Provincial Teachers’ Pension Plan Payment Dates 2021 & Contribution Ratesbank

This post covers the various provincial teachers’ pension plans, their contribution rates and the payment dates.

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What are Teachers’ Pension Plans?

Teachers’ pension plans are post-retirement benefits that pay lifetime pension to retired teachers.

The plans are usually registered defined benefit pension plans. Meaning, the teachers can expect to receive a benefit that is predetermined based on their employment history or service tenure.

In general, they are managed or administered by independent bodies that handle the collection, investment, and payment of the pension benefits.

How are Teachers’ Pension Plans funded?

They are funded through contributions by teachers and employers, as well as investment gains realized from investing the funds.

Throughout their service years, a deduction is made from teachers’ salaries with matching contribution by their employers. The contribution rates vary across provinces.

For example, the contribution rate is 10.4% of the annual salary up to the CPP maximum pensionable earnings limit in Ontario. But 9.76% in Alberta.

Usually, they are lower for earnings up to the CPP yearly maximum pensionable earnings (YMPE) and higher on the earnings above the threshold.

The Canada Pension Plan (CPP) limit or YMPE for 2021 is currently $61,600.


Ontario Teachers’ Pension Plan

The Ontario Teachers’ Pension Plan (OTPP) is the largest pension plan in Canada with a Canadian pension assets of almost $218 billion at the end of 2020.

OTPP administers and invests on behalf of more than 330,000 retired and serving teachers in Ontario.

Founded in 1990, it now serves teachers employed in about 170 school boards, private schools and other related organizations.

OTPP Contribution Rates 2021

The OTPP contribution rate in 2021 is 10.4% for earnings below the annual CPP limit of $61,600 or 12% for higher income.

In addition, the Ontario government adds its own portion, but the maximum contribution rates for both parties are capped at 15%.

OTPP Payment Dates 2021

OTPP monthly pension are paid on the last business days of the month, except for December when they are paid before Christmas.

The Ontario teachers pension plan payment dates for 2021 are:

Pension MonthOTPP Payment Dates
JanuaryJanuary 29, 2021
FebruaryFebruary 26, 2021
MarchMarch 31, 2021
AprilApril 30, 2021
MayMay 31, 2021
JuneJune 30, 2021
JulyJuly 30, 2021
AugustAugust 31, 2021
SeptemberSeptember 30, 2021
OctoberOctober 29, 2021
NovemberNovember 30, 2021
DecemberDecember 31, 2021

About 148,000 pensioners receive their pension payments on the OTPP payment dates above, for a total of $6.7 billion annually.


B.C. Teachers’ Pension Plan

The BC Teachers’ pension plan currently serves more than 100,000 members in the province and pays out more than $1.2 billion annually to its about 40,000 retired members.

It is administered by the BC Pension Corporation, a pension services provider that also handles the pension for 4 other pension plans including the BC Municipal Pension Plan, BC College Pension Plan, BC Public Service Pension Plan and WorkSafeBC Pension Plan.

The B.C. Teachers’ Pension Plan was ranked as the 8th largest pension plan in Canada based on its 2020 pension assets of $34.3 billion.

BC TPP Contribution Rates 2021

The BC TPP contribution rates are 11.17 percent of teachers’ salary, while their employers contribute an extra 11.30 percent.

A portion of the teachers’ contribution and their employers are also transferred to an inflation adjustment account to pay for cost-of-living adjustments (COLA).

Another transfer of 2% is made to a rate stabilization account to cover future funding shortfalls.

BC TPP Payment Dates 2021

Teachers’ Pension amounts are paid monthly on the second to the last banking day in British Columbia.

