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This section answers frequently asked questions about retiring under the Canadian Blood Services Defined Benefit (DB) Pension Plan.

I'm currently a pensioner who selected a Joint and Survivor pension option. My spouse has just died. Can I change my option?
  • No, once you have chosen your option, it cannot be changed.

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When is the earliest date I can retire without having any corresponding reduction in my pension?
  • The earliest date you can retire without having any corresponding reduction in your pension is age 65.

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Is my pension indexed annually?
  • Your pension will be indexed each January 1st to reflect 75% of the annual increase in the Consumer Price Index above 2%, to a maximum of 5.5%.

  • If the cost of living stays the same or goes down, your pension amount will not change.

  • Your eligible spouse's survivor pension will also be indexed in the same way.

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Can I transfer the value of my pension out of the plan when I retire?
  • No. Once you are 55, you are no longer eligible to transfer the value of your pension out of the plan.

  • However, when your benefit is very small, it may be paid in one lump sum rather than as a pension. When this happens depends on the provisions of the pension legislation that applies in the province where you work.

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