54/11 or age retirement

In your CSS, there are two different calculations to determine your potential CPI indexed pension – deferred benefit (before minimum retiring age) and age retirement.

Neither calculation is always better than the other; it depends on your personal situation, needs and financial goals.

If you wish to retire at your minimum retirement age (usually age 55), you may receive a higher pension benefit from CSS if you resign and preserve your benefit a few days before then. This option is commonly known as ‘54/11’.

Investment returns will affect your pension as it is based on a formula using your accumulated basic contributions of your lump sum. The earning rate applied is that on the day your benefit application is processed. So if you consider this option, please also consider current investment performance.

But remember, you do not need to claim your CSS benefit immeditately - you can do so at any time between your 55th and 65th birthday.

When must I resign to receive 54/11?

To be entitled to a deferred benefit calculation you must resign your employment at least two calendar days before your 55th birthday.

Which option is best for me?

Start by using i-Estimator on Member Services Online. You should also read the CSS Preservation of benefits [PDF 379 KB].

Above all, please seek professional advice for your individual situation.

When must I elect my choice?

You have up to three months before to three months after your retirement to choose your preferred benefit option. If you plan to resign prior to your 55th birthday and preserve your benefit in CSS (known as 54/11), you have up to one month before and no later than 21 days after your last day of service to make an election.