Therefore, the BC Teachers’ pension plan payment dates for 2021 are scheduled for:

Pension MonthBC TPP Payment Dates
JanuaryJanuary 28, 2021
FebruaryFebruary 25, 2021
MarchMarch 30, 2021
AprilApril 29, 2021
MayMay 28, 2021
JuneJune 29, 2021
JulyJuly 29, 2021
AugustAugust 30, 2021
SeptemberSeptember 29, 2021
OctoberOctober 28, 2021
NovemberNovember 29, 2021
DecemberDecember 23, 2021

For December, the BC Teachers’ pension plan payments are made on the second to the last banking day to Christmas – December 23, 2021.

The dates above apply to all the pension plans administered by BC Pension Corporation.

That means, the BC College pension plan payment dates, Municipal Pension plan payment dates, public service pension plan payment dates and WorkSafeBC pension plan payment dates are all the same as the BC TPP pay dates above.


Alberta Teachers’ Retirement Fund

The Alberta Teachers’ Retirement Fund (ATRF) is one of the oldest pension plans in Canada. It was established in 1939 and it is the 19th largest pension plan in the country with plan assets of about $19 billion.

ATRF administers the pension for all public-school teachers in Alberta, i.e. those working in school jurisdictions and charter schools.

Private school teachers may also elect to join the plan through the Private School Teachers’ Pension Plan.

The plan currently serves 83,668 plan members across 93 employers based on its 2020 annual reports. A total of $1.1 billion was also paid out as benefits to almost 30,000 retired plan members of ATRF.

ATRF Contribution Rates 2021

The ATRF contribution rates depends on your employer.

For private school teachers, it is 8.5% of total pensionable earnings up to the CPP limit, and 12.15% above. Their employers’ contribution rate is 9.51%.

The contribution rate is 9.76% for teachers in public school jurisdictions, charter schools and others when they earn up to the CPP limit – 13.94% for higher earnings.

The Alberta Government’s contribution rate is 10.87%.

ATRF Payment Dates 2021

Teachers’ pensions are paid monthly in Alberta. For 2021, the Alberta Teachers’ retirement fund payment dates are:

Pension MonthATRF Payment Dates
JanuaryJanuary 27, 2021
FebruaryFebruary 24, 2021
MarchMarch 29, 2021
AprilApril 28, 2021
MayMay 27, 2021
JuneJune 28, 2021
JulyJuly 28, 2021
AugustAugust 27, 2021
SeptemberSeptember 28, 2021
OctoberOctober 27, 2021
NovemberNovember 26, 2021
DecemberDecember 23, 2021

The monthly pension deposits are paid on the 3rd last business day of the month except for December when it is paid 2 business days before Christmas.

For example, the ATRF payment date for December 2020 was on December 23, 2020, and it’ll also be paid on December 23 for 2021.

Those receiving their pension through Public Service Pension Plan (PSPP) get their monthly pension a business day later, except for December when they are paid on the same date.

That is, the public pension payment dates for 2021 in are:

Pension MonthPSPP Payment Dates
JanuaryJanuary 28, 2021
FebruaryFebruary 25, 2021
MarchMarch 30, 2021
AprilApril 29, 2021
MayMay 28, 2021
JuneJune 29, 2021
JulyJuly 29, 2021
AugustAugust 30, 2021
SeptemberSeptember 29, 2021
OctoberOctober 28, 2021
NovemberNovember 29, 2021
DecemberDecember 23, 2021

Manitoba Teachers’ Retirement Allowances Fund

Established in 1925, the Manitoba Teachers’ Retirement Allowances Fund (TRAF) is a pension plan that serves public school teachers and other eligible teachers in the province.

It currently serves about 40,000 members, with almost 20,000 retired members who received an average pension amount of $2,413 per month in 2020.

The Manitoba TRAF is the 46th largest pension fund in Canada with a 2020 closing pension assets of $7.5 billion.  

Manitoba TRAF Contribution Rates 2021

The Manitoba TRAF contribution rate is 8.8% for income up to the annual maximum pensionable earnings of $61,600 and 10.4% for higher income.

But there are no contributions to the plan once the income reaches $180,758.

