Cost-of-living adjustments apply to deferred pensions, survivor pensions, disability pensions and retirement pensions.

If you defer the start of your pension, your first pension payment will reflect changes in the cost of living from the time you left employment in education to the time you begin to collect your pension. This means your pension maintains its purchasing power while you wait to retire.

There are two components to inflation protection:

1. The portion of your pension credit earned until the end of 2009 is 100% protected against increases in the cost of living, as measured by the Consumer Price Index (CPI).
   
   
2. The portion of your pension credit earned after 2009 will be 100% protected against increases in the cost of living as long as the plan has sufficient assets. If the plan has insufficient assets, annual cost-of-living increases for pension credit earned after 2009 will be between 50% and 100% of the change in CPI, depending on how much the plan can pay.