Report on the Administration of the Members of Parliament Retiring Allowances Act for the Fiscal Year Ended March 31, 2020

His Excellency the Right Honourable Richard Wagner, P.C.
Administrator of the Government of Canada

Excellency:

I have the honour of submitting to Your Excellency the Report on the Administration of the Members of Parliament Retiring Allowances Act for the Fiscal Year Ended March 31, 2020.

Respectfully,

Original signed by

The Honourable Jean-Yves Duclos, P.C., M.P.
President of the Treasury Board

On this page

Overview

About this report

This report provides information on the administration of the Members of Parliament Retiring Allowances Act (MPRAA) for the fiscal year ended March 31, 2020. The MPRAA is the legislation that governs the Members of Parliament Pension Plan, which provides retiring allowances to eligible individuals who have served as members of Parliament. This report is tabled in Parliament in accordance with section 67 of the MPRAA.

About the plan

Established in 1952, the Members of Parliament Pension Plan is a defined benefit pension plan that is funded by contributions from plan members and from the Government of Canada. The plan offers a source of lifetime retirement income for eligible retired and disabled parliamentarians.Footnote 1

Membership in the plan has been mandatory since 1965 for members of the Senate, and since 2000 for members of the House of Commons.

Since January 1, 2016, plan member contribution rates have been set by the Chief Actuary of Canada. The employer-member cost-sharing ratio of 50:50, which is required under the Pension Reform Act, was achieved in 2017.

Fiscal year at a glance

Plan benefits and contributions
Figure 1 - Text version
Plan benefits and contributions
Senate Parliament Total
Benefits paid $9.2 million $46 million $55.3 million*
Active plan member and government contributions $6.1 million $24.7 million $30.8 million
Average annual pension paid to retired plan members
Senate Parliament Combined average
$78,905 $69,842 $71,271

* Due to rounding, this total does not correspond with the sum of the separate component figures.

Membership demographics
Figure 2 - Text version
Comparison of membership distribution
Membership type Number of members
Senate Parliament Total
Active members 98* 338 436
Retired members 94 502 596
Survivors and dependent children 47 133 180
Total 239 973 1,212

* Two senators are currently not contributing to the plan.

Plan benefits

Benefit formula

The benefits provided under the plan are calculated using a formula that is based on a plan member’s pensionable service and their annual pensionable earnings during their 5 highest‑paid consecutive years of service.

Benefits for pensionable service accrued on or after January 1, 2016, have been coordinated with the Canada Pension Plan (CPP) and Québec Pension Plan (QPP). As a result, a plan member’s retirement allowance now consists of 2 separate components:

  • a lifetime pension benefit, payable until the plan member’s death
  • a temporary bridge benefit, payable until the plan member reaches age 60

The retirement allowance of a plan member who reaches age 60 (or who starts receiving a retirement allowance after age 60) is reduced by a percentage of the average maximum pensionable earnings (AMPE) for CPP and QPP purposes, multiplied by their years of pensionable service.

Table 1 shows how members’ retirement allowances are calculated.

Table 1. Calculation of retirement allowance
Lifetime pension benefit (maximum 75% accrualTable 1 footnote 1)
For pensionable service accrued before January 1, 2016
3%
(or applicable rate)
× Highest average sessional indemnityTable 1 footnote 2 × Years of credited pre-2016 service
For pensionable service accrued after December 31, 2015
2.6% up to AMPE
3% above AMPE
× Highest average pensionable earningsTable 1 footnote 2 × Years of credited post-2015 service
Bridge benefit (payable on post-2015 service until age 60)
0.4% × Average pensionable earnings up to AMPE × Years of credited post-2015 service

Indexation

Retirement allowances, survivor allowances and disability pensions under the plan are indexed annually to take into account the cost of living, which is based on the Consumer Price Index.

Retirement allowances are not indexed until the member reaches age 60. However, once indexing begins, payments reflect the cumulative increase in the Consumer Price Index since the plan member left Parliament.

Survivor allowances and disability pensions are indexed, as appropriate, on January 1 of the year after they begin to be paid.

In 2020, the indexation rate was 2.0% (2.2% in 2019).

Types of benefits

The type of benefits a retired member receives depends on when their pensionable service was accrued and the age at which the pension benefit is taken.

