NSAHO Pension Plan Home

Government benefits

If you are a long-service member of the Plan, your pension will probably be a significant part of your total retirement income. But it may not meet all of your retirement income needs. Government pensions can help make up the difference. In fact, your NSAHO Pension Plan is designed to work in tandem with the Canada Pension Plan. Following is an at-a-glance summary of the key government benefits.

Canada Pension Plan Old Age Security

Who's eligible

Workers in all provinces (workers in Quebec are eligible for the Quebec Pension Plan)

All workers and non-workers, based on how long you have lived in Canada

Contributions

Both you and your employer contribute a percentage of your earnings

None

Types of benefits

Retirement, disability, and survivor benefits, as well as death benefits

Retirement benefits

When benefits start

Lifetime pension normally begins at age 65

Reduced pension available as early as age 60, if you are “substantially retired”

Age 65

Amount of retirement pension

Based on all earnings on which you contributed to this government plan

Flat-rate pension

Inflation protection

Adjusted annually to reflect increases in the Consumer Price Index

Adjusted quarterly to reflect increases in the Consumer Price Index

Maximum benefits as of January 1, 2012

Approximately $986 per month (maximum benefit before any applicable income tax deductions)

Approximately $540 per month (maximum benefit before any applicable income tax deductions)

Under the Old Age Security “claw back” provisions, benefits will be reduced (or eliminated) once specific income levels are reached. Call OAS at 1-800-277-9914 for details.

For more information on the Canada Pension Plan, go to:
http://www.sdc.gc.ca/en/isp/cpp/cpptoc.shtml

For more information on Old Age Security (OAS), go to:
http://www.hrsdc.gc.ca/en/isp/oas/oastoc.shtml


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