Pension Literacy 101
It is never too early to increase your financial literacy about one of the most important benefits in your compensation package: your Public Service Pension Plan (PSPP) defined benefit (DB) pension!
Read on to learn more about your PSPP pension now so you can make more informed decisions about your future.
What makes my Defined Benefit (DB) pension so valuable?
When you retire, you will receive a pension for life that keeps pace with inflation through a yearly cost of living adjustment (COLA) and is based on a set formula that will not be impacted by market ups or downs. It is easy to find out how much pension you are on track to receive! Simply register/login to your e-services account and use our Pension Estimator tool.
What additional benefits are included with my PSPP pension?
Your PSPP pension contains many amazing additional benefits including various retirement options and valuable benefits. The PSPP is 100% backed by the Government of Ontario and is invested on our members’ behalf by the Investment Management Corporation of Ontario (IMCO). There are also member services such as access to our Client Care Centre, the opportunity to have personalized advisory sessions with our unbiased Certified Financial Planners on-staff and monthly pension education webinars.
How can I increase my pension?
The longer you contribute to the PSPP, the more your pension will grow. You may also be eligible to purchase pension credit for certain types of previous pensionable service known as a buy back: more pension credit equals a higher pension amount.
How can I learn more?
- Attend an education session. A great place to start is by signing up for one of OPB’s newer webinars: 6 Things to Know About Your Pension. You’ll learn six key things about your PSPP pension now that will help you make more informed decisions about your future. The session is designed to be a jargon-free and contemporary take on pension basics. Originally, it was designed for early to mid-career members, but everyone is welcome! You can register for this and other types of pension webinars by logging into your e-services account and selecting My pension/events and webinars.
- Register for an e-services account: it is a fast, easy, and secure way to update your personal information, view your key pension documents and run an estimate of your future pension. Register for e-services
(opens in a new tab) - Book an appointment with one of OPB’s Client Service Advisors. Our Advisors are Certified Financial Planners (CFP) and are here to help you make informed decisions about your pension. Book an appointment through your e-services account.
- Contact OPB’s Client Care Centre by telephone or email. If you have a question about your pension, are Client Care Associates are available to assist you Monday through Friday from 8:00 am to 5:00 pm EST.
Telephone: 416-364-5035 or 1-800-668-6203 Toll Free e-mail: clientservice@opb.ca