Transferring to part-time pension reduces your old-age pension by a relatively small amount. This is because new pension accrues not only from earnings for part-time work but also from a reduction in earnings. Accrual rates are age-related.

Accrual for people born in 1946 and before

• at a rate of 2.0%  on annual earnings until the age of 65 and 1.6% from 65 to 67 years of age 
• at an annual rate of 1.5% on a reduction in earnings until the age of 65.

Accrual for people born in 1947 and later

• at a rate of 2.0% on annual earnings until the end of the month when the person reaches 63 years and 4.5% from 63 to 67 years of age
• at an annual rate of 0.75% on a reduction in earnings until the age of 68.

Accural for people born in 1953 and later

• at a rate of 2.0% on annual earnings until the end of the month when the person reaches 63 years and 4.5% from 63 to 67 years of age
• no accural on a reduction in earnings.