We are pleased to announce a reduction in member and employer contribution rates effective January 1, 2022.
This reduction means that more money will remain in your pocket. A member earning $70,000 a year will save around $640 next year.
The rates below reflect the change to both member and employer contributions.
| Contribution rates for 2021 | Contribution Rates for 2022 | |
|---|---|---|
| Below YMPE* | 10.47% | 9.6% |
| Above YMPE* | 14.95% | 13.7% |
*YMPE – Year’s Maximum Pension Earnings. It is set by the Government of Canada each year. In 2021, the YMPE is $61,600.
This decrease will not affect the benefit you will receive when you retire – the PSPP Sponsor Board is able to reduce contribution rates because the Plan is in a strong financial position.