Changes to the Canada Pension Plan (CPP)

Information for CPP contributors (60-65 years)

Do you plan to take your CPP retirement pension in the next few years?

You can receive your full CPP retirement pension at age 65.
If you take your pension after 65, you can increase your pension by up to 42% (at age 70) starting in 2013. See more information on these changes to the Canada Pension Plan
If you take your CPP retirement pension early, (i.e. after age 60 but before 65) your pension will be reduced based on your age at the time your benefit begins. This reduction which is now 31.2% at age 60, will gradually change over the next four years to a 36% reduction in 2016. See more information on these changes to the Canada Pension Plan.
Starting in 2012, the number of years of low or zero earnings that are automatically dropped from the calculation of the CPP retirement pension will increase. See more information on these changes to the Canada Pension Plan.
Starting in 2012, you will be able to begin receiving your CPP retirement pension without any work interruption. See more information on these changes to the Canada Pension Plan.

Will you continue working while receiving your CPP retirement pension?

If you are between the ages of 65 to 70 years of age and you work while receiving your CPP retirement pension, you can choose to make CPP contributions. These contributions will build into your Post-Retirement Benefit (PRB). For more information about how you can apply the PRB to your own retirement plans.

Check out the following tools and resources we have available related to CPP changes and retirement planning.

Learn more about all the changes to the CPP.