What's New in 2022

Retraite Québec is publishing the new actuarial valuation of the Pension Plan of Management Personnel (PPMP) as at 31 December 2020.

Discover the modernized version of My Account! Retraite Québec launched an updated digital space designed to make your life easier. Intuitive navigation, an interface adapted to all types of mobile devices, practical features and even more useful information are all good reasons to consult it.

My Account is your connection to Retraite Québec. This personalized and safe digital space allows you to:

• consult your information and documents, based on your situation
• see your payments
• file and track your applications
• sign up for direct deposit
• keep your contact information up to date
• use tools such as CompuPension, to calculate your saving needs for retirement, or CalculAide to obtain an estimate of your Family Allowance amount.

Consult it now. Take the opportunity to choose the 100% digital option, which will allow you to not miss anything thanks to notifications.

Use LIF Quick Calc to calculate how much can be withdrawn from a life income fund (LIF) in 2023 based on the reference rate of 6%.

As of next January, Family Allowance, the Supplement for the Purchase of School Supplies and the Supplement for Handicapped Children will increase by 6,44 %, based on the indexation rate for 2023. Consult our 2023 tables for more information on the annual amounts of the benefits.

Today, at the National Assembly, Mr. Eric Girard, Minister of Finance and Minister responsible for Relations with English-Speaking Quebecers, tabled the consultation document entitled A Plan Adapted to the Challenges of the 21st Century and the Évaluation actuarielle du Régime de rentes du Québec au 31 décembre 2021 (Actuarial Valuation of the Québec Pension Plan as at 31 December 2021; French only). Therefore, he announced that a public consultation on the Québec Pension Plan (QPP) will be held. During the consultation, some food for thought is proposed in the consultation document to increase the financial security of the population.

Retraite Québec is publishing the new actuarial valuation of the Government and Public Employees Retirement Plan (RREGOP) as at 31 December 2020.

Do you have to counsel a couple following the breakdown of a union? Consult our latest web version of the Partition of benefits section for professionals. You will find the main rules for the partition of benefits as provided for under the Supplemental Pension Plans Act and the Voluntary Retirement Savings Plans Act.

Please note that an update of our Partition of benefits section for administrators of supplemental pension plans will follow in the next few weeks. We will inform you once it is posted online.

Every year, the pensions under the Québec Pension Plan are indexed based on the average Consumer Price Index (CPI) calculated by Statistics Canada, as provided for by law.

In January 2023:

• based on the cost of living, your pensions will increase by 6.5%;
• the maximum pensionable earnings (MPE) will increase from $64 900 to $66 600.

Thanks to the annual indexation, retirement pensions, surviving spouses' pensions, disability pensions, pensions for a disabled contributor's child and orphans' pensions are protected against the inflation risk. As a reminder, a person must have contributed sufficiently to the Plan to be eligible for benefits or to grant eligibility for benefits to his or her family.

Retraite Québec wants to remind you that you can consult your Statement of Participation under the Québec Pension Plan at all times in My Account. If you are a contributor age 48 or over, your Statement will also be mailed to you every four years.

Your Statement of Participation is a great tool for financial planning for retirement. It indicates the employment earnings recorded under your name on which you have contributed to the Québec Pension Plan. It also provides an estimate of the benefits that you and your family could receive when you retire or in the event of death or disability.

Further to the appointment of the Cabinet, Mr. Eric Girard, Minister of Finance, remains responsible for Retraite Québec. Regarding the administration of Family Allowance, Retraite Québec now reports to the Minister of Families, Ms. Suzanne Roy.

Did you know that our information clerks are trained to offer you assistance to use our online services and to browse our website?

With more than 7 million visits per year on our website, we make it a priority to offer you a positive experience and simplified services that meet your needs.

Whether your questions concern Family Allowance or the Québec Pension Plan, do not hesitate to contact us to use our online services effectively.

Consult the instructions related to the maximum interest rate assumption applicable to the actuarial valuations of supplemental pension plans after 31 December 2021, but before 31 December 2022.

