Normal Retirement Age.

Age 65, as defined under Federal Legislation (PBSA).

Retirement before Age 65

Early Retirement is available under the Plan for all members 55 years and over as required by PBSA.

Current Early Retirement Provisions

Early Retirement may be taken on an unreduced basis with the consent of the Trustees or on a reduced basis, dependent on your age and service as follows:

Unreduced Early Retirement	Reduced Early Retirement
Age 60 and over	Age 50 to 54 and 11months with 30 yrs. service
Age 55 and over with a minimum 25 yrs. service	Age 55 and over with less than 25 yrs. service

The current percentage reduction is determined by the Plan's actuary and reflects the period of time between your age at retirement and the age at which you would have been able to retire on an unreduced basis (either age 55 or 60). The actuarial reduction is prorated for partial years and continues throughout your retirement. The reduction is in the approximate range of 6% to 7% for every year prior to the first date you can receive an unreduced pension.

For example: If you are 50 years old and have 30 years of service, your earliest unreduced pension with the consent of the Trustees is age 55. Your pension at age 50 would be reduced by approximately 35% (7% x 5 years).

Note: Consent will be granted on a non-discriminatory basis.

Retirement Benefit after Age 65

Revenue Canada allows you to delay receipt of your retirement benefit but not beyond the end of the calendar year you turn age 71.