Your Pension

Your Pension is important.

According to Statistics Canada, as of January 1, 2019, only about 6.4 million Canadians participated in a registered pension plan. 

  • The good news is that number is 1.3% higher than the previous year.
  • The bad news is that it means about 62.5% of Canadians don’t have a registered pension plan.

Members of UFCW Locals 175 & 633 participate in a variety of pension plans depending on the workplace.

It is important that you understand the details of your plan and the other options available to you. Make sure you review your annual pension statements to ensure your hours, contribution level, length of service, etc., have all been reported correctly.

Keep your address up to date with ALL benefit providers.

Well in advance of your retirement, you should ensure you have information for any/all pension plans you participated in throughout your working life. If you’re unsure who to contact, start by getting in touch with former employers to find out the administrators of your plan(s). If a previous employer has closed, you can contact FSCO to find out in which plan that employer participated.

If you're not sure which pension plan you participate in through your current or recent employment, contact your Union Representative.

Retirement benefits

No matter what your age, your income level, or how much you have saved, it’s important to speak to a qualified, independent financial adviser – who’s not trying to sell you anything.

The Government of Canada has calculators and other tools available to help you find out how much public pension income you may qualify for. Visit

Some good basics to start with:

  • Make a plan.
  • Don’t wait too long to start that plan (it’s never too early to think about it)
  • Consult a professional Financial Adviser
  • Have a Will and update it as necessary.
  • Designate beneficiaries for each of your plans (including Life Insurance, etc.)
  • Consider your expenses in retirement (hobbies, living situation, travel, care for other family members etc).
  • Find out what retirement income you’re entitled to.

Download the most recent
CCWIPP Member Information

Previous Your Pension newsletters
from the Union


June 2017

May 2015

April 2015

October 2014

August 2010

January 2010

November 2009

Types of Retirement Income

For all retirement income you must either apply or inform the plan administrators of your intended retirement date.

Canada Pension Plan (CPP)
Provides monthly payments to retirees who worked in Canada & contributed to the Plan during their employment.

Old Age Security (OAS)
Provides monthly payments to most Canadians (65 or older) who qualify.

Guaranteed Income Supplement (GIS) 
Provides additional money to low-income seniors who qualify.

Defined Benefit Pension (DB)
A DB plan requires fluctuating contribution amounts and defines the ultimate pension benefit to be provided in accordance with the formula, usually based on years of service, earnings, on a flat rate, etc.

Defined Contribution Pension (DC)
DC plans define contribution amounts required instead of the benefit. At retirement, the benefit amount is based on the accumulated contributions & investment return in the member’s account.

Multi-Employer Pension Plan (MEPP)
A plan in which two or more unrelated employers participate & contribute to the same plan. A MEPP can be a DB or DC plan, or a combination of both.

Public pension income - Age 65

Monthly maximums for 2022

  • CPP $1,253.59
  • OAS $642.25 (Jan - Mar)

That means the MAXIMUM combined CPP and OAS you can receive is just over $22,750 per year.

And most people DON’T QUALIFY for the maximum.

The AVERAGE monthly CPP payment for a new benefits retirement pension (age 65) is $702.77.

Visit for up-to-date info when you begin planning.

How much do I need to retire? Infographic

How much income do you need to live a happy healthy retirement?

To retire at the age of 60 as of March 1, 2021, and rely on just your own savings... you would need $626,690 to buy an Annuity that would provide you with regular, guaranteed payments totalling $30,000 a year - or $2,500 per month.

Complete a budget for yourself. Remember:

  • When you stop working. you no longer contribute to Employment Insurance, Canada Pension Plan, Union Dues, or RRSPs.
  • You likely will no longer spend as much money on things like commuting, work clothes, lunches, and more.
  • Your overall reduced income will likely put you in a lower tax bracket.

Questions to consider:

  • Will you be renting or paying a mortgage?
  • How is your health and what coverage will you have (drug, vision, dental, extended health)? Will you require additional coverage?
  • Will you be active or travel in your retirement?
  • Do you have children or parents to take care of?
  • Do you like your job? Are you able to keep working?
  • When do you want to start collecting your public pensions (CPP, OAS, GIS)?
    * Keep in mind that if you start collecting CPP before 65 your payments will be reduced. OAS will not begin until the age of 65.

Starting early can make a big difference!

Invest at Age Retire at Age Investment Amount Annual Interest Rate Annual Inflation Rate Total Future Value of Investment
20 65 $1,000 3% 2% $1551.20
30 65 $1,000 3% 2% $1407.01
40 65 $1,000 3% 2% $1276.22
50 65 $1,000 3% 2% $1157.59

Published in Checkout June 2017