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Choice of Level Pension or Increased-Reduced Pension

Employees may choose to receive:

  • A level pension – that is, the same amount each month for the rest of their life;

OR, under certain conditions

  • An increased-reduced pension – that is, a monthly pension that is higher until age 65 and then lower starting on the first day of the month following the 65th birthday. This reduction applies as long as the pension is payable by the plan. The decrease in income starting at age 65 may be wholly or partially offset, by amounts received from governement plans: Québec Pension Plan and Old Age Security Pension.
Example:

The following options are offered to an employee :
  • A lifetime pension of $2,000 per month (a level pension);
OR
  • A pension of $2,300 per month payable until age 65, when it is reduced to $1,600 per month (an increased-reduced pension).

If you are partially retired and you apply to receive your second pension, the option you are offered (a level pension or an increased-reduced pension) will depend on your situation.

If your first pension is Your Application for Pension Benefit form for your second pension will offer you Comment
A level pension The level pension option only If you want an increased-reduced pension, please contact the CCQ.
An increased-reduced pension with a difference of less than $700 between the increased pension and the reduced pension The increased-reduced pension option only If you want a level pension, please contact the CCQ.
An increased-reduced pension with a difference of at least $700 between the increased pension and the reduced pension The level pension option only You are not eligible for the increased-reduced pension option for your pension from the Complementary Account.