Changes to the Québec Pension Plan
On 2 November 2017, Bill 149, the
Act to enhance the Québec Pension Plan and to amend various retirement-related legislative provisions , was introduced in the National Assembly. The bill was assented to in February 2018.
The purpose of the Act is to
- provide future generations with financial security in retirement
- maintain intergenerational fairness
- strengthen Québec Pension Plan funding.
The Bill stems from the public consultations on the Québec Pension Plan held in 2017, which brought to light a clear consensus on the necessity of:
- implementing enhancements to the
QPP similar to those for the CPP
- improving the
QPP's long-term financial stability
- maintaining intergenerational fairnesst.
The changes, which will gradually come into effect between 2019 and 2025, will improve the income of future retirees while maintaining intergenerational fairness.
Individuals who are already receiving a retirement, disability or surviving spouse's pension, will not be affected by the changes to the Québec Pension Plan. The amount of any pensions already being paid will not change, but will continue to be indexed each year.