From October to December 2022, your 2021 Statement of Participation under a public-sector pension plan, such as RREGOP or the PPMP, will be uploaded to My Account.

Each year, your Statement of Participation is an essential reference tool to help you carry out the financial planning of your retirement. You will also find:

• your number of years of credited service as well as the amount of your contributions and accrued interest
• personalized retirement scenarios that are based on your age when you retire
• your rights and benefits related to your contributions, such as the number of days of absence that you can buy back and the benefits to which you and your family could be entitled.

Consult it in My Account now: it's simple, fast and safe !

Until 20 November 2022, Retraite Québec is leading a promotional campaign called For a retirement without compromise. The campaign is to raise awareness among the population about the importance of financially preparing for retirement to be able to continue doing what we love once we have reached that new stage in our life.

See our For a retirement without compromise section, where you can find the steps to take to properly plan your retirement.

Register now for Retraite Québec's February 2023 training activities.

Retraite Québec is carrying out a refund of contribution overpayments by members of public sector pension plans following the regularization of employment for 2021.

The Canadian Association of Pension Supervisory Authorities (CAPSA) extends the consultations regarding the following 3 draft guidelines until 14 October 2022:

• Environmental, Social and Governance Considerations in Pension Plans Management
• Leverage and the Effective Management of Associated Risks
• Cyber Risk for Pension Plans.
  

For more information, see CAPSA's website .

Sometimes, scammers call citizens and introduce themselves as employees of a government agency.

Remember that Retraite Québec employees:

• will not end the call if you express doubt as to their legitimacy
• will not insist that you provide them with personal information.

When in doubt:

• hang up the phone
• contact us at one of our telephone numbers
• verify whether the phone call originated from Retraite Québec.

Despite our security measures and the up-to-date technology we use, your vigilance remains vital in protecting your personal information.

Consult our security advice.

(2022 Sustainable development action plan; French only)

In the Plan d'action de développement durable 2022 (2022 Sustainable development action plan; French only), Retraite Québec presents its contribution to the 2015-2020 Government Sustainable Development Strategy, which has been extended. In this plan, Retraite Québec gives, among other things, the government objectives identified and the various actions it plans to implement to achieve these objectives.

All the information related to the termination of a defined-contribution pension plan or a defined-benefit pension plan has been updated on Retraite Québec's website, in particular those related to the allocation of surplus assets following plan termination.

On 13 May 2022, the Canadian Association of Pension Supervisory Authorities (CAPSA), including Retraite Québec, published, for consultation purposes, a revised version of its guideline N^o. 3 on capital accumulation plans, which may include, in particular:

• defined‐contribution plans, including simplified pension plans
• voluntary retirement savings plans (VRSPs)
• locked‐in retirement accounts (LIFs)
• life income funds (LIFs).

For more information, see the CAPSA website. Those who wish to submit comments must send them by email to CAPSA, at capsa-acor@fsrao.ca, by 15 August 2022.

On 9 June 2022, the Canadian Association of Pension Supervisory Authorities (CAPSA), including Retraite Québec, published 3 draft guidelines for consultation purposes:

1. Environmental, social and governance considerations for the management of pension plans
2. Leverage and effective management of related risks
3. Cyber risk for pension plans.

CAPSA also consults the parties to have their impressions on a consolidation of those 3 guidelines into a single, global guideline on risk management.

For more information, see the CAPSA website. Those who wish to submit comments must send them by email to CAPSA, at capsa-acor@fsrao.ca, by 15 September 2022.

Revenu Québec has implemented relief measures concerning the remittance of unclaimed financial assets, including amounts payable under a supplemental pension plan. The measure allows plan administrators that did not remit amounts in accordance with the applicable legislation to remit them to Revenu Québec by having penalties that would otherwise be imposed, softened.

For more information regarding this exceptional and temporary measure and to find out the eligibility requirements for the measure, see Revenu Québec's New Incentive for the Remittance of Unclaimed Financial Assets .

