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Are you a teacher in Canada? If so, do you know how much you’re contributing to your pension plan, and how much you can expect to get when you retire?

In this article, we’ll discuss the different teachers’ pension plans across Canada, their associated contribution rates, and their pension payment dates for 2024.

What Are Teacher Pension Plans?

As the name suggests, a teachers’ pension plan provides retired teachers with a lifetime pension. These plans are typically defined benefit registered pension plans, which means recipients receive a pre-calculated benefit based on their years of service.

Teachers’ pension plans are managed by independent parties and funded through teacher and employer contributions, and investment profits from invested funds.

Teachers’ salaries are deducted a specific amount during their working years, and employers match these contributions. Rates of contribution vary from one province to another. 

Provincial Teacher Pension Plans

Depending on the province you teach in, each pension plan has it’s own contribution rate and payment date. 

Ontario Teachers’ Pension Plan (OTPP)

The Ontario Teachers’ Pension Plan (OTPP) administers benefits and invests for over 330,000 teachers in Ontario. Today, it serves approximately 170 educational organizations across the province.

What Is The OTPP Contribution Rate?

Pension contributions are based on your salary and the Canada Pension Plan (CPP) contributions limit. The CPP limit is currently $68,500, but changes every year. As of January 1, 2024, Canadians will also need to contribute to the Second additional CPP contribution (CCP2).

How Much Will I Get? 

The amount you receive when you retire depends on age or your ’85’ factor. You will receive an unreduced retirement pension at age 65 years or if you reach your 85 factor, which means your age + qualifying years = 85. 

You qualify for a reduced pension when you reach at least 50 years of age. Your reduced pension is calculated like a standard retirement pension, then reduced by a 2.5% or 5% reduction formula.

BC Teachers’ Pension Plan (BCTPP)

The BC’s Teachers’ Pension Plan (BCTPP) is a defined benefit pension plan based on your years of service and your highest average salary. Investment returns make an average of about 75 cents of every dollar of your pension, with the 25 cents remaining coming from your and your employer’s contributions.

During every pay period, part of your paycheque goes toward the pension plan, which your employer also contributes to at the same time. All contributions are added to the pension fund and pooled along with all other members. 

The BC Investment Management Corporation (BCI) manages the money in the pension fund. Professional investment managers make investment decisions on behalf of members based on specific guidelines established by a board of trustees to ensure long-term growth.

What Is The BCTPP Contribution Rate? 

Contributions are deducted from your paycheque and put into the plan along with your employer’s contributions. The combined contributions are based on a percentage of your salary.

Today’s contribution rate is 11.17% of your salary. Your employer also contributes 11.30% of your earnings.

BC Teachers’ Pension Plan Payment Dates

Monthly pension payments are deposited into your bank account on the following dates for 2024:

  • January 30
  • February 28
  • March 27
  • April 29
  • May 30
  • June 27
  • July 30
  • August 29
  • September 26
  • October 30
  • November 28
  • December 23

Alberta Teachers’ Retirement Fund (ATRF)

The Alberta Teachers’ Retirement Fund (ATRF) serves as the administrator and trustee of the Teachers’ Pension Plan assets for all teachers in Alberta. The plans are defined benefit pension plans that are sponsored by the Government of Alberta and the Alberta Teachers’ Association, which acts on behalf of members to make changes to plan design, benefits, and funding.

What Is The ATRF Contribution Rate? 

For 2024, your contribution rate is 8.50% up to the monthly maximum CPP pensionable earnings level and 12.15% on pensionable earnings over that amount. The Government of Alberta or employer contribution is 10.87% of your pensionable salary.

Alberta Teachers’ Retirement Fund Payment Dates

Pension payments are deposited on the third-last business day of every month, except for December. Deposit dates for 2024 are as follows:

  • January 29
  • February 27
  • March 26
  • April 26,
  • May 29
  • June 26
  • July 29
  • August 28
  • September 25
  • October 29
  • November 27
  • December 23

Manitoba Teachers’ Retirement Allowances Fund (TRAF)

The Teachers’ Retirement Allowances Fund (TRAF) is a defined benefit pension plan for teachers and other employees in Manitoba. TRAF collects member contributions and manages the investments of the pension plan. When members retire, are terminated, or pass away, TRAF provides benefits to members or their beneficiaries accordingly.  

TRAF pension is based on a formula of your average salary and years of pensionable work. 

What Is The TRAF Contribution Rate? 

The Teachers’ Pensions Act (TPA) determines how much TRAF contributions are. For 2024, the salary rate up to the year’s maximum pensionable earnings (YMPE) is deducted at 8.8% and salary rates over the YMPE are deducted at 10.4%. The 2024 YMPE is $68,500.

