CPP and Your Pension

June 22, 2017

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.

Understanding how Canada Pension Plan (CPP) works with your Ontario Teachers’ pension is one of the hottest topics among our retired members.

When we hosted a Facebook Live on the subject, we received more than 100 emails with your questions leading up to the event.

Since broadcasting, the video has been viewed more than 1,500 times, and we hope it helped demystify how CPP works with our plan. 

You can check out the video, as well as the other Facebook Live videos we’ve produced, here. But in the meantime, here are the three most popular questions you asked us:

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, 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. 

Take about 20 minutes for more answers to your CPP questions in the Facebook Live broadcast below. Need more on CPP? Check out our Pinterest myOTPP 101 board for articles and videos related to CPP.