One nuance, which is of importance for those who joined when they were 'older' (like myself), is that if you reach your compulsory retirement age (CRA) prior to serving 25 years, you can still draw an immediate pension based on 2% x number of years served x best 5 average.
For example, in my case I joined at age 31, so when I hit my CRA of 55 (did not sign CRA 60) I will only have 24 yrs of service, but because I will have served until CRA I can start draOne nuance, which is of importance for those who joined when they were 'older' (like myself), is that if you reach your compulsory retirement age (CRA) prior to serving 25 years, you can still draw an immediate pension based on 2% x number of years served x best 5 average.
For example, in my case I joined at age 31, so when I hit my CRA of 55 (did not sign CRA 60) I will only have 24 yrs of service, but because I will have served until CRA I can start drawing an immediate annuity when I retire at 55, based on 48% of the average of my best 5 years' salary.
And if you don't serve 25 yrs, or until CRA (e.g. you retire after 10 yrs), you are still entitled to a pension (20%), you just can't start drawing it until age 60 (to get the full 20%), OR you can start drawing a reduced pension as early as 55 (reduced by a certain % for each year from 60 to 55)owing an immediate annuity when I retire at 55, based on 48% of the average of my best 5 years' salary.
And if you don't serve 25 yrs, or until CRA (e.g. you retire after 10 yrs), you are still entitled to a pension (20%), you just can't start drawing it until age 60 (to get the full 20%), OR you can start drawing a reduced pension as early as 55 (reduced by a certain % for each year from 60 to 55).