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Manitoba Teachers’ Pension Plan Payment Dates

Monthly pension payments for 2024 take place on the following dates:

  • January 31
  • February 29
  • March 28
  • April 30
  • May 31
  • June 28
  • July 31
  • August 30
  • September 27
  • October 31
  • November 29
  • December 31

Saskatchewan Teachers’ Retirement Plan (STRP)

The Saskatchewan Teachers’ Retirement Plan (STRP) is administered by the Saskatchewan Teachers’ Federation and provides benefits to teachers who started teaching in the provincial educational system after July 1, 1980. Pensions are determined by a formula based on a teacher’s salary and years of service. 

What Is The STRP Contribution Rate? 

Members of the STRP contribute to the plan through deductions on their paycheques until they retire or are terminated. Right now, the contribution rate up to the Year’s Maximum Pensionable Earnings (YMPE) is 9.5% and 11.7% above the YMPE. 

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Saskatchewan Teachers’ Retirement Plan Payment Dates

The pension payment dates for 2024 are deposited on the last day of the month.

Nova Scotia Teachers’ Pension Plan (NSTPP)

The Nova Scotia Teachers’ Pension Plan (NSTPP) provides pension benefits to public school teachers in Nova Scotia as well as members of other educational institutions, including the Nova Scotia Community College.

What Is The NSTPP Contribution Rate? 

The contribution rates is 11.3% for earnings up to the YMPE, and 12.9% over the YMPE. Contributions are made by you, your employer and through your TPP investments.

Nova Scotia Teachers’ Pension Plan Payment Dates

Pension payments in Nova Scotia take place on the following dates in 2024.

  • January 29
  • February 27
  • March 26
  • April 26
  • May 29
  • June 26
  • July 29
  • August 28
  • September 25
  • October 29
  • November 27
  • December 27

New Brunswick Teachers Pension Plan

The New Brunswick Teachers Pension Plan (NBTPP) is administered by Vestcor and provides pension benefits to retired teachers in New Brunswick, as well as benefits to beneficiaries as applicable. 

What Is The NBTPP Contribution Rate?

The New Brunswick Teachers’ Pension Plan contribution rates are 10% for salaries up to the YMPE, and 11.7% higher than the YMPE. Employers also contribute 10.75% for earnings under the YMPE and 12.45% above the YMPE.

Newfoundland & Labrador Teachers’ Pension Plan (NL TPP) 

The Newfoundland & Labrador Teachers’ Pension Plan (NLTPP) provides benefits to retired, active, and inactive teacher members.  

What Is The NL TPP Contribution Rate?

The 2024 OTPP contribution rate is currently 11.35% of eligible earnings. Contributions are 100% matched by the government.

Newfoundland Teachers’ Pension Plan Payment Dates (NL TPP)

The Teachers’ Pension Plan Corporation pays benefits twice a month. The first payment is made on the 15th of the month, while the second is made on the last of the month.

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Quebec Teachers’ Pension Plan 

Teachers in Quebec have two pension plans that they may contribute to, the Public Sector Pension Plan (RREGOP) or the Quebec Pension Plan (QPP). The RREGOP is the pension plan that public sector employees in Quebec contribute to, including teachers. 

What Is The Quebec Teacher’s Pension Plan Contribution Rate?

The QPP contribution rate for teachers is 9.69% of their earnings.

Quebec Teachers’ Pension Plan Payment Dates

For 2024, the RREGOP is paid on the 15th day of each month. If the 15th lands on a weekend or holiday, it’ll be paid out on the preceding day.

Prince Edward Island Teachers’ Pension Plan (PEI TPP)

The Prince Edward Island Teachers’ Pension Plan (PEI TPP) provides pension benefits for teachers in PEI. 

What Is The EI TPP Contribution Rate

The contribution rate for the PEI TPP is 8.30% of earnings up to the YMPE of $64,900, and 10% for earnings over the YMPE. Employers match contributions.

Prince Edward Island Teachers’ Pension Plan Payment Dates

Payments are maid on the 22nd day of each month. If the 22nd lands on a weekend or holiday, it’ll be paid out the next business day.

Teacher Pension FAQs

Is inflation considered when calculating my pension? 

For the most part, pension amounts are adjusted to factor in inflation.

Can my teacher’s pension taxable? 

Yes, pension payments are considered a form of income. Taxes are usually deducted from the amounts prior to being deposited.

How large of a pension will I receive as a teacher? 

The amount you receive depends on where you live and work, as each province has its own calculation. Generally speaking, the average of your highest-earning 5 years, your age, and your years of service are used to determine the amount you’ll get in a year. If you start collecting your pension too early, it will be reduced by a certain rate, depending on how early you retire.
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Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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