  • Retirement allowance: members who have 6 or more years of pensionable service are entitled to receive a retirement allowance
  • Withdrawal allowance: members who cease to be parliamentarians are entitled to a withdrawal allowance if they
    • have not completed 6 years of pensionable service
    • are disqualified from the Senate or expelled from the House of Commons

Retirement allowance

Table 2 shows benefit options that are available to plan members who have 6 or more years of pensionable service.

Table 2. Benefit options available to plan members
If the pensionable service is accrued… the benefit is… payable at…
on or before July 12, 1995 an immediate unreduced retirement allowance any age
from July 13, 1995, to December 31, 2015 an immediate unreduced retirement allowance age 55
on or after January 1, 2016 an immediate and permanently reduced retirement allowance age 55
or
an immediate unreduced retirement allowance
age 65

The age at which a retirement allowance may be paid without a reduction is 65 for pensionable service accrued on or after January 1, 2016. A plan member can elect to start receiving a retirement allowance once they have reached age 55, but the allowance will be reduced by 1% for every year the member is under age 65.

Withdrawal allowance

Plan members who cease to be parliamentarians before they have completed 6 years of pensionable service or who are disqualified from the Senate or expelled from the House of Commons are entitled to a withdrawal allowance (also known as a return of contributions).

The withdrawal allowance is a reimbursement of all the member’s contributions paid under Part I and Part II of the MPRAA, plus interest, calculated at the rate of 4%, compounded annually.

Survivor benefits

When a plan member with at least 6 years of pensionable service dies, the eligible survivor and dependent children may receive a benefit.

Table 3 provides an overview of the different survivor benefits.

Table 3. Survivor benefits
At the time of death, if the member had… the plan may pay… and the benefit is…

Table 3 Notes

Table 3 Note 1

This lump-sum payment is equal to the total of the plan member’s contributions, plus interest, calculated at the rate of 4%, compounded annually.

Return to table 1 note * referrer

a spouse or common law partner a survivor allowance a monthly allowance equal to 60% of the plan member’s basic retirement allowance, payable immediately, for the lifetime of the spouse or common-law partner
dependent children a child allowance a monthly allowance equal to 10% of the plan member’s basic retirement allowance, payable to each child until age 18, or until age 25 if the child is a full-time student, to a maximum of 30% of the plan member’s basic retirement allowance
dependent children, but no spouse or common-law partner a child allowance a monthly allowance equal to 20% of the plan member’s basic retirement allowance, payable to each child until age 18, or until age 25 if the child is a full-time student, to a maximum of 80% of the member’s basic retirement allowance
no eligible survivor or dependent children a lump-sum paymenttable 3 note * a minimum benefit, payable to the plan member’s estate, equal to the return of contributions (plus interest) exceeding any allowances already paid

If the plan member did not have 6 years of pensionable service and was therefore not eligible for a retirement allowance, a minimum benefit is paid. If there is no eligible person to whom this benefit may be paid, it is paid to the estate.

Benefit accrual rate

The benefit accrual rate is the rate at which a plan member’s retirement allowance for the year accumulates. It applies to retirement allowances and survivor benefits, but not to withdrawal allowances.

The current benefit accrual rate for plan members is 3% per year of service.

For service before January 1, 2016, the benefit accrual rate for members of the Senate is 3% per year of service; and the benefit accrual rate for members of the House of Commons is as follows:

  • 3% per year of service effective January 1, 2001
  • 4% per year of service from July 13, 1995, to December 31, 2000
  • 5% per year of service up to and including July 12, 1995

Benefits paid

In fiscal year ended March 31, 2020:

  • $55.3 million in benefitsFootnote 2 were paid ($45.93 million in the previous fiscal year)
  • 55 new retirement allowances and survivor benefits became payable
  • 33 retirement allowances and survivor benefits ceased to be paid
  • average retirement allowance paid was $71,271 ($69,081 in the previous fiscal year)

Figure 1 shows the average retirement allowance, including indexation, paid to retired plan members from 2016 to 2020.

Figure 1. Average retirement allowance paid to retired plan members, 2016 to 2020
Fiscal year ended March 31 ($ thousands)
2016 2017 2018 2019 2020
Average retirement allowance 64,202 65,668 66,960 69,081 71,271

Membership demographics

Number of active and retired plan members

As at March 31, 2020, plan membership was as follows:

  • 436 active plan members (439 in the previous fiscal year)
  • 596 retired plan members (575 in the previous fiscal year)

Figure 2 shows the number of active plan members and the number of retired plan members from 2011 to 2020.

