After a lifetime of work, you’ve earned the right to feel confident that your pension will be there when you need it. But with so many headlines about markets, inflation, and government budgets, it’s understandable that retirees sometimes wonder, “How can I be sure my pension is doing okay?”
The good
news is that you don’t have to be a financial expert to keep track of
your pension’s health. A few simple habits can help you stay informed and
confident , without the stress of trying
to follow every market update.
Whether you’re receiving a workplace pension or are still contributing, your plan should send you an annual statement. This document tells you:
- Your accrued
benefits (what you’ve earned so far)
- Your estimated
retirement income
- The funding level
of the plan (how well its assets cover future obligations)
If your
plan is a defined-benefit pension, meaning you’re promised a set monthly amount
for life, the statement might include a
note about the plan’s funding ratio. A ratio of 100% or higher means the
plan is fully funded, which is excellent news. Many Canadian public and
corporate plans are now above that level.
If you’re
in a defined-contribution plan or RRSP, your statement shows how your
personal investments are performing. Look at the long-term trend rather than
short-term swings.
Most large pension plans, such as OMERS, the Teachers’ Pension Plan, HOOPP, and others , post quarterly or annual performance summaries on their websites. These are written for members, not investors, and they clearly outline how the plan is doing.
If you
belong to a smaller corporate or union pension plan, your human resources
department or plan administrator can direct you to official reports. Don’t
hesitate to ask for plain-language explanations , you’re entitled to understand your benefits.
For the CPP, you can check your personal statement of contributions and benefits through My Service Canada Account. It shows:
- How much you’ve
contributed each year
- The estimate of your
future monthly benefit
- Any gaps or corrections
needed
If you’re
already receiving CPP, you can review your monthly payment information and
ensure everything matches your records.
The CPP
Investment Board (CPPIB) also publishes detailed quarterly and annual results
on its website. These reports are transparent and easy to understand,
highlighting long-term sustainability , not just market headlines.
Social media and coffee-shop conversations can spread misinformation quickly. When you want reliable pension news, stick to:
- The Government of
Canada and Service Canada websites
- Official updates from
your pension plan or investment board
- Trusted financial
outlets like the Financial Post, Globe and Mail, or Benefits
and Pensions Monitor
If you see
a worrying claim online, look for a credible source that confirms it before
assuming it’s true.
Pensions are built for the long term , often 40 years or more. Markets will rise and fall, but strong plans are designed to weather those cycles. Checking once or twice a year is plenty; more frequent monitoring can create unnecessary anxiety.
By
understanding where your pension information comes from and what it really
means, you can focus on what matters most: enjoying retirement and feeling
secure about your future income.
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