Can my work pension be reduced when I start receiving Old Age Security (“OAS”) payments at age 65?
A. For pensions earned for service before January 1, 1993, your pension may be adjusted for your Old Age Security payments. For pensions earned for service after January 1, 1993, your pension may not be adjusted by your OAS payments, unless you elect this option, at the time you retire. If you elect this option, you will receive higher payments from your work pension until you start receiving OAS payments. Once you start receiving OAS payments, your work pension will be reduced so as to maintain a level income.
