You’ve made a career out of serving New Brunswick and now, as you approach retirement, you’d like to reduce your hours of work.
Did you know you may be able to reduce your work hours by up to 50 per cent, as early as age 50, without affecting your pension contributions or your eventual pension benefits?
For 30 years, John has been part of New Brunswick’s public service. Now with two years before retirement he’d like more time for snowmobiling in winter and golfing in summer.
Through GNB’s pre-retirement work reduction option, John is working four days per week and making his regular pension contributions. When John retires, his pension benefits will be the same as if he had been working five days per week.1
Pre-retirement work reduction is not for everyone and some conditions do apply. Consult with your manager to determine if pre-retirement work reduction could be an option. To reduce your work hours prior to retirement, you must determine your retirement date which once identified cannot be changed.
For more details of pre-retirement work reduction, please consult Administration Policy 2253.
1 Example only. For your calculation and contributions, contact your human resources branch.