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2023 COLA for UAPP Pensioners is 3.72%
The 2023 cost-of-living adjustment (COLA) for pensioners who retired prior to January 1, 2022 is 3.72%. For persons who retired in 2022, the COLA increase is prorated based on the number of complete months the person was on pension in the year. The increase is applied to the base pension, including any bridge benefit that is being paid. COLA is not applied to any coordination amounts. The COLA increase will be included with the January 2023 payment.
The COLA is set at 60% of the increase in the Consumer Price Index (CPI) (Alberta) as reported by Statistics Canada. The CPI increase for the relevant period was 6.2%. The percentage increase in CPI is derived by comparing the average CPI for the 12 months ending in October 2022 with the corresponding figure for the previous year.
Tax withholdings starting in January will reflect the 2023 rates applicable to the province or country of the recipient’s residence. CIBC Mellon will be issuing 2022 T4A slips in mid-February 2023.
CIBC Mellon can be contacted in North America at 1.800.565.0479 and those outside North America can call collect at 1.519.873.2218. CIBC Mellon can be contacted in writing at CIBC Mellon Pension Benefits Department, PO Box 5858, Station B, London, ON N6A 6H2.
The CIBC Mellon website www.CIBCMellon.com is also available to assist pensioners with current information, frequently asked questions, as well as the "Retiree Assistance" page to submit address changes, banking changes, specific questions, etc.
Year’s Maximum Pensionable Earnings under CPP for 2023 increases to $66,600 from $64,900 in 2022
The Canada Revenue Agency has announced that the Year’s Maximum Pensionable Earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600 – up 2.6% from $64,900 in 2022. The new ceiling was calculated according to a CPP-legislated formula that takes into account the growth in average weekly wages and salaries in Canada.
The employee and employer contribution rates for 2023 will be 5.95%, up from 5.7% each in 2022. The increase is due to the CPP enhancement that started taking effect January 1, 2019.
The maximum employer and employee contribution to the CPP for 2023 will be $3,754.45 each, up from $3,499.80 in 2022. The basic exemption amount will remain at $3,500.00.
Maximum Pensionable Salary under the UAPP for 2023 increases to $195,313.33
The increase in the YMPE to $66,600 combined with the announced maximum pension benefit of $3,506.67 in 2023 for each year of service under defined benefit pension plans means that the maximum pensionable salary (sometimes called the pensionable salary cap) under the UAPP will rise to $195,313.33 in 2023, up from $190,470.00 in 2022.
In 2023, the maximum pensionable salary under the UAPP is going up by 2.5%.
Older News
Nov 25, 2022
2023 COLA for UAPP Pensioners is 3.72%
The 2023 cost‐of‐living adjustment (COLA) for pensioners who retired prior to January 1, 2022 is 3.72%. For persons who retired in 2022, the COLA increase is prorated based on the number of complete months the person was on pension in the year. The increase is applied to the base pension, including any bridge benefit that is being paid. COLA is not applied to any coordination amounts. The COLA increase will be included with the January 2023 payment.
The COLA is set at 60% of the increase in the Consumer Price Index (CPI) (Alberta) as reported by Statistics Canada. The CPI increase for the relevant period was 6.2%. The percentage increase in CPI is derived by comparing the average CPI for the 12 months ending in October 2022 with the corresponding figure for the previous year.
Tax withholdings starting in January will reflect the 2023 rates applicable to the province or country of the recipient’s residence. CIBC Mellon will be issuing 2022 T4A slips in mid-February 2023.
CIBC Mellon can be contacted in North America at 1.800.565.0479 and those residing outside North America can call collect at 1.519.873.2218 or writing CIBC Mellon at CIBC Mellon Pension Benefits Department, PO Box 5858, Station B, London, ON N6A 6H2.
The CIBC Mellon website www.CIBCMellon.com is also available to assist pensioners with current information, frequently asked questions, as well as the "Retiree Assistance" page to submit address changes, banking changes, specific questions, etc.
