Pension Increase Effective January 1, 2024

December 12, 2023

Good news! As announced in a recent letter from Pension Board Chair, Anne Soh, pension plan members will receive a pension increase effective January 1, 2024.

Pensioners and Deferred Members
Current pensioners and deferred members will receive a 4 percent* increase to their pension amount effective January 1, 2024.

* The Income Tax Act and regulations limit pension increases to the cumulative growth in Consumer Price Index since the pension commenced. For this reason, recently retired pensioners and deferred members who terminated membership recently will see a lesser increase.

Active Members
For active members, the accrual rate will stay at 1.85 percent in 2024 from the base rate of 1.4 percent. In 2025 the accrual rate is scheduled to return to 1.4 percent.

What Does “Accrual Rate” Mean?
The accrual rate is the rate at which you earn your pension. In 2024, you earn your pension at the rate of 1.85 percent of your pensionable earnings.

How Does This Work?
You earn a piece of pension every year that you work and contribute to the plan—like building blocks.

For example, let’s assume that a member’s pensionable earnings stayed constant at $60,000 every year, (for easy figuring). From 2019, that member would earn


Accrual Rate Formula

Pension Credit Earned


1.4% 1.4% of $60,000 $   840


1.85% 1.85% of $60,000 $  1,110


1.625% 1.625% of $60,000

$    975

2022 1.85% 1.85% of $60,000

$  1,110

2023 1.85% 1.85% of $60,000

$   1,110

2024 1.85% 1.85% of $60,000

$   1,110

2025 1.4% 1.4% of $60,000

$   840

At the end of your career, the annual pension amounts earned each year will add up to the total annual pension you will receive every year for the rest of your life. So, the higher amount earned in 2024 will continue to benefit you for the rest of your retired life.

What about Future Increases?
There is no automatic indexing of our plan. The Pension Board and Pension Plan Advisory Committee annually assess the resources available and determine whether there are surplus funds that can be used to increase benefits.

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