The amount of a retirement pension
The pension amount is calculated on the basis of:
- the employment earnings recorded under the contributor's name since 1966, the year in which the Plan started
- the contributor's age when pension payments begin
When to apply?
The amount of a retirement pension under the Québec Pension Plan depends on the age at which the contributor begins receiving his or her pension, the number of years he or she contributed to the Plan and the employment earnings on which he or she contributed. It is adjusted according to whether payment of the pension begins before or after the contributor's 65th birthday. The age at which the contributor begins receiving a retirement pension will determine the amount of the pension for as long as it is paid.
To make an informed choice, it is necessary to consider a wide array of factors, such as:
- income (employment, private pension plan, personal savings, etc.)
- the adjustment factor applied to the pension based on the contributor's age and the amount of the pension
- how a retirement pension under the Plan may affect benefits under other programs
- life expectancy
- payment of a surviving spouse's pension.
A financial planner can help choose the best time to begin receiving a pension, depending on the contributor's financial resources and overall needs.
To simulate your retirement income, use our
Maximum retirement pension amounts payable for persons who begin receiving their pensions in
|Age||Rate ||Maximum monthly amount|
See Note 1
|70 or over||142%||$1855.33|
- The amounts apply to persons entitled to the maximum pension.
- The pension paid is indexed each year, in January, based on the cost of living. It is indexed for the first time the year following the first payment.
- It is taxable.
- It is possible to save on the
income tax payable on your pension.
- We can
deduct income tax at source. The beneficiary must indicate the amount to be deducted.
- The reduced or increased retirement pension based on age will remain so for the entire time it is paid.
Statement of Participation under the Québec Pension Plan
Your Statement of Participation is a great tool for financial planning for retirement. Available at all times in My Account, it indicates the employment earnings recorded under your name on which you have contributed to the Plan. It also provides an estimate of the benefits that you and your family could receive when you retire or in the event of death or disability.