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Canada Pension Plan Changes

CPP Pension changes if you start your pension before age 65

The CPP reduces your pension amount by a set percentage for each month that you take it before age 65, calculated from the time you begin receiving your pension.  For example, if you have taken your pension at age 60 in 2011 (60 months before age 65) the reduction would have been 0.5% per month, for a maximum reduction of 30%. From 2012 to 2016, this early pension reduction will gradually increase from 0.52% to 0.6% per month.  This means that if you start receiving your CPP pension in 2016 at age 60, your pension amount will be 36% less than it would have been had you taken it at age 65.  Therefore, if you are intending to take your pension earlier, it would likely be more beneficial to have it commence in December instead of January, due to the increasing rates of reduction of your pension.  You should contact Service Canada to verify your entitlements, and compare the amounts you would receive if you take your pension in December instead of January.

Canada Pension Plan (CPP) toll free number is 1-800-277-9914
 

Port Perry Service Canada Outreach Office – 119 Perry Street Unit 3

The outreach office is open on Wednesdays from 9 am to 4 pm.  The office is closed for lunch from 12:30 to 1:00 pm.