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Changes to pension at age 65
Canada Pension Plan (CPP): The Canada Pension Plan provides retirement benefits to individuals who have contributed to it during their employment. The normal retirement age for CPP benefits is 65; however, you can apply for a CPP pension as early as age 60. If you receive an early CPP pension, it is reduced 6% for every year you are less than 65. The annual maximum benefits are increased every year to reflect changes in the cost of living. The maximum monthly pension in 2005 was $828.75. For more information, contact your local office of Human Resources
and Skills Development Canada, Income Securities Program.
Age 65 CPP integration: When you reach age 65, we integrate your pension for CPP. During your membership in the OPSEU Pension Plan, your contributions to the Plan were reduced because you also made contributions to the CPP on the portion of your salary that is between the YBE and the YMPE. When you turn 65 you are eligible to collect a pension from CPP. So, the pension you receive from the OPSEU Pension Plan is reduced to reflect the lower contributions you made to the OPSEU Pension Plan while you were employed (see page OPTrust's booklet
Your Pension and the Canada Pension Plan).
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