OPB News: Thinking of retiring?

April 16, 2019

If you’re getting ready to retire, it’s important that you understand how the process works.

Best time to retire

We recommend you retire closer to the end of the month to reduce the gap between your last pay from your employer and your first pension payment. Your first pension will be paid on the 22nd of the month after your retirement. In other words:

  • if you retire from your employer on June 1st, your first pension payment would be July 22nd (6 weeks)
  • if you retire June 25th, your first pension payment would be July 22nd (4 weeks)

When to apply — It’s a good idea to apply for your pension at least 3 months ahead of time. This ensures you have time to collect any documents we may need and to make your elections.

Initiate your retirement online

Don’t forget! Log into your e-services and provide us with your personal email address before you retire and sign up to receive e-alerts so we can continue providing you with important updates.

The fastest way to get the process moving is to initiate your retirement in e-services (after you’ve told your employer you want to retire). This lets you monitor the status of your application and upload any required documents online.

Log in to your e-services account and under ‘My planning’ select ‘Initiate and Track Retirement’. Not only is it easy to use, paperless, and convenient, but it’s also secure.

If you have an eligible spouse, you and your spouse will need to decide which joint and survivor pension works best for you (50%, 60% (the default), 65%, 70%, or 75%). Your Retirement Information & Elections Package will give you a personalized view of what your spouse would receive under each option and the cost of each. If you want to provide a survivor pension above the 60% default, and you’re within two years of retirement, you’ll need to have a medical assessment to confirm you’re in good health for your age.

After you’ve completed the necessary forms and elections, we’ll send you a statement confirming your elections.

Have questions? Call us toll-free at 1-800-668-6203 or 416-364-5035, or email us at clientservice@opb.ca. We’re open Monday through Friday, 8:00 a.m. to 5:00 p.m.