Pension Rates Reduced for 2022
11 January 2022
Reduced Public Service Pension Plan (PSPP) rates are now in effect. Both employer and member contribution rates are reducing as indicated in the table below. The reduced contribution rates do not impact the pension benefits an employee will receive when they retire.
|
YMPE |
Contribution rates for 2021 |
Contribution rates for 2022 |
|
Below YMPE* |
10.47% |
9.60% |
|
Above YMPE |
14.95% |
13.70% |
*Yearly maximum pensionable earnings (YMPE) for 2022 is $64,900
The Universities Academic Pension Plan (UAPP) has announced reduced rates beginning July 2022 with lower contribution rates for portions of salaries below the year's maximum pensionable earnings (YMPE) and between the YMPE and pensionable salary cap.
|
2021 Rates |
Rates effective July 1, 2022 |
|||
|
Salary Portion |
Employee |
Employer |
Employee |
Employer |
|
On earnings up to YMPE |
12.37% |
12.37% |
11.38% |
11.38% |
|
On earnings in excess of YMPE up to pensionable salary cap |
16.32% |
16.32% |
15.49% |
15.49% |
|
On earnings in excess of pensionable salary cap |
1.52% |
1.52% |
1.79% |
1.79% |
*Yearly Maximum Pensionable Earnings (YMPE) for 2022 is $64,900
Pensionable Salary cap for 2022 is $190,470
For additional information about the UAPP rates, please refer to the fall communique from UAPP.