The recent federal budget announced a new plan to faciliate 'phased retirement,' citing a need to plan for an aging workforce and to keep experienced workers in the labour market. In this paper, we attempt to address the impact of working while receiving a pension (which is sometimes referred to as 'double dipping') on the elderly labour market. We find that the proportion of Canadian seniors likely to be affected by the current plan is quite small, since it only applies to certain defined benefit pension plans. Moreover, using survey data we find that the majority of those retiring before age 65 would prefer not to work. But, among those interested in continued work there is a strong preference for part-time work. Overall, while the new phased retirement plan is limited in scope, it may be useful as evidence for evaluating further liberalizations of rules surrounding pension plans.Pre-publication draft, April, 2008: PDF.