Banked vacation days
Banked vacation days
You can bank up to the number of vacation days you would have earned in the two years before retirement, up to a maximum of 50 days. For example, if you earn 25 days per year, you could bank the maximum of 50 days.
By banking vacation days, you will get a lump-sum payout, which increases your salary and can boost your pension by up to 4%.
Some employers require staff to choose their retirement date up to five years in advance before they can begin banking vacation days. For example, if you plan to retire in 2030, your employer may need you to confirm that date by 2025.
Pension estimate
If you have an Online Services account, you can run pension estimates to see how banking vacation days could increase your pension.
Policies vary by employer
Each employer sets the timeline and process for banking vacation days. Check with yours so you can plan ahead.
Resources
Resources
When it comes to pensions, sometimes there’s no easy substitute for the words used in the industry. We do our…
Banked vacation days
You can bank up to the number of vacation days you would have earned in the two years before retirement, up to a maximum of 50 days. For example, if you earn 25 days per year, you could bank the maximum of 50 days.
By banking vacation days, you will get a lump-sum payout, which increases your salary and can boost your pension by up to 4%.
Some employers require staff to choose their retirement date up to five years in advance before they can begin banking vacation days. For example, if you plan to retire in 2030, your employer may need you to confirm that date by 2025.
Pension estimate
If you have an Online Services account, you can run pension estimates to see how banking vacation days could increase your pension.
Policies vary by employer
Each employer sets the timeline and process for banking vacation days. Check with yours so you can plan ahead.