Figure 2. Active and retired plan members, 2011 to 2020
Fiscal year ended March 31
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Active plan members 410 410 411 401 393 418 432 429 439 436
Retired plan members 501 547 549 553 555 594 580 590 575 596

The 10-year average annual growth rateFootnote 3 for active plan members was 0.5% (0.6% in 2019) and 1.7% for retired plan members (1.4% in 2019).

Membership type

Plan members are classified as active members or retired members. Survivors and dependent children are also included in plan membership statistics.

Table 4 shows the breakdown of plan members by membership type for 2019 and 2020.

Table 4. Membership breakdown by membership type, 2019 and 2020
Fiscal year ended March 31
Member type Members 2019 Share of total membership 2019 (%) Members 2020 Share of total membership 2020 (%) Change from 2019 to 2020

Table 4 Notes

Table 4 Note 1

Does not add to 100% due to rounding.

Return to table 4 note *referrer

Active members 439 36.8 436 36.0 -3
Retired members 575 48.2 596 49.2 21
Survivors 174 14.6 174 14.4 0
Dependent children 5 0.4 6 0.5 1
Total 1,193 100.0 1,212 100table 4 note * 19

Plan provisions for prime ministers

Retirement allowance

A prime minister who holds office for at least 4 years is entitled to a special retirement allowance in addition to their Members of Parliament Pension Plan benefit. As of February 6, 2006, former prime ministers can receive a retirement allowance at age 67 or upon ceasing to hold office, whichever is later.

Table 5 shows the basic formula for calculating a prime minister’s retirement allowance.

Table 5. Calculation of prime minister’s retirement allowancetable 5 note *
3% × Prime minister’s salary on the date plan membership ceases, or at age 67, whichever is later × Years of service as prime minister

Table 5 Notes

Table 5 Note *

The retirement allowance cannot exceed two thirds of the prime minister’s salary at the time the payment of the retirement allowance begins..

Return to table 5 note * referrer

Before February 6, 2006, payment of the retirement allowance began when the prime minister reached age 65 or ceased to be a plan member, whichever was later. The retirement allowance was equal to two thirds of the prime minister’s salary at the time the payment of the allowance began.

Survivor allowance

An eligible survivor receives a survivor allowance equal to 50% of the retirement allowance payable to the former prime minister for service as prime minister. The survivor allowance is paid to a spouse only; there is no child’s allowance.

Plan financial status

Accounts

Two accounts are maintained in the Public Accounts of Canada to record transactions under the plan:

  • Members of Parliament Retiring Allowances (MPRA) Account
  • Members of Parliament Retirement Compensation Arrangements (MPRCA) Account

The MPRA Account records the transactions related to the benefits payable under the plan when these benefits are permitted under the Income Tax Act for registered pension plans.

The MPRCA Account records the transactions related to the benefits payable under the plan when the benefits exceed the limits established by the Income Tax Act.

The MPRCA Account is registered with the Canada Revenue Agency. Transactions are recorded annually between the MPRCA Account and the Canada Revenue Agency either to remit a 50% refundable tax in respect of the net contributions and interest credits or to credit a reimbursement based on the net benefit payments. For the fiscal year ended March 31, 2020, the MPRCA Account remitted a refundable tax of $814,100.

Data on the MPRA and MPRCA accounts for the fiscal years ended March 31, 2019, and March 31, 2020, are presented in the Account transaction statements.

Actuarial funding valuation

As required by the Public Pensions Reporting Act, the President of the Treasury Board directs the Chief Actuary of Canada to conduct an actuarial funding valuation of the pension arrangements established under the MPRAA at least every 3 years. This valuation presents an estimate of the balance sheet on an actuarial basis, which means that it presents the account balances and liabilities and any resulting excess or shortfall. The actuarial valuation also projects the current service cost for each of the 3 years following the valuation date. The most recent actuarial report for the plan, which has a valuation date of March 31, 2019, was tabled in Parliament by the President of the Treasury Board on November 24, 2020.

Members’ contributions

Plan members are required to make regular monthly contributions to the plan for as long as they remain parliamentarians. To ensure the sustainability of the plan, contribution rates have been at the 50:50 employer-member cost-sharing ratio since 2017. Contribution rates have been set by the Chief Actuary of Canada since January 1, 2016.

