2023 Cost-of-living Adjustments
Each January, a cost-of-living adjustment (COLA) is applied to your pension. COLA is a percentage of the annual increase in the Alberta Consumer Price Index that changes every year. This year’s adjustments reflect the rise in inflation over the last year.
Your pension offers inflation protection in the form of COLA. For this year, effective January 1, 2023, pensions will be adjusted as follows:
- Pensionable service prior to 1993 will receive an increase of 3.72% or 60% of the annual increase in the Alberta Consumer Price Index (ACPI) of 6.2%.
- Pensionable service after 1992, pension will increase by 4.34% or 70% of the annual increase in the ACPI.
For more information about how COLA is calculated, please visit our COLA page.
Tax rate changes also take effect in January and therefore it is not guaranteed that your net pension deposit amount will increase. You will want to review your Pension Information Statement in January or log in to your MyPension account as early as the end of December to review it. Your statement will indicate what your monthly pension is before and after COLA is applied, as well as before and after taxes.