B.C. raising maximum pensionable age to 71

Changes would match announcement made by Ottawa earlier this year
|hrreporter.com|Last Updated: 02/15/2008

British Columbia is planning on increasing the maximum pensionable age to 71, up from the current age of 69.

The maximum pensionable age is the age at which an individual must begin to receive a pension. The change is designed to provide individuals with more flexibility in planning for their retirement as it gives older workers the option to stay in the workforce longer and continue building their retirement savings, the B.C. government said.

The province said it intends to amend its Pensions Benefits Standards Act (PBSA) to bring it into line with federal legislation. In its 2007 budget, the federal government said, effective June 2007, the maximum pension age under the federal Income Tax Act would increase from 69 to 71.