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Starting Your Pension

What you need to know
  • pensions are effective the first of the month, and paid on the 26th
    • deductions to your pension include taxes, insured benefit premiums, if you qualify; and if applicable spousal or child support payments, and additional Canada Revenue Agency deductions
  • all pensions are adjusted annually for inflation in January
  • at age 65 the top up for your OPTrust pension ends and your pension is integrated with CPP
  • working after retirement may affect your pension
  • if you are eligible for insured benefits, your spouse and dependents are also covered
  • OPTrust sends a personal information statement just before your first pension payment and after that only if there is a change to your pension amount
    • your monthly personal information statement is available in your Online Services account three days before each pay date
What you need to do
  • review and update your beneficiaries as needed
  • review and keep your retirement package from OPTrust – it has important information about insured benefits, pension pay dates and general information about your pension
  • consider signing up for Online Services – you can view your personal account, see your monthly pension statement, change your TD1, get your newsletter electronically and update your personal contact information, including your banking,
  • consider activating your Great-West Life’s online account – it saves mailing costs and speeds up reimbursement processing

When to contact us
  • contact information changes – address, e-mail, phone number, financial institution or account
  • marital status changes – married, common-law, separated, divorced, widowed
  • change to income tax deduction
Forms you need to complete
Additional forms to complete, if applicable