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Policy/Program Name
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Canada Pension Plan (CPP)
- Retirement Pension
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Jurisdiction
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Government of Canada
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Agency Responsible for the Policy/Program
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Social Development Canada
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Policy/Program Purpose
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The CPP is a contributory, earnings-related social insurance
program. The CPP Retirement Pension, together with Old Age Security, and
private pensions and savings, make up Canada's retirement income
system. The CPP Retirement Pension is designed to replace about 25 percent
of the earnings on which a person's CPP contributions were based.
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Benefits and Services
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The CPP Retirement Pension is a monthly benefit. It is paid
for life; indexed annually; and subject to income tax. A CPP Retirement
Pension can generally be shared between two spouses or common-law partners,
who are in an ongoing relationship. The Plan operates throughout Canada. Quebec has its own
program, the Quebec Pension Plan, which is closely associated with the CPP
and provides similar benefits.
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Contact Information
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Enquiries Centre
Social Development Canada
Income Security Programs
140 Promenade du Portage
Gatineau, Quebec
K1A 0J9
Phone:
1-800-277-9914 (E)
TTY: 1-800-255-4786
Fax: (819) 953-7260
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Year the Policy/Program was Implemented
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1966
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Last Year that a Change Affected this Policy/Program
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2003
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Hyperlink (Link to a Related Website)
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Canada
Pension Plan
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Brief Description of the Policy Issue
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Income security upon retirement. The Canada Pension Plan
ensures a measure of protection to a contributor and his or her family
against loss of income due to retirement, disability or death.
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Sectors the Policy/Program is Most Related To
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· Income security
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Relevant Authority for the Policy/Program
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The
Canada Pension Plan, R.S. 1985, c.C-8
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Expected Outcomes for the Policy/Program
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Provide modest income protection upon retirement.
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Year of Last Evaluation
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2002
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Target Group for this Policy/Program
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The CPP Retirement Pension is paid to people who have
contributed to the CPP and are at least 65 years of age, or are between 60
and 64 and have stopped working or earn up to a maximum for a period of
time. A CPP Retirement Pension does not start automatically. An application
must be made (unless an individual is already in receipt of a CPP
disability benefit and has turned 65, at which point the disability benefit
automatically changes to a retirement pension).
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Average Number of Beneficiaries who Received Benefits/Services
in the Previous Year
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2,900,000
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Total Program Expenditures
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$2,147,483,647.00
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Brief description of any factors that readers should consider
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The amount of the CPP Retirement Pension received is based on
how long and how much the contributor paid into the Plan and the age of the
contributor when the pension commences. When spouses separate or divorce,
or common-law partners separate, credit for the contributions built up by
the couple while they lived together can generally be divided equally
between them. Credit splitting can affect the CPP entitlements of both former/separated spouses or former common-law
partners.
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