No more mandatory retirement
In May 2006, the Newfoundland Human Rights Code was amended to prohibit age discrimination beyond the age of 65 in the workplace. This change became effective on May 27, 2007. Employees now work until they notify the university of their intention to retire.
While mandatory retirement is no longer a provision of the Memorial University Pension Plan, rules exist under the federal Income Tax Act (Canada) which require tax-sheltered retirement savings (including benefits in a registered pension plan) to start payment by the end of the year in which an individual reaches age 71.
The requirement to start a pension at age 71 does not mean that a member of the pension plan must retire. Instead, members will stop contributing to the pension plan and will start to receive their pension in addition to any employment income. The latest a pension will start is in December of the calendar year that age 71 is reached.
If you have any questions about working beyond age 65, please contact Pension Services, at (709) 864-2745, or at pensions@mun.ca.