This post covers the various provincial teachers’ pension plans, their contribution rates and the payment dates.
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 2022 is currently $64,900.
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 2023
The OTPP contribution rate in 2022 is 10.4% for earnings below the annual CPP limit of $64,900 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 2023
OTPP monthly pension are paid on the last business days of the month, except for December when they are usually paid before Christmas.
The Ontario teachers pension plan payment dates for 2022 are:
| Pension Month | OTPP Payment Dates |
|---|---|
| January | January 31, 2023 |
| February | February 28, 2023 |
| March | March 31, 2023 |
| April | April 28, 2023 |
| May | May 31, 2023 |
| June | June 30, 2023 |
| July | July 31, 2023 |
| August | August 31, 2023 |
| September | September 29, 2023 |
| October | October 31, 2023 |
| November | November 30, 2023 |
| December | December 29, 2023 |
About 148,000 pensioners receive their pension payments on the OTPP payment dates above, for a total of $6.7 billion annually.
Ontario Pension Board (OPB) administers the Ontario Public Service Pension Plan that is sponsored by the provincial government.
The OPB or Ontario PSPP payment dates for 2023 are:
| Pension Month | OTB Pension Payment Dates (Regular) | OTB Pension Payment Dates (pre-2018 TVO) |
|---|---|---|
| January | January 20, 2023 | January 3, 2023 |
| February | February 22, 2023 | February 1, 2023 |
| March | March 22, 2023 | March 1, 2023 |
| April | April 21, 2023 | April 3, 2023 |
| May | May 19, 2023 | May 1, 2023 |
| June | June 22, 2023 | June 1, 2023 |
| July | July 21, 2023 | July 4, 2023 |
| August | August 22, 2023 | August 1, 2023 |
| September | September 22, 2023 | September 1, 2023 |
| October | October 20, 2023 | October 3, 2023 |
| November | November 22, 2023 | November 1, 2023 |
| December | December 22, 2023 | December 1, 2023 |
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 2023
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 2023
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 2022 are scheduled for:
| Pension Month | BC TPP Payment Dates |
|---|---|
| January | January 30, 2023 |
| February | February 27, 2023 |
| March | March 30, 2023 |
| April | April 27, 2023 |
| May | May 30, 2023 |
| June | June 29, 2023 |
| July | July 28, 2023 |
| August | August 30, 2023 |
| September | September 28, 2023 |
| October | October 30, 2023 |
| November | November 29, 2023 |
| December | December 21, 2023 |
For December, the BC Teachers’ pension plan payments will be made on the second to the last banking day to Christmas – December 21, 2023.
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 2023
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 2023
Teachers’ pensions are paid monthly in Alberta. For 2022, the Alberta Teachers’ retirement fund payment dates are:
| Pension Month | ATRF Payment Dates |
|---|---|
| February | February 24, 2023 |
| March | March 29, 2023 |
| April | April 26, 2023 |
| May | May 29, 2023 |
| June | June 28, 2023 |
| July | July 27, 2023 |
| August | August 29, 2023 |
| September | September 27, 2023 |
| October | October 27, 2023 |
| November | November 28, 2023 |
| December | December 21, 2023 |
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 2021 was on December 23, 2021, and it’ll be paid on December 22 for 2022.
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 2023 in are:
| Pension Month | PSPP Payment Dates |
|---|---|
| January | January 30, 2023 |
| February | February 27, 2023 |
| March | March 30, 2023 |
| April | April 27, 2023 |
| May | May 30, 2023 |
| June | June 29, 2023 |
| July | July 28, 2023 |
| August | August 30, 2023 |
| September | September 28, 2023 |
| October | October 30, 2023 |
| November | November 29, 2023 |
| December | December 21, 2022 |
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 2023
The Manitoba TRAF contribution rate is 8.8% for income up to the annual maximum pensionable earnings of $64,900 and 10.4% for higher income.
But there are no contributions to the plan once the income reaches $190,470.
Also, those receiving disability benefits are exempted from contributing to the pension plan in Manitoba.
