- Retired Members
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Your pension will be paid in equal monthly installments, on the first business day of every month. We pay by direct deposit, directly into your bank account.
When you’re budgeting in retirement, it’s important to remember that government pensions like CPP and OAS are paid in the last 3 business days of the month, so your retirement income from different sources will be staggered throughout the month.
Since pension payments are made via direct deposit to your bank account, you will need to make sure that you keep us up to date with any changes to your address or banking information so that you can avoid any interruptions to your monthly payments.
If you’re retired early and are receiving a bridge benefit, the monthly payment will combine your lifetime pension amount and the bridge benefit, and both are subject to increases from indexation in years when it is granted.
Shortly before you turn 65, we’ll send you a reminder that your bridge benefit and any inflation protection applied to it, will end when you reach age 65.
Many Canadian retirees spend a lot of their retired life outside Canada. If you spend time outside of Canada, you will still receive your pension payments deposited directly into your Canadian bank account. If you move outside of Canada permanently, it's possible for us to mail your pension cheque in Canadian funds to your overseas location.
Each month, income tax will be deducted from your pension. To adjust the income tax deducted, you must complete TD1 forms, available by contacting us. Early each year, your T4A tax slip will be mailed to you so that you can file your income tax return.
Inflation protection, when it is granted, is added to the pension each year that the CPI has increased, and the new amount is the new pension. In other words, Indexation is cumulative. Once inflation protection has been paid, it is a permanent addition to your retirement income.