For full-time employees, the University of Ottawa Retirement Pension Plan is one of the top defined-benefit pension plans in the province! This means that when you retire, you鈥檒l receive a pension determined by a formula based on your earnings and contribution history, rather than on investment returns.
At your retirement or pension commencement, the plan provides a pension predetermined by a formula based on your final average pensionable earnings (i.e., the 60 best months) and credited service, rather than depending directly on investment returns. Furthermore, the pension is protected from inflation and normally increases every January 1, to reflect at least part of the increase in the Consumer Price Index (CPI).
The plan has generous early retirement rules. It allows you to retire before age 65 鈥 as early as age 60 (or earlier if you reach 90 points in age plus credited service) 鈥 and collect an unreduced pension for your lifetime. You can also start receiving a pension from age 55 with a reduction if you don鈥檛 have the 90 points.