Centennial College Retirees Association (CCRA)


2015 Pension Update

Starting on January 1, 2015, the inflation protection increase for service earned during and after 1992 is 1.29%.
This increase, which applies to service earned during and after 1992 also applies to:
  • Pensions in payment
  • Survivor pensions Bridge benefits (for early retirees, who are still under age 65).
  • Deferred pensions

Inflation protection increases relate to your years of service

There are three service periods used in the calculation of inflation protection and each is treated differently:
  • On service earned before 1992, no inflation protection increases are applicable. The last scheduled ad hoc inflation protection increase was January 1, 2014.
  • On service earned between 1992 and 2007, inflation protection increases are funded and are guaranteed indefinitely.
  • On service earned after 2007 the granting of increases is conditional, granted when funding permits. The most recent valuation guaranteed until at least January 1, 2018. Increases beyond 2018 will be based on the funding level at that time.
The increases already applied to your lifetime pension remain a permanent part of your pension. Your pension will not decrease as a result of the end of ad hoc pre-1992 inflation.
If you retired in 2014, the increase to your pension in 2015 will be pro-rated to reflect the months in 2014 during which you were collecting your pension.
The inflation protection calculation compares the year-over-year percentage change in the average Consumer Price Index (for the years, ending in September) and increases pensions by 75% of this amount.