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Who contributes?
All eligible members are required to contribute to the Ontario Teachers’ Pension Plan. As soon as you start teaching, your employer will deduct pension contributions from your pay. Contributions, which are sent to us, are matched by the Ontario government and designated employers on behalf of all members. Contributions are tax deductible and will be reflected on your T4 slip.
Who sets the contribution rate?
The Ontario Teachers’ Federation and the Ontario government -- the plan’s co-sponsors -- must ensure the plan has enough money to pay for all the benefits earned by plan members every year. They set the contribution rate for teachers and the Ontario government, and negotiate benefit levels.
How do you ensure there’s enough money to pay pension benefits?
The Ontario Teachers’ Pension Plan Board commissions a funding valuation every year. The valuation, conducted by an independent actuary, determines whether the plan has a surplus, a shortfall or just the right amount of funds.
For more information, read the Funding section. |
