Contribution rates for members of the public service pension plan who are employed in operational service with Correctional Service of Canada
Since 2006, employee contribution rates for the public service pension plan, the Canadian Forces – Regular Force pension plan and the Royal Canadian Mounted Police pension plan have gradually been increasing to reflect the Government of Canada’s movement towards a more balanced cost-sharing ratio. Budget 2012 announced that contribution rates will continue to increase over time.
Legislation has been amended to allow the increase in contribution rates and the contribution rates will increase beginning in January 2013.
The following table sets out plan member contribution rates that will apply to members of the public service pension plan who are employed or deemed to be employed in operational service and are entitled to special retirement benefits.
|On earnings up to the maximum covered by the Canada/Quebec Pension Plan||6.85%||7.50%||8.15%|
|On any earnings over the maximum covered by the Canada/Quebec Pension Plan||9.20%||9.80%||10.40%|
The contribution rates for 2016 and 2017 are not yet available. Once established, the rates will be confirmed and communicated prior to and .
The contribution rates will drop to 1% of salary for plan members who have reached the maximum of 35 years of pensionable service.
Note: The additional employee contribution remains at 0.62% for Correctional Service of Canada employees with “deemed operational service” (plan members with at least 10 years of operational service to their credit and not currently employed in operational service).
Example of 2013 pension contributions per pay
A plan member with actual operational service only, with a salary of $50,000 will pay about $132 per pay for pension contributions in 2013. This is an increase of $13 per pay from the amount paid in 2012.
More information about Operational Service Provisions is available on the Treasury Board of Canada Secretariat Web site.
More information about the public service pension plan is available on Your Public Service Pension and Benefits Web Portal.
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