You are eligible to receive a lifetime monthly pension if you are at least age 55. However, if you are under age 60 at the time of your retirement, an early retirement reduction will apply. If, at any age, you attain Magic 80 (i.e. your combined age plus service is equal to or greater than 80), you are eligible to receive an unreduced lifetime monthly pension.
If your annual pension is less than 4% of the Yearly Maximum Pensionable Earnings (YMPE) you will receive the lump sum commuted value of your pension benefit rather than a monthly pension.
Note: The YMPE is determined by the Canada Revenue Agency (CRA) and is used to determine the maximum amount you are required to pay into the Canada Pension Plan each year. It is also used to determine the amount you contribute to the Healthcare Employees' Pension Plan.