For more information on the search for untraceable members or beneficiaries and on the remittance of unclaimed property to Revenu Québec, see the Obligations of the plan administrator with respect to untraceable members and beneficiaries section on our website.

Retraite Québec has published the new edition of A Glimpse of the PPEMO, which is a newsletter intended for members and beneficiaries of the Pension Plan of Elected Municipal Officers (PPEMO). The newsletter gives the results of the pension fund in 2021; it also shows the numerous advantages offered online through My Account.

Retraite Québec has published its Rapport annuel de gestion 2021 (2021 Annual management report; French only). The report covers Retraite Québec's results regarding the objectives of its Plan stratégique 2020-2023 (2020-2023 Strategic plan; French only), Plan d'action de développement durable 2021 (2021 Sustainable development action plan; French only) as well as its Service Statement.

The report also presents Retraite Québec's financial statements, as well as those of the Québec Pension Plan and public-sector pension plans (RREGOP, PPMP, etc.).

On 25 May 2022, Mr. Stéphane Gamache, Director General of Supplemental Pension Plans, will act as speaker at the seminar on pension plans, under the theme Comment relever les défis de l'investissement durable en 2022? ( How to meet the challenges of sustainable investing in 2022?; French only). He will discuss in particular the role of liable trustee of the pension committee in supplemental pension plans.

Organized by the Institute for Governance of Private and Public Organizations (IGOPP) in partnership with Retraite Québec, the purpose of the seminar is to allow for exchanges on the possible investment strategies within a context of climate change and with respect to the role of trustee. For further details, sign up for the seminar on the IGOPP's website.

Retraite Québec publishes The PPMP at a Glance for members and beneficiaries under the Pension Plan for Management Personnel (PPMP). The May 2022 issue presents the results from the members' fund in 2021. It also addresses the many returns to work of retired members of the plan in 2020 and 2021. It also mentions the many advantages offered by the My Account digital service with Retraite Québec.

If you have a child or children under age 18, your Family Allowance annual notice will be uploaded to My Account by the end of June. You will also receive it by mail, unless you chose to receive your communications digitally only in My Account.

The notice will give you the amounts that you will receive from July 2022 through June 2023. It is important to verify the accuracy of the information about your family situation on your annual notice because the amounts vary depending on the number of dependent children and whether the children are in shared custody.

Consult the Reminders for actuaries section: the instructions related to the defined-contribution component and the amortization of a deficiency have been added.

The 2021 List of Baby Names has been unveiled. Emma and Noah have replaced Olivia and Liam, the favorites for the last two years, in the first rank.

Retraite Québec has published its Plan d'action 2022 à l'égard des personnes handicapées (2022 Action plan for disabled persons; French only). The document identifies the barriers to integration encountered by disabled persons and describes the measures taken in 2021 and those to be taken in the coming year to counter those barriers and foster the integration of disabled persons within the organization.

Consult the section on the target-benefit pension plan to find out more about this plan or to implement one.

Consult the Actuarial assumptions and methods section for Retraite Québec's most recent instructions applicable to the actuarial valuations of supplemental pension plans after 30 December 2021.The instructions concern the maximum interest rate assumption and letters of credit. The statistics have also been updated.

The Regulation to amend the Regulation respecting supplemental pension plans (French only) was published on 30 March 2022 in the Gazette officielle du Québec.

The Regulation allows for the application of the provisions of the Supplemental Pension Plans Act introduced by the Act mainly to allow the establishment of target benefit pension plans. The provisions take into consideration the specific characteristics for this type of plan and are linked to actuarial reports, as well as to statements sent to members and beneficiaries.

The Regulation was made with amendments aiming to simplify the content of the annual statements. It comes into force on 14 April 2022.

See the updated Actuarial Information Summary section. Retraite Québec indicates that the actuarial valuation report of a supplemental pension plan must be accompanied by a single summary, even if the plan has several components.

The 2021 edition of the Annual Information Return for Simplified Pension Plans (SIPPs) is now available.

