Governement Penion plan-Expert's views

[gaizin]

Hi Forumers,
For few days, I have been searching for Government's Pension Plan in Canada. Do you have any information about it? I am wondering if I could not be enrolled in employer's pension plan, then how much will be minimum pension I will be getting from Government's pension plan after I turned to be 65.

Your comment/feedback will be appreciated.

Gaizin

 

[wilson]

Hi Forumers,
For few days, I have been searching for Government's Pension Plan in Canada. Do you have any information about it? I am wondering if I could not be enrolled in employer's pension plan, then how much will be minimum pension I will be getting from Government's pension plan after I turned to be 65.

Your comment/feedback will be appreciated.

Gaizin

Hi Gaizin,

Read the Service Canada pages about CPP.

http://www.servicecanada.gc.ca/eng/isp/cpp/cpptoc.shtml

 

[gaizin]

Hi Wilson,
thank you so much for your reply. I have been checking the URL a couple of times but did not understand a point:

(i) How do they calculate the pension amount? I think the amount would depend on the duration and amount you paid to the pension fund, but I never found such statistics?
Does it mean that even you did not pay any peny, you will be eligible to get the minimum amount?

Looking for the comments.

Gaizin

 

[scylla]

My two cents (coming from someone who was born in Canada)...

Don't assume the Government Pension Plan will be paying out as much when you retire as it does now. We have an aging population which is going to place more and more pressure on social systems such as health care and the pension plan as the years pass. You never know what could happen in the future and I (personally) don't think it's wise to count on the Government Pension Plan to support me in my retirement years because there's no guarantee what the amount of that payment will be.

I am enrolled in my employer's pension plan and also contribute to a personal RRSP (registered retirement savings plan account) separately.

 

[wilson]

Hi Wilson,
thank you so much for your reply. I have been checking the URL a couple of times but did not understand a point:

(i) How do they calculate the pension amount? I think the amount would depend on the duration and amount you paid to the pension fund, but I never found such statistics?
Does it mean that even you did not pay any peny, you will be eligible to get the minimum amount?

Looking for the comments.

Gaizin

Hi Gaizin,

Scylla is telling the truth. God only knows what would be the changes to the CPP system in future. Perhaps the introduction of Super visa for parents and grand parents may reduce the expenditure from the Canadian exchequer towards the old age benefits.

Did you try this calculator:

https://srv111.services.gc.ca/INT_01.aspx