The primary objective of the Universities Academic Pension Plan (UAPP) and the Public Service Pension Plan (PSPP) is to provide retirement income to participating members. The plans also provide benefits in the event of death, disability or termination of employment.
In addition to the pension plans provided by the University, there are also the following Government Retirement Programs:
Canada Pension Plan (CPP)
All staff members are required to participate in CPP. Participation is effective upon appointment. The CPP is a pension plan established by the Government of Canada in 1966 as a "contributing social insurance program providing a basic level of protection" in the event of retirement, total disability or death.
Each staff member contributes to a maximum pensionable earnings amount established each year by the Government. Each month, contributions are made by payroll deduction until the annual maximum contribution is reached. contributions are deductible for income tax purposes. The University contributes an equal amount.
Monthly pensions are paid to persons in retirement, to widows, widowers, orphans, the disabled and their dependents.
Old Age Security (OAS)
In addition to the Canada Pension Plan, every resident of Canada qualifies for a monthly income from the Federal Old Age Security Plan. This becomes payable at age 65 and is taxable income. The benefits are indexed to the cost of living and are subject to claw back above a specified income level.
For further information regarding Old Age Security, please refer to the Service Canada website.