The coordination of benefits with the CPP and QPP, which started in 2016, means that plan members pay different contribution rates on different portions of their pensionable earnings.

They pay one rate on the portion that is below the year’s maximum pensionable earnings (YMPE), another rate on the portion that is at or above the YMPE up to the maximum pensionable earnings (MPE), and another rate on the portion that is above the MPE.

The YMPE is the maximum earnings for which contributions can be made to the CPP or QPP during a calendar year. The YMPE for 2020 is $58,700 ($57,400 for 2019).

The MPE is the maximum earnings on which pension benefits can be accrued under a registered pension plan during a calendar year. The MPE for 2020 is $162,500 ($159,000 for 2019).

Table 6 shows plan members’ contribution rates to the MPRA Account for calendar years 2019 and 2020.
Table 6. Plan member contribution rates to the MPRA Account (applied to pensionable earnings)

Table 6. Plan member contribution rates to the MPRA Account (applied to pensionable earnings)
Calendar year Under age 71 Age 71 and above
Below YMPE YMPE to MPE Above MPE
2019 11.19% 14.29% 0.00% 0.00%
2020 11.30% 14.43% 0.00% 0.00%

Plan members make contributions based on their pensionable earnings at the rates shown above, until they reach the maximum benefit accrual rate of 75%. Once they have reached that maximum, the contribution rate drops to 1% of pensionable earnings for the remainder of their service.

Some plan members, such as speakers, Cabinet ministers, leaders of the opposition and parliamentary secretaries, receive additional allowances and salaries. They make contributions based on these additional amounts at the rates indicated.

Prime ministers must contribute at the applicable contribution rate based on their salary received as prime minister, in addition to their contributions as a member of the House of Commons.

If eligible, a plan member can elect to make contributions on prior service in Parliament, in which case the member must pay interest on past service contributions.

Retirement compensation arrangement

The Income Tax Act defines the limit on which benefits can be accrued under a registered pension plan during a calendar year. Retirement compensation arrangements provide benefits on pensionable earnings that exceed that limit. On January 1, 2016, the earnings limit formula was revised to reflect the coordination with the CPP and QPP.

Plan members under the age of 71 contribute to the MPRA and MPRCA accounts a portion of their pensionable earnings up to the MPE for that year, until they have accrued a retirement allowance equal to 75% of the average pensionable earnings. Once a plan member has reached the MPE for the calendar year, the member contributes a certain percentage to the MPRCA Account as established under the MPRAA.

Table 7 shows plan members’ contribution rates to the MPRCA Account for calendar years 2019 and 2020.
Table 7. Plan member contribution rates to the MPRCA Account (applied to pensionable earnings)

Table 7. Plan member contribution rates to the MPRCA Account (applied to pensionable earnings)
Calendar year Under age 71 Age 71 and above
Below MPE YMPE to MPE
2019 6.35% 19.52% 19.52%
2020 6.40% 19.70% 19.70%

Government of Canada contributions

Every month, the Government of Canada is required to make contributions to the MPRA and MPRCA accounts. These contributions match the contributions made by plan members toward benefits earned during that month. The government’s contribution rates can be expressed as a percentage of the pensionable payroll.

Table 8 shows the Government of Canada’s current service contribution rates for calendar years 2019 and 2020.

Table 8. Government of Canada contribution rates (as a percentage of pensionable payroll)
Account 2019 2020
MPRA Account 10.81% 10.94%
MPRCA Account 8.71% 8.76%

Interest

Every quarter, the Government of Canada credits interest on the balance of each account at a rate set under the Members of Parliament Retiring Allowances Regulations. Effective January 1, 2013, the interest rate to be credited to the MPRA and the MPRCA accounts is the effective quarterly rate derived from the valuation interest rate used in the most recently tabled valuation report from the Chief Actuary of Canada. For the fiscal year ended March 31, 2020, interest was credited quarterly at a rate of 0.40%.

Credits and debits to the accounts

If there is an unfunded actuarial liability in either the MPRA Account or the MPRCA Account, the MPRA Account or the MPRCA Account must be credited with such amounts that, in the opinion of the President of the Treasury Board, on the basis of actuarial advice, would be necessary to meet the total costs of all allowances and other benefits payable under the plan. Conversely, if the balance of the accounts is greater than the actuarial liability, the President of the Treasury Board has the authority, on the basis of actuarial advice, to debit amounts from the MPRA Account or the MPRCA Account.

