CPP and Your Pension

June 22, 2018

Get estimates of your reduced and unreduced CPP pension to help you decide when to take CPP. Visit the CPP website, call 1-800-277-9914 or contact your local Service Canada office.

The Canada Pension Plan (CPP) and your Ontario Teachers’ pension will likely be your two primary sources of retirement income. Whether you’re in the early planning stages of retirement or getting set to celebrate your 65th birthday, it’s important to understand the connection between these two pensions.

Here are the answers to some of your FAQs:

Question: When should I collect CPP?

Answer: Deciding when to collect CPP is a highly personal decision, and your situation is unique. Consider what your living expenses will be like during your retirement. Will your mortgage be paid off? Will your kids be finished school? What is your health like?

If your expenses will be high during your early retirement years, consider collecting a pension early from the Canada Pension Plan (CPP). By starting a reduced CPP retirement pension early, you may receive it for a longer period of time. However, by waiting until age 65, you'll receive more each month.

We recommend consulting a financial advisor to find the right time for you.

Question: If I delay taking CPP, will my Ontario Teachers’ pension still be adjusted when I turn 65?

Answer: We provide a bridge benefit, which is intended to supplement your retirement income until age 65 when you’re eligible for an unreduced CPP pension. The month after you turn 65, even if you started to collect CPP earlier, or immediately if you start a CPP disability pension, the bridge benefit ends and your pension payment is adjusted. .

Question: How much will my Ontario Teachers’ pension be adjusted by when I turn 65?

Answer: The adjustment is based on a formula. To see the impact to your pension, sign in to your Ontario Teachers’ online account.