Work past age 71
Work past age 71
Turning 71 doesn’t mean you have to stop working. In Manitoba, there’s no mandatory retirement age. But the Income Tax Act does require you to start receiving your pension in December of that year.
Continuing to work past age 71
If you plan to work past age 71, here are the details you need to know.
Last contribution date: Your pension contributions stop on November 30 in the year you turn 71.
Forms deadline: Submit your completed retirement forms to CSSB before November 30. If we don’t receive them, your pension will start automatically in December and defaults will apply.
First payment: You will receive your first pension payment in December.
Pension transfer limits: You can’t transfer your pension as a lump sum unless its value is below the limit set by the Pension Benefits Act.
Banked vacation: Any banked vacation you have will not count toward calculating your best five years of earnings.
Insurance coverage: Your employee life and dependent insurance will continue until you stop working. Once you stop working, you can apply for retiree insurance.
Stopping work before age 71
If you plan to stop working on or before November 30 in the year you turn 71, you have two options.
1. Get a monthly pension
Banked vacation paid in that year will be included in your monthly pension calculation.
Contact CSSB up to six months before retirement to get a pension estimate and retirement forms. You can also complete these forms through Online Services. Please submit all forms and documents four to six weeks before your retirement.
2. Transfer a lump sum out of the plan
After you stop working, your employer gives us your retirement date and final service and earnings information. CSSB will then send you a package, including the forms you’ll need to transfer your pension.
Complete all transfer arrangements by mid-December. Otherwise, locked-in funds will go to a Life Income Fund and non-locked-in funds will be paid as cash, with taxes withheld.
Money Purchase Plan options at age 71
If you have a Money Purchase Plan, by the end of the year you turn age 71, you’ll need to either start a monthly annuity (if eligible) or transfer your funds. These are your options:
Locked-in funds: Choose between a monthly annuity or transfer funds to a Locked-In Retirement Account or Life Income Fund.
Non-locked-in funds: Choose between a monthly annuity (if eligible), cash refund (with taxes withheld), or transfer to a Registered Retirement Savings Plan.
Deadline: If you don’t complete the transfer by November 30, locked-in funds will be converted to an annuity. Non-locked-in funds will be paid out as cash, with taxes withheld
Many life changes can affect your pension. Explore the different events below to learn more. Contact CSSB if you have questions.
Work past age 71
Turning 71 doesn’t mean you have to stop working. In Manitoba, there’s no mandatory retirement age. But the Income Tax Act does require you to start receiving your pension in December of that year.
Continuing to work past age 71
If you plan to work past age 71, here are the details you need to know.
Last contribution date: Your pension contributions stop on November 30 in the year you turn 71.
Forms deadline: Submit your completed retirement forms to CSSB before November 30. If we don’t receive them, your pension will start automatically in December and defaults will apply.
First payment: You will receive your first pension payment in December.
Pension transfer limits: You can’t transfer your pension as a lump sum unless its value is below the limit set by the Pension Benefits Act.
Banked vacation: Any banked vacation you have will not count toward calculating your best five years of earnings.
Insurance coverage: Your employee life and dependent insurance will continue until you stop working. Once you stop working, you can apply for retiree insurance.
Stopping work before age 71
If you plan to stop working on or before November 30 in the year you turn 71, you have two options.
1. Get a monthly pension
Banked vacation paid in that year will be included in your monthly pension calculation.
Contact CSSB up to six months before retirement to get a pension estimate and retirement forms. You can also complete these forms through Online Services. Please submit all forms and documents four to six weeks before your retirement.
2. Transfer a lump sum out of the plan
After you stop working, your employer gives us your retirement date and final service and earnings information. CSSB will then send you a package, including the forms you’ll need to transfer your pension.
Complete all transfer arrangements by mid-December. Otherwise, locked-in funds will go to a Life Income Fund and non-locked-in funds will be paid as cash, with taxes withheld.
Money Purchase Plan options at age 71
If you have a Money Purchase Plan, by the end of the year you turn age 71, you’ll need to either start a monthly annuity (if eligible) or transfer your funds. These are your options:
Locked-in funds: Choose between a monthly annuity or transfer funds to a Locked-In Retirement Account or Life Income Fund.
Non-locked-in funds: Choose between a monthly annuity (if eligible), cash refund (with taxes withheld), or transfer to a Registered Retirement Savings Plan.
Deadline: If you don’t complete the transfer by November 30, locked-in funds will be converted to an annuity. Non-locked-in funds will be paid out as cash, with taxes withheld