Active Member Accrual Rate set at 1.625% for 2021
The Pension Board is pleased to announce that the accrual rate for active plan members will be 1.625% in 2021. There will be no change to contribution rates. The accrual rate, which was set to return to 1.4% in 2021, will return to 1.4% in 2022.
Pension Increase to Retired and Deferred Plan Members Effective January 1, 2021
The Pension Board is pleased to announce that current pensioners. survivors and deferred members will receive a 2%* increase to their monthly pension benefit effective January 1, 2021. If you are receiving a pension, the increase will be added to your April 2021 pension payment, retroactive to January 1, 2021. If you are a deferred member, (that is, you terminated employment but left your entitlement in the Plan), the increase will be calculated and shown on your 2021 pension statement, which you will receive in June 2022.
* The Income Tax Act and regulations limit pension increases to the cumulative growth in CPI since the pension commenced. For this reason, recently retired pensioners and deferred members who terminated employment recently will see a lesser increase.
These improvements are possible because of adequate funding levels at the end of 2020, according to requirements set out in the Funding Policy.
Pension Information Seminar
Join us for the next Pension Information Seminar on March 9, 2021. Learn how your pension plan works, other ways to save for retirement and how to apply for your pension. Click here To register.
When we can combine faster service with an environmental upside, it’s a no-brainer. With that in mind, Green Shield Canada (GSC) will be moving to a fully digital experience for claim payments later this year.
As of December 2020, in order to submit claims electronically on GSC’s Online Services site, you must have registered for direct deposit for your claim payments. Cheque payments will no longer be issued for claims submitted online. With this “greener,” contactless approach, you’ll receive your money from GSC faster, with payments conveniently deposited directly into your bank account. And you can rest assured that your personal banking information is totally secure.
To sign up for direct deposit, log into your Online Services account and follow these four steps:
Or click here to watch the video on how to register for direct deposit with GSC
It’s really quick. And it’s very easy. So, don’t wait! Sign up today.
