Year’s Maximum Pensionable Earnings under CPP for 2021 increases to $61,600 from $58,700 in 2020
The Canada Revenue Agency has announced that the Year’s Maximum Pensionable Earnings (YMPE) under the Canada Pension Plan (CPP) for 2020 will be $61,600 – up 4.9% from $58,700 in 2020. The new ceiling was calculated according to a CPP‐legislated formula that takes into account the growth in average weekly wages and salaries in Canada. […]
2021 COLA for UAPP Pensioners is 0.78%
The 2021 cost‐of‐living adjustment (COLA) for pensioners who retired prior to January 1, 2020 is 0.78%. For persons who retired in 2020, the COLA increase is prorated based on the number of complete months the person was on pension in the year. The increase is applied to the base pension, including any bridge benefit that is […]
Commuted Value Basis Change
The basis for the calculation of a Commuted Value (CV) has been changed effective December 1, 2020. The Canadian Institute of Actuaries has issued updated standards to better reflect experiences of pension plans from across Canada. The new standard updates the assumptions used for the expected retirement age and the discount rate. The changes will […]
UAPP Operations During COVID-19 Outbreak
The Universities Academic Pension Plan takes very seriously the COVID-19 outbreak and all related advisories of the Chief Medical Officer of Alberta. As such, the Trustees’ Office has implemented measures to do our part to help control the spread of the disease. Staff are now working remotely and the office is closed to visitors until […]