Pensions

How much will my monthly pension be if I retire?

You receive an annual pension statement every year in June  that provides your retirement information.  Estimates could be requested if you are considering a retirement earlier than the normal age noted on your annual statement.

 

How much will my Canada Pension Plan (CPP) or Old Age Security Pension (OAS) be?

If you have a service Canada account, you can do this online but for those that don’t below is the link that provides you with the telephone, online or mailing information to request an estimate of your CPP as well as the link for the Old Age Security (OAS)

 

Canada Pension Plan (CPP) link

https://www.canada.ca/en/employment-social-development/corporate/contact/cpp.html

 

 Old Age Security (OAS) link

https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/eligibility.html

 

What are my options for health/dental/travel when I retire and how much will it cost me per month? 

Johnson Insurance has a website for the active and retired CUPE members that has all the forms, costs, overview of the benefits, etc.  That website is www.mybenefitplan.ca and the link for the information regarding what options there are for the retirees and what is included in the benefits is:

http://www.mybenefitplan.ca/groupRetirees/baag_baag.asp?sectionLink_0

Retirees have the option to change their plan (within the 4 options) each March for the upcoming year so for example if you found that the option you selected you were paying for is more than you require, you might select the lower cost option for the next year.  You can change this every year if you need to.

 

PEI Seniors Drug Plan information:

If you are 65 years of age, you automatically qualify for this program.  The link will provide you with the relevant information you need to know about this plan and how you could then change your CUPE Retiree Drug Plan to a lower costing plan.

http://healthpei.ca/index.php3?number=1026303&lang=E

 

Retirement Allowance (Article 23 CUPE Support and Article 20 CUPE 3260)

As per your Collective Agreement, when you retire, if you are eligible, you would receive either a lump sum payment (less taxes) or transfer into an RRSP, monies that recognize your years of continuous service to a maximum of one hundred and twenty-five days (125) CUPE SUpport and 714 hours (CUPE 3260) calculated at your current hourly rate.  This calculation will be provided to you by Nicole Tremere, Payroll Supervisor.

 

If you have any questions regarding retirement, please do not hesitate to contact me and for those that are planning to retire this year, if they could let us know as soon as possible it would be greatly appreciated.

 

Thank you!