# Pension. News. As you know, your pension is integrated with the. What s behind your CPP reduction?

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2 2 Pension News Winter 2011 What s behind your CPP reduction? Continued from page 1 The equation is fairly simple. 1. We determine your CPP reduction at the time of your retirement by using the following formula: CPP reduction factor applicable for the year you turn 65 YMPE (Year s X CPP credit X Maximum Pensionable Earnings) average = or best-five salary CPP reduction (.0045) (years of service in the Teachers plan during which you also contributed to the CPP) (five-year average YMPE based on when you last contributed to the Teachers plan or your best-five average salary, whichever is lower) 2. We then adjust the CPP reduction for inflation. Let s look at an example: Sylvia is a retired teacher who receives an annual pension of \$46,000. She turns 65 in Sylvia has 30 years of credit and started a pension of \$40,000 at age 57. The five-year average YMPE (\$38,460) based on when she last worked as a teacher (2003) is less than the average of her best-five average salary.* Step 1: What is Sylvia s CPP reduction in dollars at the time of her retirement? CPP factor CPP credit (years) YMPE average (\$) CPP reduction (\$).0045 x 30 x \$38,460 = \$5,192 And so, when Sylvia turns 65 and begins receiving her CPP pension, her Teachers pension will be reduced by \$5,971. Step 2: What is the CPP reduction, adjusted for inflation, when she turns 65? A. What percentage of her original pension does the reduction represent? CPP reduction (\$) Original pension (\$) CPP reduction (%) \$5,192 \$40,000 = 12.98% B. What is the CPP reduction applied to Sylvia s current pension? CPP reduction (%) Current pension (\$) Pension reduction at age 65 (\$) 12.98% x \$46,000 = \$5,971 *example assumes no further pension reductions after retirement such as a survivor benefit for a new spouse The CPP reduction factor is determined by the OTF and Ontario government, the plan s partners. The most recent change occurred in 2001, when it was reduced to.0045.

5 Pension News Winter Why 50 per cent income splitting isn t necessarily optimal In 2007, the government announced a tax break that allows Canadian residents to allocate up to 50 per cent of their pension income to their spouse for tax purposes. For most pensioners, this practice makes sense when one spouse earns significantly more than the other. What is the most favourable split for these couples? The answer is not necessarily 50 per cent. The following examples illustrate the importance of doing multiple calculations to determine the optimal amount of pension income to split with your spouse. Each example shows family tax savings that result from splitting: the maximum 50 per cent of eligible income; the amount required to equalize your income and your spouse s income; and the optimal amount required to maximize tax savings. Our examples cover couples under age 65, even though a Teachers pension can be split at any age. Couple 1 Member: \$50,000 Teachers pension, no other income Spouse: no income Pension splitting Amount Approximate tax savings* Maximum 50% split \$25,000 \$1,592 Split to equalize income \$25,000 \$1,592 Optimal split \$14,260 \$2,098 Couple 2 Member: \$45,000 Teachers pension, no other income Spouse: \$12,000 employer pension, no other income Pension splitting Amount Approximate tax savings* Maximum 50% split \$22,500 \$514 Split to equalize income \$16,500 \$364 Optimal split \$9,000 \$604 Couple 3 DON T FORGET: Any portion of your pension paid from the Retirement Compensation Agreement (RCA) is not eligible for income splitting purposes. Member: \$35,000 Teachers pension, no other income Spouse: \$20,000 employer pension, no other income Pension splitting Amount Approximate tax savings* Maximum 50% split \$17,500 -\$64 Split to equalize income \$7,500 -\$300 Optimal split \$0 \$0 * For the purposes of this example, we have calculated the optimal split for you. To determine your own optimal split will take trial-and-error calculations and/or tax software.

6 6 Pension News Winter 2011 Your chance to vote for a new Pension News It s a brand new year and the times they are a-changing. We want to make Pension News clearer, more appealing and more relevant than ever before. And so, we present three different Pension News designs. We ve tweaked a colour here and a font there. And we re leaving it up to you to let us know which one you prefer. Visit our website at or write to us to cast your vote. You ll see the winning style in a future issue of Pension News. VOTE ONLINE Go to VOTE BY MAIL Ontario Teachers Pension Plan c/o Member Services Communications Department 5650 Yonge Street Toronto, Ontario M2M 4H5 OPTION 1 OPTION 2 OPTION 3 Not an iaccess Web draw winner? Contest continues throughout s big winners Congratulations to the following five winners of our demographic information contest: Sandra Lynn M. Linda M. Joan R. Diana S. Thomas O. Mississauga Balderson Lucan Algonquin Highlands North York These pensioners are the lucky recipients of a \$100 gift card. They went online to iaccess Web, the secure member website, and made a change to their demographic information. You could be a winner in 2011 Want the chance to put a \$100 shop! gift card from Cadillac Fairview in your pocket? Just go online and make a demographic update to your iaccess Web profile by March 31, One entry per person. One winner will be determined by random draw and contacted by telephone.

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