What to watch for on your January pension
January 29, 2016
Don't get caught off-guard by these deductions and adjustments to your January pension:
- 2016 inflation adjustment is applied. The base 2016 adjustment is 1.3%. You can learn more about the adjustment here.
- Retired Teachers of Ontario (RTO) fee deduction. If you're a member of the RTO, your fees are deducted once a year, in January.
- Health insurance premiums. If you subscribe to a health insurance plan through the RTO (Johnson's), or Ontario Teachers' Insurance Plan (OTIP), premiums are often adjusted in December or January for these plans (premiums are deducted each month).
If you have any questions about the RTO fee or your insurance premiums, please contact the respective organization directly.
Did you turn 65 in December? If yes, your Ontario Teachers' pension will be reduced in January to reflect integration with the Canada Pension Plan (CPP). If you're collecting a CPP disability pension, this reduction has already been applied. Learn more here.