Plan change details
Learn how certain plan changes affect you
Pensionable service periods
The effect of these changes is different depending on when you earn(ed) pensionable service:
- Service earned on and after April 1, 2018, falls under the new rules effective April 1, 2018.
- Service earned between April 1, 2006 and March 31, 2018, inclusive, will fall under new rules effective October 1, 2019. These upcoming changes will improve your lifetime pension.
- Service earned before April 1, 2006, will not be affected by the changes to the plan.
When you retire, the pension you earned in each of these three periods will combine to produce one lifetime monthly pension. Sign in to My Account on May 1, 2018, and use the personalized pension estimator to see how the changes affect you.
Pensionable service earned before April 1, 2018
You retain the benefit for all pensionable service earned before April 1, 2018. In fact, if you have service between April 1, 2006 and March 31, 2018, inclusive, your lifetime pension will improve. Effective October 1, 2019, the accrual rate (one of the three main factors used to calculate your pension) will increase from 1.35 per cent to 1.65 per cent for salary below the year's maximum pensionable earnings.
Your lifetime pension will also increase as the accrual rate for service earned on or after April 1, 2018 is increasing to 1.85 per cent.
The new reduction rates for early retirement only apply to service earned on or after April 1, 2018.
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