For the fiscal year ended March 31, 2020, no actuarial adjustment was required to meet the total cost of all allowances and other benefits payable under the plan.

Account transaction statementsFootnote 4

Members of Parliament Retiring Allowances Account statement
Fiscal year ended March 31 ($ thousands)
  2020 2019

Note: Due to rounding, the totals may not correspond with the sum of the component figures.

Opening balance $559,956 $557,559
Receipts and other credits
Plan members’ contributions, current
8,434 8,005
Government contributions, current
8,434 8,005
Plan members’ contributions, arrears on principal, interest, and mortality insurance
20 21
Interest
17,789 15,497
Total receipts $34,678 $31,528
Payments and other charges
Retirement allowances
29,452 29,048
Withdrawal allowances, including interest
3,984 49
Pension division payments
244 34
Total payments $33,680 $29,131
Closing balance $560,954 $559,956
Members of Parliament Retirement Compensation Arrangements Account statement
Fiscal year ended March 31 ($ thousands)
2020 2019

Table 10 Notes

Table 10 Note 1

Transactions are recorded annually between the MPRCA Account and the Canada Revenue Agency either to debit a 50% refundable tax in respect of the net contributions and interest credits or to credit a reimbursement based on the net benefit payments.

Return to table 10 note 1 referrer

Note: Due to rounding, the totals may not correspond with the sum of the component figures.

Opening balance $202,644 $142,830
Receipts and other credits
Plan members’ contributions, current
6,977 7,038
Government contributions, current
6,977 7,038
Plan members’ contributions, arrears on principal, interest, and mortality insurance
46 40
Interest
6,773 3,959
Refundable taxtable 10 note 1
0 58,589
Total receipts $20,773 $76,664
Payments and other charges
Retirement allowances
17,981 16,830
Withdrawal allowances, including interest
3,309 0
Pension division payments
288 19
Refundable taxtable 10 note 1
814 1
Total payments $22,392 $16,850
Closing balance $201,024 $202,644

Statistical table

Distribution of retirement allowances paid, including applicable indexation
As at March 31, 2020
Amount of allowance ($) Retired plan members Survivors Dependent children or students Total
90,000 and over 166 3 0 169
85,000 to 89,999 19 1 0 20
80,000 to 84,999 22 1 0 23
75,000 to 79,999 24 4 0 28
70,000 to 74,999 33 0 0 33
65,000 to 69,999 21 7 0 28
60,000 to 64,999 37 7 0 44
55,000 to 59,999 22 6 0 28
50,000 to 54,999 47 10 0 57
45,000 to 49,999 45 15 0 60
40,000 to 44,999 33 25 0 58
35,000 to 39,999 60 14 0 74
30,000 to 34,999 21 16 0 37
25,000 to 29,999 28 27 0 55
20,000 to 24,999 10 10 0 20
15,000 to 19,999 7 14 0 21
Up to 14,999 1 14 6 21
Totals 596 174 6 776

Roles and responsibilities

President of the Treasury Board

The President of the Treasury Board is responsible for the overall management of the plan on behalf of the Government of Canada, the plan’s sponsor.

Treasury Board of Canada Secretariat

The Treasury Board of Canada Secretariat:

  • develops policy for the funding, design and governance of the plan
  • provides strategic direction, program advice and interpretation
  • develops legislation
  • prepares annual report for tabling in Parliament
  • liaises with plan stakeholders

Public Services and Procurement Canada and the Senate of Canada

Public Services and Procurement Canada and the Senate of Canada are responsible for the day‑to‑day administration of the plan, including all communication with plan members. This includes developing and maintaining the plan’s pension systems, books of accounts, records, and internal controls, as well as preparing account transaction statements for reporting in the Public Accounts of Canada.

Office of the Chief Actuary

The Office of the Chief Actuary, an independent unit within the Office of the Superintendent of Financial Institutions Canada, provides a range of actuarial services and advice to the government on the plan. The Office of the Chief Actuary conducts an annual actuarial valuation of the plan for accounting purposes and performs a funding valuation once every 3 years. It also sets contribution rates and coordination factors for the plan and recommends credits and debits to the accounts.

