2022 Cost-of-Living Adjustment
Effective January 1, 2022, pensions will be adjusted as follows:
- For pensionable service prior to 1993, pensions will increase by 1.56%, or 60% of the annual increase in the ACPI of 2.60%.
- For pensionable service after 1992, pensions will increase by 1.82%, or 70% of the annual increase in the ACPI.
If you sign into your MyPension account at the end of December, you will be able to see your personal pension amount and the COLA that was applied. If your pension became effective in 2021, a pro-rated portion of the increase will be applied. You can learn more about COLA on our new website.
An increase to your pension amount due to COLA may not always correspond to an increased pension payment, since tax rate changes are also applied in January, so be sure to look at your Pension Information Statement that you will receive in January. It will indicate what your monthly pension is before and after COLA is applied, as well as before and after tax.