Manitoba TRAF Payment Dates 2023
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 2023 are:
| Pension Month | Manitoba TRAF Payment Dates |
|---|---|
| January | January 31, 2023 |
| February | February 28, 2023 |
| March | March 31, 2023 |
| April | April 29, 2023 |
| May | May 31, 2023 |
| June | June 30, 2023 |
| July | July 31, 2023 |
| August | August 31, 2023 |
| September | September 29, 2023 |
| October | October 31, 2023 |
| November | November 30, 2023 |
| December | December 29, 2023 |
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 2023
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 2023
The payment dates in 2023 for Saskatchewan Teachers’ Superannuation plan members are shown below:
| Pension Month | Sask Teachers’ Pension Payment Dates |
|---|---|
| January | January 31, 2023 |
| February | February 28, 2023 |
| March | March 31, 2023 |
| April | April 28, 2023 |
| May | May 31, 2023 |
| June | June 30, 2023 |
| July | July 31, 2023 |
| August | August 31, 2023 |
| September | September 29, 2023 |
| October | October 31, 2023 |
| November | November 30, 2023 |
| December | December 29, 2023 |
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 2023
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 2023
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 2023 are:
| Pension Month | NS TPP Payment Dates |
|---|---|
| February | February 24, 2023 |
| March | March 29, 2023 |
| April | April 26, 2023 |
| May | May 29, 2023 |
| June | June 28, 2023 |
| July | July 27, 2023 |
| August | August 29, 2023 |
| September | September 27, 2023 |
| October | October 27, 2023 |
| November | November 28, 2023 |
| December | December 27, 2023 |
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 2022
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 2022
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 2022 are:
| Pension Month | NB TPP Payment Dates |
|---|---|
| January | January 24, 2022 |
| February | February 24, 2022 |
| March | March 24, 2022 |
| April | April 22, 2022 |
| May | May 24, 2022 |
| June | June 24, 2022 |
| July | July 22, 2022 |
| August | August 24, 2022 |
| September | September 23, 2022 |
| October | October 24, 2022 |
| November | November 24, 2022 |
| December | December 16, 2022 |
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 2023
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 2023
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 2023 are:
| Pension Month | NL TPP 1st Payment Dates | NL TPP 2nd Payment Dates |
|---|---|---|
| January | January 13 | January 31 |
| February | February 15 | February 28 |
| March | March 15 | March 31 |
| April | April 14 | April 28 |
| May | May 15 | May 31 |
| June | June 15 | June 30 |
| July | July 14 | July 31 |
| August | August 15 | August 31 |
| September | September 15 | September 29 |
| October | October 13 | October 31 |
| November | November 15 | November 30 |
| December | December 15 | December 29 |
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 2023
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 $64,900.
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 2023
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 2023 are:
| Pension Month | QPP Payment Dates |
|---|---|
| January | January 31, 2023 |
| February | February 28, 2023 |
| March | March 31, 2023 |
| April | April 28, 2023 |
| May | May 31, 2023 |
| June | June 29, 2023 |
| July | July 31, 2023 |
| August | August 31, 2023 |
| September | September 29, 2023 |
| October | October 31, 2023 |
| November | November 30, 2023 |
| December | December 28, 2023 |
While for Public Sector Pension Plan (RREGOP), the pay dates for 2023 are:
| Pension Month | RREGOP Payment Dates |
|---|---|
| January | January 13, 2023 |
| February | February 15, 2023 |
| March | March 15, 2023 |
| April | April 14, 2023 |
| May | May 15, 2023 |
| June | June 15, 2023 |
| July | July 14, 2023 |
| August | August 15, 2023 |
| September | September 15, 2023 |
| October | October 13, 2023 |
| November | November 15, 2023 |
| December | December 15, 2023 |
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 2022
Teachers contribute 8.30% to the PEI TPP on their earnings up to the YMPE of $64,900, and 10.00% for higher income.
Employers also match the contributions.
PEI Teachers’ Pension Plan Payment Dates 2022
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 2022 are:
| Pension Month | PEI TPP Payment Dates |
|---|---|
| January | January 24, 2022 |
| February | February 22, 2022 |
| March | March 22, 2022 |
| April | April 22, 2022 |
| May | May 23, 2022 |
| June | June 22, 2022 |
| July | July 22, 2022 |
| August | August 22, 2022 |
| September | September 22, 2022 |
| October | October 24, 2022 |
| November | November 22, 2022 |
| December | December 22, 2022 |
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 2023 CPP contribution rate is 5.95% for both the employee and employer – for a total of 11.40%. QPP rates are 5.4% for employee for a total of 10.80%.
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 2023:
| Provinces | Contribution Rate (Up to YMPE) | Contribution Rate (Above to YMPE) |
|---|---|---|
| Alberta | 9.00% | 12.86% |
| British Columbia | 11.17% | 11.17% |
| Manitoba | 8.80% | 10.40% |
| New Brunswick | 10.00% | 11.70% |
| Newfoundland & Labrador | 11.35% | 11.35% |
| Nova Scotia | 11.30% | 12.90% |
| Ontario | 10.40% | 12.00% |
| Prince Edward Island | 8.30% | 10.00% |
| Quebec | 10.80% | 10.80% |
| Saskatchewan | 9.50% | 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 2022 is $64,900, a 5.4 percent increase from the 2021 YMPE of $61,600.
The table below shows the year’s maximum pensionable earnings (YMPE) for the last couple of years.
| Year | YMPE |
|---|---|
| 2022 | $64,900 |
| 2021 | $61,600 |
| 2020 | $58,700 |
| 2019 | $57,400 |
| 2018 | $55,900 |
| 2017 | $55,300 |
| 2016 | $54,900 |
| 2015 | $53,600 |
| 2014 | $52,500 |
| 2013 | $51,100 |
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.