Also, those receiving disability benefits are exempted from contributing to the pension plan in Manitoba.

Manitoba TRAF Payment Dates 2021

The teachers’ pension benefits are deposited on the last day of each month in Manitoba, or the last business day if the last date falls on a weekend or holiday.

Therefore, the Manitoba teachers’ retirement allowances fund, TRAF payment dates for 2021 are:

Pension MonthManitoba TRAF Payment Dates
JanuaryJanuary 29, 2021
FebruaryFebruary 26, 2021
MarchMarch 31, 2021
AprilApril 30, 2021
MayMay 31, 2021
JuneJune 30, 2021
JulyJuly 30, 2021
AugustAugust 31, 2021
SeptemberSeptember 30, 2021
OctoberOctober 29, 2021
NovemberNovember 30, 2021
DecemberDecember 31, 2021

Saskatchewan Teachers’ Retirement Plan

The Saskatchewan Teachers’ Retirement Plan serves teachers in the PreK – Grade 12 education system.

There are 2 pension plans in Saskatchewan for teachers:

  • Saskatchewan Teachers’ Superannuation Plan: for teachers employed before July 1, 1980. It is administered by the Saskatchewan Teachers’ Superannuation Commission.
  • Saskatchewan Teachers’ Retirement Plan: for those employed after July 1, 1980. It is by the Saskatchewan Teachers’ Federation.

The Saskatchewan Teachers’ Federation currently serves more than 13,500 teachers across the province.

The Saskatchewan Teachers’ Retirement Plan is the 50th largest pension fund in Canada with a 2020 closing pension assets of $6.9 billion. While the Saskatchewan Teachers’ Superannuation Plan has an asset value of about $5 billion (June 2020).

STRP Contribution Rates 2021

The teachers’ contribution rates for the Saskatchewan Teachers’ retirement plan are 9.5% for earnings up to the YMPE and 11.7% for higher earnings.

For the government, the contribution rates are 7.25% and 9.25% for incomes up to the CPP limit and higher respectively.

Saskatchewan Teachers’ Superannuation Pension Payment Dates 2021

The payment dates in 2021 for Saskatchewan Teachers’ Superannuation plan members are shown below:

Pension MonthSask Teachers’ Pension Payment Dates
JanuaryJanuary 29, 2021
FebruaryFebruary 26, 2021
MarchMarch 31, 2021
AprilApril 30, 2021
MayMay 31, 2021
JuneJune 30, 2021
JulyJuly 30, 2021
AugustAugust 31, 2021
SeptemberSeptember 30, 2021
OctoberOctober 29, 2021
NovemberNovember 30, 2021
DecemberDecember 23, 2021

Teachers’ pension are paid on the last business day in Saskatchewan, except for December when they’re deposited 2 business days before Christmas.


Nova Scotia Teachers’ Pension Plan

The Nova Scotia Teachers’ Pension Plan was established in 1949 through a legislative act, and it is currently one of the largest public-sector pension funds in the province.

Its members include all licensed teachers in Nova Scotia’s public school system and other related educational bodies like the Nova Scotia Community College.

The NS Teachers’ pension fund is administered by Nova Scotia Pension Services Corporation, who also administers the Public Service Superannuation Plan (PSSP), Members of Legislative Assembly (MLA) Pension Plan and Sydney Steel Corporation Superannuation Fund.

It is the 64th largest pension fund in Canada with a 2020 pension asset of $5.5 billion.

Nova Scotia TPP Contribution Rates 2021

The teachers’ contribution rates for the Nova Scotia Teachers’ pension plan are 11.3% for earnings up to the YMPE and 12.9% for higher earnings.

Their contributions are also fully matched by their employer.

