Annual member statements for the 2022 plan year will be issued to active, deferred, and retired members of the pension plan at the end of June 2023.
Remember that if you have a spouse they will automatically receive any pre-retirement death benefit as per pension legislation. However, you should also designate a beneficiary in case your spouse pre-deceases you.
If you need to declare a spouse or designate a beneficiary, please scan the QR code to fill out the secure form that will be submitted directly to the Benefits Centre. If you have not received your statement, please contact firstname.lastname@example.org to ensure the address on file is correct.
If you have not begun receiving your pension, the statement will contain a box that looks something like this:
|FOR EVERY YEAR YOU PARTICIPATE IN THE PENSION PLAN YOU INCREASE YOUR RETIREMENT INCOME
THE AMOUNT YOU HAVE EARNED ALREADY
|IN 2022, YOU EARNED
THIS IS ADDED TO THE ANNUAL PENSION YOU’VE ALREADY EARNED
YOUR PROJECTED ANNUAL PENSION TO AGE 65
MAXIMUM C/QPP BENEFITS (in January 2023)
MAXIMUM OAS BENEFITS (April to June 2023)
YOUR TOTAL ANNUAL PENSION EARNED TO DECEMBER 31, 2022
YOUR ESTIMATED ANNUAL RETIREMENT INCOME
(excluding other employer pensions or personal savings)
THE AMOUNT YOU HAVE EARNED ALREADY - is calculated based on your pensionable earnings and years of credited service.
YOUR PROJECTED ANNUAL PENSION TO AGE 65 – is an estimate based on the assumption that you continue to work in the same job category until you reach age 65. If you stop working before that, or if your pensionable earnings change, this amount will also change.
MAXIMUM C/QPP BENEFITS – The amount shown as an example on your pension statement is the maximum amount payable under the Canada Pension Plan. Not all Canadians receive the maximum possible payout from the Canada Pension Plan. Please note that the average annual amount of CPP paid to new recipients in 2022 was $8,433.
In order to determine your personal benefit under the Canada Pension Plan, you can request a Personal Access Code (PAC). You can use this code to register for My Service Canada Account, which will provide access to your personal record of contributions and benefits earned under the Canada Pension Plan.
MAXIMUM OAS BENEFITS – Old Age Security is a pension you can receive if you are 65 years of age or older and have lived in Canada for at least 10 years. The amount you receive depends on your income and how long you lived in Canada or specific countries after the age of 18. If your net income (line 23600 of your income tax return) exceeds an income threshold ($79,845, for 2023) you have to repay some or all of your OAS pension.
When planning for retirement, all of these sources of income, as well as your personal savings and any pension from previous employers should be considered. We recommend that you consult with a financial planner to help with the financial aspects of your retirement planning.