Steps to Retirement

How to Start Your Pension

So you've decided to retire. If you're 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're assuming that you've 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 haven't done so yet, you may want to take a look at the Thinking of Retiring section first.

Confirm Your Personal Details

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 information;
• Date of birth (both yours and your spouse or partner's); and
• Marital status and pension partner information. If you've begun a common-law relationship, became married, separated or divorced, contact us directly.

Your address and contact details can be updated online. Date of bith documents and completed pension forms can be submitted securely online via the Document Centre (available by logging in to Your Pension Profile), or by mail or fax.

It's 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.

Pick a Retirement Date

We're 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 don't have to retire on your birthday or a work anniversary.

• If you're still contributing to LAPP, talk to your employer's Human Resources or Payroll and Benefits staff about choosing a retirement date. They can let you know how best to deal with things like vacation time you may still have, payroll periods, and other factors that could affect the date you end up choosing; and
• If you are not currently working for a LAPP employer, you can pick whatever date you like to start your pension (provided it is on or after your 55th birthday!). Please send your Retirement Application to us directly.

Buybacks - If you've 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're 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'll only receive the amount of pensionable service you've already paid for.

Complete Retirement Application

Two to three months before the date you want your pension to begin, you'll 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're 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're not working for a LAPP employer when you're planning to retire, you can send the completed Retirement Application by mail or fax. 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. 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:

Choose Your Pension Option

Your pension will be calculated and you'll 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.

Watch the Fast Track video

What Else Do I Need?

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 Document Centre, mail or fax.

What If I Change My Mind?

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'll also want to make your employer aware of this change, if you're 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.

Checklist

1. Confirm your personal details by logging in to Your Pension Profile in the top right corner on this website or by contacting us;
2. Pick a retirement date;
3. If you're still contributing to LAPP, notify your employer;
4. Fill out the Retirement Application in paper format or use the online retirement application tool;
5. After you receive your Retirement Benefit Statement, read it and choose your pension option; and
6. Remember to check your Canada Pension Plan and Old Age Security entitlements.

I'd like to see the printable Retirement Checklist.

Timeline

• Three months before retirement, fill out retirement application;
• We send you a Retirement Benefit Statement;
• Return completed forms (sooner is better because you can't be paid until they are received!);
• So long as you have submitted all your documentation to us before your retirement date, you can expect your first pension payment approximately 30 days after your selected pension start date; and
• Your pension is regularly paid on the second last business day of the month (except in December, when payment is made before December 25).