Nova Scotia Teachers Pension Payment Dates 2021

Teachers’ pension benefits are deposited on the third last business day of each month in Nova Scotia. Therefore, the NS Teachers’ Pension Pay dates for 2021 are:

Pension MonthNS TPP Payment Dates
JanuaryJanuary 27, 2021
FebruaryFebruary 24, 2021
MarchMarch 29, 2021
AprilApril 28, 2021
MayMay 27, 2021
JuneJune 28, 2021
JulyJuly 28, 2021
AugustAugust 27, 2021
SeptemberSeptember 28, 2021
OctoberOctober 27, 2021
NovemberNovember 26, 2021
DecemberDecember 29, 2021

The same payment dates applies to the other pension plans administered by Nova Scotia Pension Services Corporation, except for Sydney Steel pension that is paid on the first date of every month.

That is the MLA pension payment dates and Public Service Superannuation Plan (PSSP) payment dates are the same as the NS Teachers’ Pension Plan payment dates above.


New Brunswick Teachers Pension Plan

The Teachers’ Pension Plan in New Brunswick, NBTPP, provides a life-time pension benefit to eligible teachers after they retire.

The plan is administered by Vestcor, an independent company that is jointly owned by the NB Teachers Pension Plan and New Brunswick Public Service Pension Plan.

It currently serves about 99,000 individuals across the various pension plans it handles.

With a pension asset of $6.5 billion at the end of 2020, it is the 51st largest pension fund in Canada.

New Brunswick TPP Contribution Rates 2021

The teachers’ contribution rates for the Nova Scotia Teachers’ pension plan are 10.0% for earnings up to the YMPE and 11.7% for higher earnings.

Employers also contribute 10.75% for earnings below the YMPE and 12.45% for any income above YMPE.

New Brunswick TPP Payment Dates 2021

The New Brunswick Pension benefits are paid on the 24th of every month. If the 24th falls on a weekend or holiday, the pension amounts are paid on the previous business day.

The same applies to the NB Public Service Pension Plan and MLA Pension Plans.

Therefore, the New Brunswick Teachers’ Pension Plan, NBTPP payment dates for 2021 are:

Pension MonthNB TPP Payment Dates
JanuaryJanuary 24, 2021
FebruaryFebruary 24, 2021
MarchMarch 24, 2021
AprilApril 24, 2021
MayMay 22, 2021
JuneJune 24, 2021
JulyJuly 24, 2021
AugustAugust 24, 2021
SeptemberSeptember 24, 2021
OctoberOctober 23, 2021
NovemberNovember 24, 2021
DecemberDecember 18, 2021

Newfoundland & Labrador Teachers’ Pension Plan

The Newfoundland & Labrador Teachers’ Pension Plan NLTPP) currently ranks as the 74th largest pension plan in Canada with a total pension asset of $4.2 billion in 2020.

But it ranks as the second largest pension plan in public sector for the province.

It currently serves almost 19,000 retired, active and inactive members; with about 9,500 retirees and survivors.

The average annual lifetime pension for teachers in Newfoundland and Labrador is $30,007.

NL TPP Contribution Rates 2021

The contribution rates for the teachers’ pension plan in Newfoundland and Labrador is currently 11.35% of pensionable earnings.

Pensionable earnings or salary is capped at $180,758 for 2021 in Newfoundland.

These contributions are fully matched by the employers, i.e. employers also contribute 11.35% to the pension fund in NL.

Newfoundland & Labrador TPP Payment Dates 2021

The Teachers’ Pension Plan Corporation pays eligible retired teachers twice monthly – the only one on this list.

The first payment is issued on the 15th and a second payment on the last of the month. If they fall on an holiday or weekend, the pension deposit is made on the previous business day.

