The federal government’s budget last week announced an increase to the retirement age for Old Age Security benefits, from 65 to 67. It also proposed to modestly scale back public service pensions, including an increase to the retirement age from 60 to 65 for those who join the federal public service after 2012.
These changes introduce a degree of imbalance to the Canadian retirement system. The three pillars of our system will no longer be integrated. Read more about the pension and benefit aspects of the federal budget in our latest Pension Pulse: http://www.heenanblaikie.com/images/newsletter/enews/pensions/e-news_pensions_2012-03-30.pdf.