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The Canada Pension Plan (CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a Registered Retirement Savings Plan).^[1] As of September 2017, the CPP Investment Board manages over C$328.2 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians.^[2] CPPIB is one of the world's biggest pension funds.^[3]

4Contribution Rates
5Funding
7Quebec Pension Plan (QPP)

Description[edit]

The CPP mandates all employed Canadians who are 18 years of age and over to contribute a prescribed portion of their earnings income to a federally administered pension plan. The plan is administered by Employment and Social Development Canada on behalf of employees in all provinces and territories except Quebec, which operates an equivalent plan, the Quebec Pension Plan. Because the Constitutional authority for pensions is shared between the provincial and federal governments, stewardship for the CPP is jointly shared. As a result, major changes to the CPP, including those that alter how benefits are calculated, require the approval of at least seven Canadian provinces representing at least two-thirds of the country's population.^[4]

Provinces may choose to opt out of the Canada Pension Plan (as Quebec did in 1965), but must offer a comparable plan to its residents.^[5]^:§3(1) In addition, under section 94A of the Canadian Constitution, pensions are a provincial responsibility, so any province may establish an additional/supplementary plan anytime.

History[edit]

The Liberal government of Prime Minister Lester B. Pearson in 1965 first established the Canadian Pension Plan.

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CPP Benefits[edit]

The primary CPP benefit is the monthly retirement pension. Currently, this is equal to 25% of the average earnings on which CPP contributions were made over the entire working life of a contributor from age 18 to 65 in constant dollars. The earnings upon which contributions are made are subject to an annual limit, which, in 2020, is $58,700.^[6] However, under changes being phased in by 2025, the pension benefit will rise to 33.33% of earnings on which contributions were made, and the maximum amount of income covered by the CPP will rise by 14 percent from the projected 2025 limit of $69,700 to $79,400.^[7]

The CPP enhancement will serve as a top-up to the existing, or base, CPP. For individuals who work and make contributions in 2019 or later, enhanced components of benefits will be calculated and added to the base portion of the benefit. These calculations are similar, but follow different formulae.

When calculating the base portion of the CPP, there is a general drop out provision^[8] that enables the lower-earnings years in a contributor's contributory period to be dropped from the calculation of the average. Since 2014, the lowest 17% of earnings are dropped in this way, accounting for up to eight years of contributory earnings.

Benefits under the CPP enhancement will be calculated based on a forty-year period, taking the best 40 years to calculate the benefit. This calculation effectively allows seven years to be dropped out of the benefit calculation (for an individual who begins contributing at age 18 and ends at age 65).

In October 2018, average monthly benefits for new retirement pension (taken at age 65) was just over $664.00 per month and the maximum amount in 2019 was $1,154.58 per month. Monthly benefits are adjusted every year based on the Consumer Price Index. CPP benefit payments are taxable as ordinary income.

The standard age to receive the retirement pension is age 65, however, individuals may begin collecting a permanently reduced pension as early as 60, or defer until age 70 to increase the monthly payment. For those who take the pension early (the majority), the reduction factor is 0.6% for each month you receive it before age 65 (to a maximum reduction of 36% at age 60). For those who defer, the adjustment rate is 0.7% for each month that one delays in receiving it up to a maximum increase of 42% at age 70. There is no financial benefit to delaying beyond age 70.^[9]

The CPP also provides disability pensions to eligible workers under the age of 65 who become disabled in a severe and prolonged fashion, and a monthly survivor's pension to the spouse or common-law partners of contributors who die (having made sufficient contributions).

An application must be filed at least six months in advance in order to receive CPP benefits. If an application for disability pension is denied, an appeal can be made for reconsideration, and then to the Canada Pension Plan / Old Age Security Review Tribunals or Pension Appeals Boards (POA). All CPP benefits in pay are indexed annually to the Consumer Price Index.

Contribution Rates[edit]

1966 to 1996[edit]

From 1966 to 1996, the contribution rate was 3.6%. The rate was 1.8% for employees (and a like amount for their employers) and 3.6% in respect of self-employed earnings. By 1997, this had reached combined rates of 6% of pensionable earnings.

1996 reforms[edit]

By the mid-1990s, the 3.6% contribution rate was not sufficient to keep up with Canada's aging population.^[10] and it was concluded that the 'pay-as-you-go' structure would lead to excessively high contribution rates within 20 years or so, due to Canada's changing demographics, increased life expectancy of Canadians, a changing economy, benefit improvements, and increased usage of disability benefits (all as referenced in the Chief Actuary's study of April 2007, noted above). The same study reports that the reserve fund was expected to run out by 2015. This impending pension crisis sparked an extensive review by the federal and provincial governments in 1996. As a part of the major review process, the federal government actively conducted consultations with the Canadian public to solicit suggestions, recommendations, and proposals on how the CPP could be restructured to achieve sustainability once again. As a direct result of this public consultation process and internal review of the CPP, the following key changes were proposed and jointly approved by the Federal and provincial governments in 1997:

Increase total CPP annual contribution rates (employer/employee combined) from 6% of pensionable earnings in 1997 to 9.9% by 2003.
Continuously seek out ways to reduce CPP administration and operating costs.

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