Option to Defer the OAS Pension

The Government of Canada, in Budget 2012, introduced measures to ensure that the Old Age Security (OAS) program remains on a sustainable path, so that it stays strong and is there for future generations. These measures also promote greater flexibility for workers as they transition to retirement. One of these changes includes the option for people to voluntarily defer the start of their OAS pension in exchange for a higher monthly amount.

About the Program

Starting on July 1, 2013, people can voluntarily defer their OAS pension by up to five years in exchange for a higher, actuarially adjusted, annual pension.

  • Example of an OAS deferral of five years: Rita will turn 65 in December 2013. If she decides to delay receiving her OAS pension for the maximum deferral period of five years, Rita’s monthly amount will increase by 36% at age 70 (0.6% x 60 months).

Who is Eligible

Seniors 65 years of age and over who meet the program criteria.

How it Works

Beneficiaries will receive an increased amount of 0.6% to their OAS pension for every month they delay receipt, up to a maximum of 36% (60 months) at the age of 70. Application rules have not changed. You can apply no earlier than 11 months before your 65th birthday and no earlier than 11 months before the date you wish your pension to start.

Progress to Date

The initiative starts on July 1, 2013.

Find Out More

For more information, please visit the Voluntary Deferral of the OAS Pension page on Service Canada’s website.

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