The 2021 edition of the Annual Information Return for Supplemental Pension Plans (SPPs) is now available in the SPP Portal. To find out what the main changes are, consult the Information on the Annual Information Return section.

Certain terms regarding the disability pension under the Québec Pension Plan were reviewed to better meet the needs of disabled persons, to offer them better financial protection and to improve the situation of disabled persons who are retiring. These changes result in several adjustments to the pension eligibility requirements and to the methods of calculating the pension. Certain changes take effect retroactively on 1 January 2022, others will come into force as of 1 January 2024. For more information: Changes to the disability pension under the Québec Pension Plan.

Retraite Québec updated the forms related to partition of benefits under a supplemental pension plan in order to take into account civil unions and voluntary retirement savings plans (VRSPs). The forms can be used by former spouses to request the statement or partition from the administrator.

In 2021, the RREGOP (Government and Public Employees Retirement Plan) fund generated a return of 12.9%, and the PPMP (Pension Plan of Management Personnel) fund also generated a return of 12.9%. For more information on fund returns of other pension plans, see our website.

The Caisse de dépôt et placement du Québec published its annual results earlier today. In 2021, the funds in the Québec Pension Plan generated returns of 15.9% for the base plan and of 14.4% for the additional plan. We wish to point out that the additional plan was implemented in January 2019 when the Québec Pension Plan enhancement became effective.

The Ministère des Finances has created a new calculator to allow retirees who are working or would like to return to work to estimate the share of their work income that will remain in their portfolio once taxation has been considered.

The calculator therefore helps to make a more informed financial decision since it shows the available income before and after returning to work. The tool considers the provincial and federal tax systems, but also the employment incentive measures to which workers may be entitled, depending on their situation.

For more information: Work income kept on retirement 

Since February 2022, a new social security agreement between the Gouvernement du Québec and the government of the Republic of Serbia came into force.

Quebeckers having worked in Serbia or Serbians having worked in Québec can now receive benefits for the periods worked in the other territory.

Québec now has 39 agreements in effect with various countries across the globe. The agreements vary for each country and only cover the application of our social security measures, that is, the Québec Pension Plan, health insurance, as well as industrial accidents and occupational diseases.

For more information: International Social Security Agreements

You no longer need to look for your income tax slips. If you are the beneficiary of a pension under the Québec Pension Plan (QPP) or a public-sector pension plan (RREGOP, PPMP, etc.), you will find these personalized documents in My Account by the last day of February.

If you have not already done so, sign up to My Account now. In addition, thanks to notifications, you will be informed as soon as slips are uploaded to My Account. It is convenient and fast!

In addition to tax slips, you will find several communications for you in digital format, in the Your documents section.

The context of the pandemic in which we have been living for several months already is exceptional and it is absolutely normal not to feel our best at times from a psychological, physical or social perspective. Fortunately, several government resources exist to help you with your emotional and psychosocial well-being.

We wish to remind you that there is a wealth of information and online services  available to parents, teenagers, couples, victims of violence, social assistance beneficiaries, seniors, caregivers and many other people. You will find several tools that can help you feel better when going through difficult times.

Since January 2022, the Beneficiary's Bulletin is only available on the Web.

Consult it to obtain:

• updated information on pensions under the Québec Pension Plan
• your payment dates
• reminders and tips to guide you.

The personalized Statement of Deposits document will be mailed between 19 and 27 January to beneficiaries of a pension under a public-sector pension plan (RREGOP, PPMP, etc.). The Statement lists the pension payments made monthly in 2021 as well as the first payment of 2022, made on 14 January.

The document will also be available on Retraite Québec's website via My Account.

Retraite Québec is committed to offering you high-quality services. Please consult our Service Statement listing our target commitments regarding the services you receive.

The Plan d'action 2022 (2022 Action plan; French only) outlines the means that will be implemented during the year to achieve the objectives of the Plan stratégique 2020-2023 (2020-2023 Strategic plan, French only).

You have until 31 January 2022 to sign up for the training activities offered by Retraite Québec that will take place in February 2022. Sign up now!