When it comes to planning your retirement, the Public Employees Pension Plan (PEPP) makes it easy.
Early retirement
You may retire early. To start receiving a retirement income from PEPP, you need to:
- be at least age 50; and
- have terminated your employment with your PEPP employer.
Normal retirement
Normal retirement age is 65, which means you can convert your account balance to retirement income at this age.
Retirement is not mandatory. You may continue to work for a PEPP employer and contribute to the Plan until the end of the calendar year when you turn age 71.
Deferred pension
You may retire and defer receiving your retirement income from PEPP. You must convert your account balance to a retirement income option by the end of the calendar year when you turn age 71.
Retirement income options
Once you're eligible to start receiving a retirement income, you may choose one or more of these retirement income options:
- PEPP Variable Pension Benefit (VPB): Transfer to the VPB within PEPP and you determine your retirement income schedule. You can increase or decrease your payments, stop payments or take out lump sums at any time. PEPP's Retirement Planner can help you determine how much money to take out in retirement.
- Saskatchewan Pension Annuity Fund (SPAF): Purchase a SPAF annuity and receive guaranteed fixed income for your lifetime and a survivor benefit for your spouse's lifetime.
- Combination of SPAF and VPB: You can direct a portion of your PEPP account to purchase an annuity and transfer the balance to a VPB account - combining guaranteed fixed income with flexibility.
- Purchase a prescribed Registered Retirement Income Fund (pRRIF) or a life annuity from outside of PEPP.
Resources
Retirement planning can be overwhelming so PEPP has created a wide range of resources to help you prepare for your upcoming retirement, including:
Retirement Countdown Checklist
Retirement Planning Worksheets
Retirement Income Options booklet
Or, check out the Learning Events page to learn about PEPP's Your Path to Retirement Workshops and/or register for an option that fits your schedule.
Next step
When you're ready to retire, you'll have to decide on a date for your retirement. Once your employer notifies PEPP, we will send you a letter with a retirement information package.