Starting Your Pension

What you need to know

  • pensions are effective the first of the month, and paid on the 26th
    • deductions to your pension include taxes, insured benefit premiums, if you qualify; and if applicable spousal or child support payments, and additional Canada Revenue Agency deductions
  • all pensions are adjusted annually for inflation in January
  • at age 65 the Bridge Benefit for your OPTrust pension ends and your pension is integrated with CPP
  • working after retirement may affect your pension
  • if you are eligible for insured benefits, your spouse and dependents are also covered

What you need to do

  • review and update your beneficiaries as needed
  • review and keep your Retirement Confirmation Statement from OPTrust – it has important information about insured benefits, pension pay dates and general information about your pension
  • Sign up for Online Services – you can view your personal account, see your monthly pension statement, change your TD1, get your newsletter electronically and update your personal contact information, including your banking,
  • Activate your Canada Life online account – it saves mailing costs and speeds up reimbursement processing

When to contact us

  • contact information changes – address, e-mail, phone number, financial institution or account
  • marital status changes – married, common-law, separated, divorced, widowed
  • change to income tax deduction