Reduced Service Pension

Members of the Teachers' Pension Plan are eligible for a reduced service pension when they meet one of the following criteria:

1. They are at least 50 years old AND have at least 30 years of pensionable service;
2. They are at least 55 years old AND have at least 20 years of pensionable service; or
3. They are at least 55 years old AND have at least  2 years of pensionable service.

These pensions are reduced as follows:

1. 50 years old AND have at least 30 years of pensionable service;
   
   • Pension is reduced by 5% for each year, with partial years pro-rated to 3 decimal places, of lessor of the difference of the member's age and 55 or the member's pensionable service and 35.
2. 55 years old AND at least 20 years of pensionable service; 
   • Pension is reduced by 0.4% foreach of the first 24 months and 0.3% for each month beyond 24 months that pension commences sooner than the earliest date an unreduced service pension would be payable.
3. They are at least 55 years old AND have at least  2 years of pensionable service.
   • Pension is calculated as the actuarial equivalent of the unreduced service pension payable when the member is first eligible with the reduction being not less than 0.25% for each month that the early retirement date precedes the date for eligible for an unreduced service pension.