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If a member has earned five or more years of Combined Pensionable Service (CPS) in MEPP, they are considered vested in the Plan and entitled to a lifetime pension at retirement.
Start Pension
Vested MEPP members are eligible to receive an unreduced pension on or after their 60th birthday. Retirement with a reduced or unreduced pension is possible as early as the age of 55, provided certain age and pensionable service requirements are met.
More on When Can Members Retire? More on Planning for Retirement
Start Pension at a Later Date
Once members are vested, they can start their pension at any time after reaching 55 years of age. However, a member's pension must commence by December 31 of the year in which they turn 71 years of age.
If a member leaves their funds in the Plan and then re-joins before starting their pension, new pensionable service will be added to their existing service, increasing the amount of pension they receive.
Value of a MEPP Pension How a MEPP Pension is Calculated Pension Estimator
Transfer Pension Benefit to Another Pension Plan
MEPP has transfer agreements with several other provincial and federal public sector pension plans. If a member joins an employer who participates in one of those plans, they might be able to transfer their MEPP service to the new plan.
Please note that if a member is entitled to an unreduced pension, they are not able to transfer their benefit out of MEPP.