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So you've decided to retire. Congratulations! If you are wondering what steps to take, you've come to the right place! This page describes what you need to do in order to start receiving your LAPP pension. There is also a printable Retirement Checklist for your convenience.
We are assuming that you have already done a little preparation before coming to this page, such as getting some pension estimates done to help you pick a date to retire. If you have not done so yet, you may want to take a look at the Thinking of Retiring section first.
Log in to Your Pension Profile in the top right corner on this website to confirm your personal information, such as:
Your address and contact details can be updated online, and date of birth documents and completed pension forms can be submitted through Secure Messages. Members can use other methods to contact us for assistance with any other needed changes.
It is important that your personal information on file is correct as some of your personal information is used to figure out how much pension you will receive. If the information is not correct, the pension estimate will not be correct either, or your eventual retirement process may be delayed.
We are assuming here that you already have an idea of when you want to start your pension. If you don't, there are some tips and tools for picking a date in the Thinking of Retiring section.
You can start your pension as soon as you turn 55, or as late as the end of the year you turn 71. You do not have to retire on your birthday or a work anniversary.
Buybacks - If you have been on a leave of absence during the year you retire, or have any gaps in your time working while a member of LAPP, you may be interested in buying the service you missed. You need to apply to purchase these kinds of leaves within 30 days of your last day of work.
If you are already paying for a buyback of service, or plan to make a buyback, you must complete payment in full within 90 days of your termination date (your last paid day of work) or you will only receive the amount of pensionable service you have already paid for.
Two to three months before the date you want your pension to begin, you will want to complete your Retirement Application. We want you to receive your first payment within 30 days of starting your pension, and sending in your application on time helps that to happen!
If you are working for a LAPP employer, fill out a paper Retirement Application form and give it to your employer as there is a section of the form which your employer needs to complete before it is sent to LAPP. You can also complete the retirement application process online by logging in to Your Pension Profile and selecting Retirement Application in the drop-down menu.
If you are not working for a LAPP employer when you are planning to retire, complete the Retirement Application form and submit it directly to us by Secure Messages, via one of the other ways to contact us, or use the online Retirement Application tool. Submit copies of your proof of age, as well as your spouse or partner's proof of age, if you have not already done so.
These are the proof of age documents you can use:
If none of those is available, we accept two of the following:
Contact us if you have any questions about valid date of birth documents.
Your pension will be calculated and you will be sent a Retirement Benefit Statement. You will want to review this package carefully because once your benefit begins being paid to you, you cannot change the pension option you have chosen.
Fill out the forms noted in the package and provide any documents that are requested. You may wish to contact an accountant to consider the tax implications of your LAPP pension income.
If you need help understanding your Retirement Benefit Statement, you can contact us. You can also register for a one-on-one information session in Your Pension Profile, after logging in to the website.
Consider setting up direct deposit of your pension to your Canadian bank account. To do this, submit a Request for Direct Deposit form or void cheque to us through Secure Messages, mail or fax.
Unforeseen things can happen and plans for one's life can change. If you decide to change the date of your retirement, the pension option you chose, or even to stop the retirement process at any point after you have submitted your Retirement Application form, contact us immediately, before payment commences. You will also want to make your employer aware of this change, if you are still contributing to LAPP.
Once your benefit starts being paid to you, you cannot change your pension option, nor can you stop receiving your pension. You can go back to work, even for a LAPP employer, but you cannot contribute to your LAPP pension anymore.