Human Resources and Skills Development Canada

Human Resources and Skills Development Canada

December 23, 2010 16:00 ET

Pension Changes Help Canadians Plan Retirement

OTTAWA, ONTARIO--(Marketwire - Dec. 23, 2010) - Changes to the Canada Pension Plan (CPP), which come into effect beginning in January, will better reflect how Canadians choose to live, work and retire.

The changes were unanimously recommended by federal, provincial and territorial ministers of finance in 2009 as part of the regular review of the CPP, conducted every three years, and included in Bill C-51, The Economic Recovery Act (stimulus). The changes will be implemented over a six-year period beginning in January.

The upcoming changes to the CPP may affect when and how contributors choose to retire from work and when they decide to apply for a CPP retirement pension. Canadians are living longer and healthier lives, and the transition from work to retirement is increasingly diverse. Changes to the CPP will better recognize that retirement is a process that often occurs in stages, rather than as a one-time event.

The Government of Canada is committed to helping Canadians make informed decisions about their retirement. The changes are being communicated to Canadians in many ways, including information sessions for service providers, direct mailings to contributors and retirement pension recipients, outreach activities, and information on www.servicecanada.gc.ca, via the CPP call centre and in Service Canada Centres.

The CPP is a stable, well-designed plan that is portable from province to province and fiscally sustainable over the long run. It provides benefits to over 4 million people and future coverage for the 12 million workers currently contributing to the Plan. The CPP operates throughout Canada, except in Quebec, which has its own plan, the Quebec Pension Plan.

For more information about the changes, visit www.servicecanada.gc.ca, contact the CPP call centre at 1-800-277-9914 (TTY: 1-800-255-4786), or visit a Service Canada Centre.

This news release is available in alternative formats on request. 

Backgrounder

For more information about the changes to the Canada Pension Plan, visit http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/postrtrben.shtml

Contact Information

  • Office of Minister Finley
    Michelle Bakos
    Press Secretary
    819-994-2482
    or
    Human Resources and Skills Development Canada
    Media Relations Office
    819-994-5559