Year’s Maximum Pensionable Earnings under CPP for 2023 increases to $66,600 from $64,900 in 2022
The Canada Revenue Agency has announced that the Year’s Maximum Pensionable Earnings (YMPE) under the Canada Pension Plan (CPP) for 2022 will be $66,600 – up 2.6% from $64,900 in 2022. The new ceiling was calculated according to a CPP‐legislated formula that takes into account the growth in average weekly wages and salaries in Canada.
The employee and employer contribution rates for 2023 will be 5.95%, up from 5.7% each in 2022. The increase is due to the CPP enhancement that started taking effect January 1, 2019.
The maximum employer and employee contribution to the CPP for 2023 will be $3,754.45 each, up from $3,499.80 in 2022. The basic exemption amount will remain at $3,500.00.
Maximum Pensionable Salary under the UAPP for 2023 increases to $195,313.33 for service after 1993.
The increase in the YMPE to $66,600 combined with the announced maximum pension benefit of $3,506.67 in 2023 for each year of service under defined benefit pension plans means that the maximum pensionable salary (sometimes called the pensionable salary cap) under the UAPP will rise to $195,313.33 in 2023, up from $190,470.00 in 2022.
In 2023, the maximum pensionable salary under the UAPP is going up by 2.5%.
Dec 6, 2021
2022 COLA for UAPP Pensioners is 1.56%
The 2022 cost‐of‐living adjustment (COLA) for pensioners who retired prior to January 1, 2021 is 1.56%. For persons who retired in 2021, the COLA increase is prorated based on the number of complete months the person was on pension in the year. The increase is applied to the base pension, including any bridge benefit that is being paid. COLA is not applied to any coordination amounts. The COLA increase will be included with the January 2022 payment.
The COLA is set at 60% of the increase in the Consumer Price Index (CPI) (Alberta) as reported by Statistics Canada. The CPI increase for the relevant period was 2.6%. The percentage increase in CPI is derived by comparing the average CPI for the 12 months ending in October 2021 with the corresponding figure for the previous year.
Tax withholdings starting in January will reflect the 2022 rates applicable to the province or country of the recipient’s residence. CIBC Mellon will be issuing 2021 T4A slips in mid-February 2022.
CIBC Mellon can be contacted in North America at 1.800.565.0479 and those residing outside North America can call collect at 1.519.873.2218 or writing CIBC Mellon at CIBC Mellon Pension Benefits Department, PO Box 5858, Station B, London, ON N6A 6H2.
The CIBC Mellon website www.CIBCMellon.com is also available to assist pensioners with current information, frequently asked questions, as well as the "Retiree Assistance" page to submit address changes, banking changes, specific questions, etc.
Year’s Maximum Pensionable Earnings under CPP for 2022 increases to $64,900 from $61,600 in 2021
The Canada Revenue Agency has announced that the Year’s Maximum Pensionable Earnings (YMPE) under the Canada Pension Plan (CPP) for 2021 will be $64,900 – up 5.4% from $61,600 in 2021. The new ceiling was calculated according to a CPP‐legislated formula that takes into account the growth in average weekly wages and salaries in Canada.
The employee and employer contribution rates for 2022 will be 5.7%, up from 5.45% each in 2021. The increase is due to the CPP enhancement that started taking effect January 1, 2019.
The maximum employer and employee contribution to the CPP for 2022 will be $3,499.80 each, up from $3,166.45 in 2021. The basic exemption amount will remain at $3,500.00.
Maximum Pensionable Salary under the UAPP for 2022 increases to $190,470.00 for service after 1993.
The increase in the YMPE to $64,900 combined with the announced maximum pension benefit of $3,420.00 in 2022 for each year of service under defined benefit pension plans means that the maximum pensionable salary (sometimes called the pensionable salary cap) under the UAPP will rise to $190,470.00 in 2022, up from $180,757.78 in 2021.
In 2022, the maximum pensionable salary under the UAPP is going up by 5.4%.
