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
SimulR and
CompuPension tools
Maximum retirement pension amounts payable for persons who begin receiving their pensions in
2021
| Age | Rate | Maximum monthly amount
See Note 1 |
|---|
| 60 | 64% | $773.29 |
| 61 | 71.2% | $860.28 |
| 62 | 78.4% | $947.28 |
| 63 | 85.6% | $1034.27 |
| 64 | 92.8% | $1121.27 |
| 65 | 100% | $1208.26 |
| 66 | 108.4% | $1309.76 |
| 67 | 116.8% | $1411.25 |
| 68 | 125.2% | $1512.74 |
| 69 | 133.6% | $1614.24 |
| 70 or over | 142% | $1715.73 |
- The amounts apply to persons entitled to the maximum pension.
Important
- A retirement pension is taxable.
- It is adjusted in January each year to reflect increases in the cost of living.
- It is possible to save on
the income tax payable on your pension.
- We can
deduct income tax at source. The beneficiary simply indicates the amount to be deducted.
Statement of Participation in the Québec Pension Plan
Every 4 years, Retraite Québec automatically sends a Statement of Participation to all contributors participating in the Québec Pension Plan. You can
consult it online and choose to no longer receive it in a paper format by choosing the digital option at any time. You can also sign up for notifications to receive an email and/or a text message when the Statement is uploaded to your file.