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What is the pension bridge benefit? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
For members of defined benefit pension plans who retire early (before age 65), a pension bridge benefit is a temporary monthly payment that “bridges” the gap between their last paycheque and their eligibility for unreduced Canada Pension Plan (CPP) payments at age 65. The bridge benefit ends when the person dies or turns 65 years old, whichever comes first.
Example: “Debbie retired at age 60, and her employer’s pension plan paid her a pension bridge benefit until her CPP payments started at age 65.”
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