Further information

Additional information concerning the Members of Parliament Pension Plan is available at the following sites:

Glossary

accrued pension benefits
Benefits earned by plan members under the Members of Parliament Pension Plan for pensionable service to date.
actuarial valuation
An actuarial analysis that provides information on the financial condition of a pension plan.
average maximum pensionable earnings (AMPE)
The average of the year’s maximum pensionable earnings as set by the Canada Pension Plan and the Québec Pension Plan for the year of retirement and the 4 preceding years.
benefit accrual rate
The rate at which a plan member’s retirement benefits for the year are accumulated.
Canada Pension Plan (CPP)
A mandatory earnings-related pension plan to provide basic retirement income to Canadians who work in all the provinces and territories except Quebec, which has its own plan (see Québec Pension Plan) for persons who work in that province.
child
For the purposes of benefits under the Members of Parliament Pension Plan, a dependant who may be entitled to a children’s allowance under the plan, in the event of a plan member’s death. To be eligible for an allowance, a child must be under 18 years of age. Children between 18 and 25 may receive allowances if they are enrolled in school or another educational institution full-time and have attended continuously since the age of 18 or the date of the plan member’s death, whichever occurs later.
Consumer Price Index (CPI)
A measure of price changes published by Statistics Canada on a monthly basis. The CPI measures the retail prices of a “shopping basket” of about 300 goods and services, including food, housing, transportation, clothing and recreation. The index is weighted, meaning that it gives greater importance to price changes for some products than others (for example, more to housing than to entertainment) in an effort to reflect typical spending patterns. Increases in the CPI are also referred to as cost‑of‑living increases.
contributions
Sums credited or paid by the employer (the Government of Canada, in the case of Members of Parliament Pension Plan) and plan members to finance future pension benefits. Each year, the employer contributes amounts sufficient to fund the future benefits earned by plan members in respect of that year, as determined by the President of the Treasury Board and the Office of Chief Actuary.
defined benefit pension plan
A type of pension plan that offers its members a certain level of pension, which is usually based on their pensionable earnings and years of service. The Members of Parliament Pension Plan is a defined benefit pension plan.
indexation
The automatic adjustment of pensions in pay or accrued pension benefits in accordance with changes in the Consumer Price Index.
maximum pensionable earnings (MPE)
The maximum earnings for which pension benefits can be accrued during a calendar year under a registered pension plan, as defined by the Income Tax Act.
minimum benefit
A benefit that is equal to the withdrawal allowance plus interest paid on prior service contributions that exceed allowances already paid to a plan member. It is payable to their estate.
pension division
The division, pursuant to the Pension Benefits Division Act, of a member’s accumulated pension benefits between the member and a spouse in the event of the breakdown of a marriage or a common-law relationship.
pensionable earnings
The cumulative total of the sessional indemnity, annual allowances and any salary payable during the calendar year.
pensionable service
Periods of service credited to a member of the Members of Parliament Pension Plan. This service includes any complete or partial periods of purchased service (for example, service buyback or elective service).
Québec Pension Plan (QPP)
A pension plan similar to the Canada Pension Plan that covers individuals working in the province of Quebec. It is administered by the Régie des rentes du Québec.
retirement allowance
A benefit payable on a periodic basis to a pension plan member until the member’s death, unless payment of the benefit is suspended.
sessional indemnity
An annual amount, equivalent to a salary, payable monthly.
survivor

In the case of an active plan member, the eligible survivor is the person who was married to the member immediately before his or her death or was cohabitating in a relationship of a conjugal nature with the member for at least one year immediately before his or her death.

In the case of a retired member, the eligible survivor is the person who was married to the retired member before his or her death and before the time when he or she ceased to be an active member, or was cohabiting in a relationship of a conjugal nature with the retired member for at least one year immediately before his or her death, where such cohabitation commenced while he or she was an active plan member.

survivor allowance
A pension benefit paid to the survivor upon an eligible plan member’s death.
withdrawal allowance
A benefit that is available to active plan members who have less than 6 years of pensionable service under the Members of Parliament Pension Plan when they cease to be a plan member. It includes plan member’s contributions plus interest, if applicable.
year’s maximum pensionable earnings (YMPE)
The maximum earnings for which contributions can be made to the Canada Pension Plan and the Québec Pension Plan (earnings ceiling) during the year.
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