Changes to Post-Retirement Benefits Premium Rates and OUP Premium Rates for OPTrust Retirees
Effective July 1, 2020, the premium rates for the Government of Ontario’s post retirement insured benefits plans and the associated optional upgrade packages are increasing.
Ending your Coverage under the Optional Upgrade Package
If you decide to terminate your coverage under the Optional Upgrade Package (OUP), please be advised that your decision is final and irrevocable. Once you opt out, you cannot re-enrol.
To terminate your coverage under the OUP, please notify OPTrust using one of the two methods below:
- Send us a secure message using your online services account.
- Send us a scanned copy or photo of a written notice that includes your full name, OPTrust ID #, signature and the date using the secure Contact Us page of our website.
Your OUP premiums and coverage will continue only until the end of the month in which OPTrust receives your notice terminating your coverage.
Your notice applies only to your coverage under the OUP and does not affect your coverage under the post retirement insured benefits plan in which you are enrolled.
Cost of Living Adjustment for Your Pension
Starting January 2020, your pension will increase by 2%. The annual cost of living adjustment (COLA) is applied to all pensioners, survivor pensions and to the deferred pensions of former and divested members.
Every January, pensions are adjusted for the increase in the cost of living, as measured by the Consumer Price Index (CPI), reported by Statistics Canada. This helps to protect your pension against the impact of inflation and to ensure it does not lose value over time. Read more