So the NLTPP payment dates for 2021 are:

Pension MonthNL TPP 1st Payment Dates NL TPP 2nd Payment Dates
JanuaryJanuary 15 January 29
FebruaryFebruary 15 February 26
MarchMarch 12 March 31
AprilApril 15 April 30
MayMay 14 May 31
JuneJune 15 June 30
JulyJuly 15 July 30
AugustAugust 13August 31
SeptemberSeptember 15September 30
OctoberOctober 15October 29
NovemberNovember 15November 30
DecemberDecember 13December 31

Quebec Teacher’s Pension Plan

Teachers in Quebec contribute to 2 pension plans:

  • Public Sector Pension Plan (RREGOP);or
  • Quebec Pension Plan (QPP)

RREGOP is the pension plan for public sector employees in Quebec. Teachers, including full-time or part-time, and many other public sector workers contribute to the plan.

Pension payments under both programs are managed by Retraite Quebec.

Quebec Pension Contribution Rates 2021

The contribution rate to Quebec Pension Plan is 11.8%, contributed equally by the employer and the teachers.

That is, teachers would have to contribute 5.9% of their earnings up to the maximum pensionable earnings (MPE) of $61,600.

In addition, they also contribute a further 10.33% to RREGOP on earnings above 35% of MPE (or $15,400) in 2021.

That works out to a total contribution rate of 16.23% on earnings above $15,400 for public sector workers in Quebec.

The maximum pensionable salary in Quebec is $183,838 in 2021.

Quebec Teacher’s Pension Plan Payment Dates 2021

The payment dates for teachers’ pension in Quebec depends on which plan you’re getting the pension benefit from.

QPP pension benefits are paid on the last business day of the month, while RREGOP pension are paid every 15th, or the previous business day if it falls on a weekend or holiday.

For QPP, the payment dates in 2021 are:

Pension MonthQPP Payment Dates
JanuaryJanuary 29, 2021
FebruaryFebruary 26, 2021
MarchMarch 31, 2021
AprilApril 30, 2021
MayMay 31, 2021
JuneJune 30, 2021
JulyJuly 30, 2021
AugustAugust 31, 2021
SeptemberSeptember 30, 2021
OctoberOctober 29, 2021
NovemberNovember 30, 2021
DecemberDecember 30, 2021

While for Public Sector Pension Plan (RREGOP), the pay dates for 2021 are:

Pension MonthRREGOP Payment Dates
JanuaryJanuary 15, 2021
FebruaryFebruary 15, 2021
MarchMarch 15, 2021
AprilApril 15, 2021
MayMay 14, 2021
JuneJune 15, 2021
JulyJuly 15, 2021
AugustAugust 13, 2021
SeptemberSeptember 15, 2021
OctoberOctober 15, 2021
NovemberNovember 15, 2021
DecemberDecember 15, 2021

Learn more about QPP Payment Dates here.


Prince Edward Island Teachers’ Pension Plan

The PEI Teacher’s Pension Plan traces its root back to 1931 when it was setup and called Teachers’ Superannuation Fund.

It currently serves over 1,700 retired members and thousands of active members.

The pension plan is indexed to inflation but only payable if the plan is at least 110% funded.

PEI TPP Contribution Rates 2021

Teachers contribute 8.30% to the PEI TPP on their earnings up to the YMPE of $61,600, and 10.00% for higher income.

Employers also match the contributions.

PEI Teachers’ Pension Plan Payment Dates 2021

Teachers’ pension amounts are paid on the 22nd of every month in Prince Edward Island. When the date falls on a weekend or holiday, some banks may deposit the pension on the next business day.

Therefore, the PEI TPP pension dates for 2021 are:

Pension MonthPEI TPP Payment Dates
JanuaryJanuary 22, 2021
FebruaryFebruary 22, 2021
MarchMarch 22, 2021
AprilApril 22, 2021
MayMay 24, 2021
JuneJune 22, 2021
JulyJuly 22, 2021
AugustAugust 23, 2021
SeptemberSeptember 22, 2021
OctoberOctober 22, 2021
NovemberNovember 22, 2021
DecemberDecember 22, 2021

Other Pension & Benefits for Retired Teachers

While the various provincial teachers’ pension plans are a major source of post-retirement income for teachers, there are other income sources for retired teachers.

