60+ (conditions cease at 65)
150 paid (3 years)
30% of average weekly earnings
60% of average weekly earnings
Monthly, for life
Visit nearest NIB office
A Retirement Pension is payable to an insured person, whether employed, self-employed, or a voluntary contributor, who has reached the age of 60 years, and retires from insurable employment or shows that he/she is no longer substantially employed and satisfies the contribution conditions.
An insured person who does not satisfy the contribution conditions for Retirement Pension at age 60 will become entitled to a pension from the first day on which he/she satisfies the conditions. The retirement conditions cease to apply when the insured person reaches the age of 65.
Substantial employment definition: A person is considered to be substantially employed if engaged in insurable employment with earnings of $40.00 per week or more, or if self-employed for 10 hours per week or more.
The contribution conditions for Retirement Pension are:
Special credits for persons over 48 years of age on April 6, 1992: An insured person who is over the age of 48 years on April 6, 1992 is awarded 50 credits for each year of age in excess of 48 subject to a maximum of 350 credits.
These special credits are used only to enable an insured person to qualify for a retirement pension of 30% of his/her average weekly earnings.
An insured person who reaches age 65 and does not satisfy the conditions for a Retirement Pension, but has paid at least 50 contributions (one year), will be entitled to a Retirement Grant (one-time lump sum).
Amount: 2 times the average weekly earnings for each unit of 50 contributions paid or credited.
Retirement pension is payable monthly for life to persons aged 65+ who satisfy conditions. Persons aged 60-64 may receive pension at a reduced rate while continuing to work. Direct deposit available.
The weekly rate of retirement pension for an insured person who has at least 500 contributions paid or credited will be 30% of the average weekly earnings.
For each unit of 50 paid or credited contributions in excess of 500, the amount of the pension shall be increased by 2% of the average weekly earnings up to a total of 750, and by a further 1% for each additional unit of 50 contributions in excess of 750.
The minimum amount of pension is fixed at 30% or $50.00 per week, and the maximum amount is fixed at 60% of the average weekly earnings. The amount payable to a person who has paid less than 250 contributions cannot exceed $100.00 per week.
Monthly conversion: Weekly rate x 52 / 12
Submit a completed application form to the nearest NIB office with your birth certificate.
Time limit: Claims must be submitted within 3 months. Late pension claims are paid 3 months in arrears. Late grant claims forfeit the right. In exceptional cases with good cause, the limit may extend to 6 months.
If you disagree with a decision, you may appeal to an Appeal Tribunal within 21 days. A further appeal to the Supreme Court is possible on a point of law only.
