Old Age Security (OAS): You become entitled to an Old Age Security pension by living in Canada for at least 10 years after the age of 18. The basic Old Age Security pension starts at the age of 65 currently; the age of eligibility for the Old Age Security pension will be gradually increased between the years 2023 and 2029, from 65 to 67.
Canada Pension Plan (CPP): Your retirement pension is increased by a set percentage for each month after age 65 that you delay receiving it, until age 70. The amount of this increase gradually rises from 0.50% to 0.70% per month. This means that if you start receiving your Canada Pension Plan retirement pension at age 70, it will be 42% more than if you had taken it at 65.
Saskatchewan Health Employees’ Pension Plan (SHEPP): Normal Retirement: You are eligible to retire with an unreduced basic lifetime pension as of the first day of the month that coincides with or immediately follows your 65th birthday.
You may postpone retirement and continue working past age 65, but must begin collecting your pension by December 1 of the year in which you turn 71.
Once you access SHEPP, you can no longer pay into the SHEPP fund.
Health Care Council
January 26, 2016