will prepare your retirement package, which includes an explanation of your options and the forms to complete. You can expect to receive your package within three to four weeks. - Meet with a retirement advisor
We encourage you to book a one-on-one meeting with our retirement advisors to review your retirement package before you submit the required forms. Your advisor can walk you through the process, making sure you understand all your options, answer any questions you have and ensure the forms are completed correctly. - Prepare and submit your documents
Carefully fill out all forms and provide any additional required documents. Email the completed forms and required documents to our retirement team at membercare@ttcpp.ca or mail them to:
TTC Pension Plan
Retirements
2 Bloor Street East, Suite 1901, PO Box 79
Toronto, Ontario M4W 1A8
Once we receive your documents, we will send you a retirement summary, which will include a copy of your completed forms and other retirement information for your reference.
As always, if you have any questions, we’re here to help. Reach out to us. - Enjoy your retirement
Your payments will begin on the 15th day of the month following your pension start date.
| 2021 Example 1 | |
|---|---|
| January 6 | Last day on TTC payroll (retirement day) |
| January 7 | Pension Start Date |
| February 15 | First pension payment |
| 2021 Example 2 | |
|---|---|
| March 31 | Last day on TTC payroll (retirement day) |
| April 1 | Pension Start Date |
| May 15 | First pension payment |
Helpful resources
For further guidance, here are some useful resources to help you understand your pension.
We’re here to help
Need a pension estimate? Email your request to membercare@ttcpp.ca and include your name, badge number, projected retirement date and marital status. For any other questions about your retirement, we’re here for you.