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Inside UNBCanada Pension Plan
Most employees in Canada between the ages of 18 and 65 are required to contribute to the Canada Pension Plan. These contributions are based on your annual earnings between the basic exemption and the YMPE. Your contributions are matched by UNB.
The CPP is intended to replace about 25% of the YMPE. The amount you actually receive depends on the amount you contribute during your working years. If you take a long break from employment or earn less than the YMPE, you may get less than the maximum pension. In 2012, the maximum monthly CPP pension is $986.67. Your CPP pension is completely separate from the pension you receive from UNB.
You may apply for your CPP pension anytime between the ages of 60 and 70.
Information on your personal contributions and earnings history is available from your local office of Human Resources Development Canada, Income Security Programs. You should complete an application form at least six months before you wish your CPP pension to begin.
For more information on CPP, visit
Canada Pension Plan (CPP)
