Update on the Early Retirement Incentive
While the legislation to enable the Early Retirement Incentive (ERI) is still making its way through Parliament, the Pension Centre has already started to send letters via email or postal mail to members who may be eligible for the incentive so they can begin planning ahead.
The ERI consists of a pension reduction waiver. It removes the 5% early retirement penalty per year of early retirement; there is no financial payout attached to this program.
While we are still waiting for details on the process to be confirmed and shared, we wanted to make members aware of two key points:
- Receiving an ERI letter does not necessarily mean you will be eligible for the incentive. Baseline eligibility criteria have been established but the employer is still developing additional criteria that will be added.
- ERI is a separate process from the Workforce Adjustment (WFA) process. We are still waiting on the employer to confirm specifics on how the two processes might affect each other.
ACFO-ACAF does not have more information on the ERI program than what is shared in the employer links below but we are monitoring developments and will share information that may be of assistance as it becomes available.
For the most up-to-date details on retirement incentives and pensions, please consult:
- Proposed Early Retirement Incentive – Canada.ca
- Pension Portal: Public Service Pension Plan – Canada.ca
- Contact the Government of Canada Pension Centre for federal employees – Canada.ca
For more information on the Workforce Adjustment process, please visit this page on our website.