If you collect both your PSPP and CPP pensions before age 65, there will be a reduction to your combined PSPP and CPP pension income at 65, when the early retirement bridge benefit ends. Measures are in place to ensure that critical pension services are maintained without interruption. Members of the PSPP include management and excluded staff and employees represented by other non-OPSEU bargaining agents in the Ontario Public Service (OPS) and certain provincial government agencies. M. Ravi Kiran Pharm.D It’s the average of your annual salary for your best five consecutive years of membership in the Plan and, in certain cases, previous pension plan membership. Most recent information and updates about the public service pension for plan members and information notices for human resources community. You will not receive a reply. The average of the year's maximum pensionable earnings (YMPE) in the year you stop being a PSPP member and the two previous years. For enquiries, contact us. Information packages and kits about the public service pension plan, videos, forms, overall management, administration and funding of the plan, history of the plan, how pension benefits are calculated, pensionable service, pension options, special service provisions. Your lifetime pension: Your lifetime pension is payable from age 65, when the bridge benefit ends. Pension credit is the number of years and months that you (or your employer on your behalf) contributed to the Plan. Learn about participating in the pension plan, retirement income sources and pension options. As a result, a permanent change in an employee’s employment and/or bargaining unit status can result in a change in plan membership. That's why we’ve outlined our full Plan formula below. Welcome to mypensionplan. The Plan was established in 1994 to provide pension benefits for employees of the Province of Ontario (the Province) in bargaining units represented by the Ontario Public Service Employees Union (OPSEU) and certain other bargaining units and employers. Monday - Friday: 8AM-5PM EST. The Government of Ontario has announced changes to the premium rates for the Ontario Public Service (OPS) Post-Retirement Benefit (PRB) plans (where applicable), and for the Optional Upgrade Package (OUP) for eligible retired members that will be effective June 1, 2019. Adjusted premium deductions from your monthly pension will be reflected on your June 2019 Pay Statement from ADP and your June 21st pension payroll deposit. Akhil Pharm.D. The OPSEU Pension Plan (the Plan) is a defined benefit pension plan with over 92,000 members and retirees. As a new member of the PSPP, you should understand how we calculate your pension. How we are serving you during the pandemic, OPB & IMCO Board of Director Appointments, Follow OPB's company page on LinkedIn, Open in new window, Subscribe to OPB's channel on YouTube, Open in new window, Follow OPB's company page on LinkedIn, new window. Review existing Public Service Pension Plan provisions for members experiencing financial difficulties or having difficulty meeting deadlines. The PSPP is administered by the Ontario Pension Board (OPB). G. V. Prateek Pharm.D. Your PSPP basic pension (which includes bridge benefit) is payable up to age 65, when the bridge benefit ends. If you hold a regular part-time position, the pension credit you receive will be pro-rated, based on the regular full-time hours for your position. The YMPE is the earnings limit set by the federal government each year to determine the maximum CPP contributions and benefits. Pharmacy Assistant, Charlotte Care Pharmacy, Ontario, Canada. Information about the public service pension plan if you are interested in joining the federal public service. email@example.com, 1-800-668-6203 contact us Information about the public service pension plan as a survivor or dependant of a deceased plan member. How we are serving you during the pandemic, OPB & IMCO Board of Director Appointments, Follow OPB's company page on LinkedIn, Open in new window, Subscribe to OPB's channel on YouTube, Open in new window, Follow OPB's company page on LinkedIn, new window, 0.7% of the average YMPE or your average annual salary, whichever is less, Your pension credit (to a maximum of 35 years), The lifetime pension, available from the date you retire, If you retire early, an early retirement bridge benefit, available from your early retirement date up to age 65 (once you turn 65, the bridge benefit ends). Pension credit also includes any credit you've purchased or transferred into the PSPP from another pension plan. NIMS, Hyderabad. Explore self-service tools designed for active members of the public service pension plan. Your PSPP basic pension includes: This bridge benefit helps supplement your retirement income until you reach 65 and are eligible for an unreduced CPP pension. existing Public Service Pension Plan provisions, Sign in to Your Public Service Pension Plan web application (, Government of Canada Pension Centre – Employer Support Services, Pension-related information for compensation community. Public service pension plan. Statutory instruments from which the main provisions of the public service pension plan are mentioned. Due to the ongoing and evolving COVID-19 pandemic, callers may experience increased wait times when calling the Government of Canada Pension Centre. Average annual salary excludes overtime pay, payments in lieu of benefits or payments that aren’t part of your regular annual salary. firstname.lastname@example.org, 1-800-668-6203 Find information about your public service pension plan as an employee of the federal public service. CPP integration refers to how the PSPP and CPP plans work together during your working years, early retirement and after age 65. Electronic alternative to receiving your pension documents by mail. Find information and services about the pension plan for federal public service employees that is specific to you as an active or retired member, and to your survivors and dependants. The bridge benefit is intended to supplement your income until age 65, when you can start collecting an unreduced CPP pension. CPP integration: Your basic pension includes the lifetime pension plus a bridge benefit. Bargaining unit status is a criteria used in determining whether an employee is eligible for membership in the OPSEU Pension Plan or the PSPP. Bargaining unit status is a criteria used in determining whether an employee is eligible for membership in the OPSEU Pension Plan or the PSPP. The customized tool with self-serve features makes it easy for you to manage your pension information at your convenience. Annual reports, Liaison newsletter for retired members, guides for your pension and insurance benefits statements, annual pensioners’ statement, member information packages and kits, survey results. You will receive an update in the mail about these rate changes shortly. Find your public sector pension plan contribution rates. The Government of Ontario has announced changes to the premium rates for the Ontario Public Service (OPS) Post-Retirement Benefit (PRB) plans (where applicable), and for the Optional Upgrade Package (OUP) for eligible retired members that will be effective June 1, 2019. As a new member of the PSPP, you should understand how we calculate your pension. For more information about the new PRB and OUP premiums, eligibility and coverage, please visit your employee group’s pamphlet or the OUP Fact Sheet on the Insured Benefits page. Monday - Friday: 8AM-5PM EST. There are two key factors in determining how much pension you’ll receive – your average salary and years of service in the Plan. contact us How we modernized our public pension service delivery model.
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