Plan change details

Changes to the contribution and accrual rates

The contribution rate is 8.35 per cent of salary for pensionable service earned from April 1, 2018. Prior to that date, the contribution rates were 7.93 per cent of salary up to and including the year’s maximum pensionable earnings (YMPE), and 9.43 per cent of salary above the YMPE.

A higher benefit accrual rate means a higher lifetime pension benefit once you turn age 65. Accrual rates are:

• for service accrued on or after April 1, 2022 — 1.95%
• for service accrued April 1, 2018 to March 31, 2022 — 1.85%
• for service accrued April 1, 2006 to March 31, 2018 — 1.65 per cent of the lower of the highest average salary (HAS) or YMPE, plus 2 per cent of the portion of the HAS above YMPE
• for service accrued before April 1, 2006 — 1.35 per cent of the lower of the HAS or YMPE, plus 2 per cent of the portion of the HAS above YMPE