Partial old-age pension

You can retire on a partial old-age pension from the age of 61. The amount of pension you can take out is 25 or 50 per cent of  the pension you have earned by the end of the previous calendar year. If you take out a part of your pension early, i.e. before the lowest possible retirement age for your age group, that part of your pension will be permanently reduced by 0.4 per cent for each month before the minimum age limit for old-age pension.  Example: the lowest pensionable age for persons born in 1955 is 63 years 3 months. If a person born in 1955 takes out early old-age pension from the beginning of the calendar month that follows his/her 62nd birthday, the reduction will be 15 (months) x 0.4% = 6%.

The partial old-age pension does not require working, but if you continue working and your work input exceeds the limit set for the YEL insurance, you will need to keep the insurance in force.

More on partial old-age pension (pdf)