60 the new 65

Study finds more collecting CPP/QPP benefits at younger age
|hrreporter.com|Last Updated: 11/15/2007

A growing proportion of workers, and more women than men, are choosing to collect benefits from the Canadian Pension Plan and Quebec Pension Plan (CPP/QPP) at the age of 60, according to a new study.

“Public pensions at work” in Statistics Canada’s Perspectives on Labour and Income finds that in 1995, 32.5 per cent of men and women had chosen to take their CPP/QPP benefits at the age of 60 but, by 2003, this proportion had increased to 36.4 per cent. (For women, the increase was from 31.1 per cent to 37.8 per cent.)

Although 65 remains the benchmark age for benefit calculation, contributors can collect benefits as soon as 60 with a 30-per-cent penalty or as late as 70 with a 30-per-cent premium. Despite this, less than one in 10 delay CPP/QPP take-up past 65.