Ontario PSPP – Public Service Pension Plan
Ontario
Full pension and early retirement
You get a full pension, with no reduction, at the first of these:
- Age 65
- Age 60 with 20 years of service
- 90 points
Points are your age plus your years of service.
- Earliest retirement
- Age 55
- Retiring earlier
- 5% a year reduction
- Pension formula
- 1.3% of your average pay up to the CPP earnings limit (YMPE) and 2% above it, for each year of service
- Bridge benefit
- Until age 65, reduced with the pension if you retire early
- Increases after you retire
- 100% of inflation
What retiring early costs: an example
Someone joins at 35, is paid $85,000 a year and works until each age below, so their years of service are their age less 35. Amounts are a year, before tax, in today's dollars.
| Retire at | Years of service | Reduction | Pension | Bridge to 65 |
|---|---|---|---|---|
| 55 | 20 | 50% | $12,200 | $4,800 |
| 56 | 21 | 45% | $14,000 | $5,600 |
| 57 | 22 | 40% | $16,000 | $6,400 |
| 58 | 23 | 35% | $18,200 | $7,200 |
| 59 | 24 | 30% | $20,400 | $8,100 |
| 60 | 25 | None | $30,400 | $12,100 |
Retiring at 55 instead of 60 costs twice: 5 fewer years of service, and the reduction on what is left. Early retirement reduction explains both.
What to copy from your paperwork
To use your own numbers in the income timeline:
Your annual pension statement, in OPB's e-services, gives estimates for your earliest retirement date, your earliest date with no reduction, and 65. Enter each age with the pension until 65, with the bridging benefit, and from 65. These are taken as today's dollars; if the Retirement Planner lets you add pay raises, leave them at 0%.
OPB's own estimator: the Retirement Planner in OPB's e-services.
Where these rules come from
- Ontario Pension Board, Public Service Pension Plan, unofficial consolidation
- Last reviewed October 22, 2026.
These rules are simplified. Your plan's own estimate is the one to rely on; see the disclaimer.