Nov 30, 2020
2021 COLA for UAPP Pensioners is 0.78%
The 2021 cost‐of‐living adjustment (COLA) for pensioners who retired prior to January 1, 2020 is 0.78%. For persons who retired in 2020, the COLA increase is prorated based on the number of complete months the person was on pension in the year. The increase is applied to the base pension, including any bridge benefit that is being paid. COLA is not applied to any coordination amounts. The COLA increase will be included with the January 2021 payment.
The COLA is set at 60% of the increase in the Consumer Price Index (CPI) (Alberta) as reported by Statistics Canada. The CPI increase for the relevant period was 1.3%. The percentage increase in CPI is derived by comparing the average CPI for the 12 months ending in October 2020 with the corresponding figure for the previous year.
Tax withholdings starting in January will reflect the 2021 rates applicable to the province or country of the recipient’s residence. CIBC Mellon will be issuing 2020 T4A slips in mid‐February 2021.
CIBC Mellon can be contacted in North America at 1.800.565.0479 and those residing outside North America can call collect at 1.519.873.2218 or writing CIBC Mellon at CIBC Mellon Pension Benefits Department, PO Box 5858, Station B, London, ON N6A 6H2.
The CIBC Mellon website www.CIBCMellon.com is also available to assist pensioners with current information, frequently asked questions, as well as the "Retiree Assistance" page to submit address changes, banking changes, specific questions, etc.
Year’s Maximum Pensionable Earnings under CPP for 2021 increases to $61,600 from $58,700 in 2020
The Canada Revenue Agency has announced that the Year’s Maximum Pensionable Earnings (YMPE) under the Canada Pension Plan (CPP) for 2020 will be $61,600 – up 4.9% from $58,700 in 2020. The new ceiling was calculated according to a CPP‐legislated formula that takes into account the growth in average weekly wages and salaries in Canada.
The employee and employer contribution rates for 2021 will be 5.45%, up from 5.25% each in 2020. The increase is due to the CPP enhancement that started taking effect January 1, 2019.
The maximum employer and employee contribution to the CPP for 2021 will be $3,166.45 each, up from $2,898.00 in 2020. The basic exemption amount will remain at $3,500.00.
Maximum Pensionable Salary under the UAPP for 2021 increases to $180,757.78 for service after 1993.
The increase in the YMPE to $61,600 combined with the announced maximum pension benefit of $3,245.56 in 2021 for each year of service under defined benefit pension plans means that the maximum pensionable salary (sometimes called the pensionable salary cap) under the UAPP will rise to $180,757.78 in 2021, up from $172,221.11 in 2020.
In 2021, the maximum pensionable salary under the UAPP is going up by 5.0%.
Oct 1, 2020
Commuted Value Basis Change
The basis for the calculation of a Commuted Value (CV) has been changed effective December 1, 2020. The Canadian Institute of Actuaries has issued updated standards to better reflect experiences of pension plans from across Canada. The new standard updates the assumptions used for the expected retirement age and the discount rate. The changes will affect CVs for termination and death benefit calculations.
Members will be assumed to commence their pension with 50% probability at the age which maximizes the CV and 50% probability at the age at which the member is eligible for an unreduced pension. The liquidity spread used to calculate discount rates will be changing to a mix of the provincial bond spread and the corporate bond spread for medium- and long-term bonds. Additional information will also be disclosed to members in the options packages.
Mar 19, 2020
UAPP Operations During COVID-19 Outbreak
The Universities Academic Pension Plan takes very seriously the COVID-19 outbreak and all related advisories of the Chief Medical Officer of Alberta. As such, the Trustees’ Office has implemented measures to do our part to help control the spread of the disease. Staff are now working remotely and the office is closed to visitors until further notice. The UAPP Administration Centre remains operational and the plan will continue to make pension payments on time. The goal remains to provide high quality service to members and employers.
UAPP pensions remain secure and safe despite volatile market conditions related to the outbreak. Pensioners receiving pensions via cheque who may be concerned about delivery disruptions may want to consider switching to direct deposit by contacting CIBC Mellon directly at https://www.cibcmellon.com/en/retiree-assistance/index.jsp#ir/direct-deposit.