Pension Plan Administrators
A pension plan can provide that plan members are able to receive pension benefits from a defined benefit plan, while simultaneously accruing further benefits from that pension plan, subject to certain conditions.
Phased retirement is considered to be an optional benefit as it exceeds the minimum standards provided under The Pension Benefits Act, 1992. As phased retirement is an optional plan provision, it is up to the employer to determine whether a pension plan will offer this benefit. In other words, it is the employer's decision whether to offer phased retirement to a particular individual, and to determine what the terms and conditions of the arrangement are, subject to pension and income tax legislation.
See the related document below for more information regarding phased retirement.