Your basic pension benefit calculated under the formula (shown in the section on Payment options) is reduced if you choose to receive your benefit earlier than:

• Age 60 as a retiree; or
• Age 65 as a terminee.

The reduction, if any, depends on your age when you start your pension benefit and whether you are a retiree or terminee.

Retirees

If your benefit starts in the month you reach …	...You receive this percentage of your basic pension benefit
60 or older	100%
59	95%
58	90%
57	85%
56	80%
55	75%
54*	70%
53*	65%
52*	60%
51*	55%
50*	50%

*Applies to disability retirements only.

Note: Special provisions apply for participants who had overseas service before 1985.

Terminees

If you terminate employment without becoming a retiree, your basic pension benefit is actuarially adjusted if you start your pension at any time before age 65. The following table shows the percentage of the benefit received at different ages for 2024 Commencements:

If your benefit starts in the month you reach …	...You receive this percentage of your basic pension benefit
65	100%
64	92%
63	85%
62	79%
61	73%
60	67%
59	63%
58	58%
57	54%
56	50%
55	47%
54	44%
53	41%
52	38%
51	36%
50	34%