Proposed OAS changes in federal budget will not affect your Teachers' pension
March 30, 2012
The federal government is proposing changes in its budget to Old Age Security (OAS) that will gradually increase the age of eligibility to 67 from 65, beginning in 2023.
Because OAS is not integrated with the Teachers' pension plan, this has no effect on your pension.
You are currently eligible to begin receiving OAS payments at age 65. Full OAS benefits usually are available to seniors who have lived in Canada for at least 40 years after age 18. Partial pensions may be available if residency requirements are not met.
Most retired teachers qualify for the maximum pension from OAS. The maximum is currently about $540 a month. The federal government begins clawing back OAS when total net income reaches about $69,500.