What is a CPP retirement pension?
Canada Pension Plan ?Retirement Pension, Social Development Canada, Feb. 2005 A CPP retirement pension is a monthly benefit paid to people who have contributed to the Canada Pension Plan. The pension is designed to replace about 25 percent of the earnings on which a person’s contributions were based. http://www.hrsdc.gc.ca/en/isp/pub/factsheets/retire.shtml How does the CPP calculate my retirement pension? The CPP retirement pension is indexed to the Consumer Price Index annually. The average monthly retirement pension in 2006 was $473.09. The maximum was $863.75. Will you have enough to retire? http://www1.servicecanada.gc.ca/en/isp/pub/factsheets/rates.shtml Canada Pension Plan and Old Age Security Human Resources and Social Development Canada The OAS (Old Age Security) and CPP (Canada Pension Plan) are designed to “provide a modest base upon which Canadians can build their retirement income.” Find out more about your retirement readiness based on HRSDC’s criteria. Links on this page