Two of the major retirement income and benefits in Canada are Canada Pension Plan (CPP) and Old Age Security (OAS).

Canada Pension Plan (CPP)

Canada Pension Plan is a monthly taxable benefit to retired Canadians. It is funded through contributions made during the active service years.

The 2021 CPP contribution rate is 5.45% for both the employee and employer – for a total of 10.9%.

For teachers, the deductions from their salary is first allocated to CPP and the balance goes toward the teachers pension plan.

You must be at least 60 years and made a minimum of one contribution to CPP to be eligible to receive the pension.

CPP usually starts at age 65, but you’re allowed to start receiving it as early as age 60. But your monthly amount will reduce by 0.6% for each month that’s earlier than the standard age of 65.

For example, your pension will reduce by 7.2% if you start collecting CPP at age 64.

On the other hand, you can delay CPP for up to age 70. If you do, your monthly payments will be higher by 0.7% for each month.

Old Age Security (OAS)

OAS provides a taxable monthly pension to those that are aged 65 and above. It is 100% funded by the Government.

Eligibility and how much you can receive depends on how long you’ve lived in Canada since you turned 18.

The minimum residence requirement is 10 years for those living in Canada, or 20 years if you’re retiring outside Canada.

In addition to the main OAS pension amounts, eligible low-income Canadians may also qualify for other OAS supplements.

These include Guaranteed Income Supplement (GIS), Allowance for spouses and Allowance for Survivors.

Learn more about OAS Payment Dates here.

TPP Contribution Rates

For most of the provinces, the contribution rates for earnings up to the YMPE are lower than earnings above YMPE.

Here’s a summary of the contribution rates for the various provincial teachers’ pension plans in 2021:

ProvincesContribution Rate
(Up to YMPE)
Contribution Rate
(Above to YMPE)
Alberta8.5% – 9.76%12.5% – 13.94%
British Columbia11.17%11.17%
Manitoba8.80%10.40%
New Brunswick10.00%11.70%
Newfoundland & Labrador11.35%11.35%
Nova Scotia11.30%12.90%
Ontario10.40%12.00%
Prince Edward Island8.30%8.30%
Quebec16.23%10.33%
Saskatchewan9.50%11.70%

You can always confirm the amount you contributed to the pension plan by checking your pay stub.

Note: Pension contributions are also made on your salary up to a certain threshold. The limit is called maximum pensionable earnings or salary and is set annually by CRA.

The Pensionable Earnings for 2021 is $180,758. ($183,838 in Quebec)

What is the YMPE?

YMPE stands for Year’s Maximum Pensionable Earnings. It’s also referred to as Maximum Annual Pensionable Earnings or MAPE.

It is the maximum earnings on which you can contribute to the Canada Pension Plan (CPP).

The amount is set annual by CRA and becomes effective on January 1st to reflect changes in average wage across the country. The YMPE for 2021 is $61,600, a 5 percent increase from the 2020 YMPE of $58,700.


Teachers’ Pension Plans FAQs

Are Teachers’ Pension Taxable?

Yes, the monthly pension amounts paid to teachers are counted as income. Usually, income taxes are deducted from the amounts before they are deposited.

A T4A or NR4(non-resident) tax slip would be sent out during tax time, usually by the end of February.

How much can I receive? How is it calculated?

The calculation varies across the provinces.

In general, they consider your years of service, average of the best-five years income and a factor to determine how much you’ll receive in a year or the basic pension amount.

Your pension will be reduced if you choose to start collecting it early. For example, your pension is reduce by 2.5-5.0% if you start collecting your pension earlier than age 65 in Ontario.

Are the pension amounts adjusted for inflation?

In most cases, the monthly pension are adjusted to account for inflation.

For example, BC TPP allocates a certain percentage of the contributions take to an inflation adjustment account to account of changes in cost-of-living.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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