What's New in 2024

(2024-2027 Strategic plan; French only)

In the coming years, Retraite Québec aims to strengthen its role as a leader in financial planning for retirement. To do so, Retraite Québec intends on stepping up its efforts to raise awareness and information in this field to help citizens improve their knowledge of the subject and take action.

Retraite Québec also aims to maintain the quality of its client services. It will continue offering integrated, simple and secure services to its clients, making sure to adapt the services to their expectations. Retraite Québec aims to enhance its digital services, including those accessible via My Account. To make things easier for its clients, it also aims to simplify its communications and make them easier to understand.

In order to carry out its mission, Retraite Québec relies on a dedicated and competent team. Therefore, Retraite Québec reiterates its goal of offering its employees a unique and rewarding experience that promotes their overall health and the development of their skills.

For more information on Retraite Québec's chosen direction, as well as the goals it has set to carry out its mission optimally, consult the Plan stratégique 2024-2027 (2024-2027 Strategic plan; French only).

Are you retired and do you receive a pension under the Québec Pension Plan (QPP) or a public-sector pension plan? You can use My Account to request, change, or cancel income tax deductions. It is simple and safe!

While you are using My Account, take the time to choose the digital option as your communication preference to not miss anything thanks to notifications.

On 15 April 2024, the Institute for Governance of Private and Public Organizations (IGOPP) will be holding a seminar on governance and investment strategies for pension funds under the theme "Quelles classes d'actifs choisir?" ("Which asset class should you choose?"; French only). Ms. Geneviève Pelletier, ASC, Director of the Direction de l'actuariat et du développement at Retraite Québec's Direction générale des régimes complémentaires de retraite, will hold a conference.

Would you like to watch the webcast? You will find all the details regarding the seminar on the IGOPP's website  (French only).

During the 2024–2025 Budget Speech, Québec's Minister of Finance, Mr. Eric Girard, announced that the government had the intention to amend the Québec Pension Plan (QPP) as of 1 January 2025. Therefore, the retirement pension of persons aged 65 and over who received a disability pension between ages 60 and 65 will no longer be reduced. 

The change being considered must first be specified in a bill. In the meantime, the rules of the QPP remain the same and beneficiaries of a retirement pension who already received a disability pension do not have any steps to take.

For more information, consult the 2024–2025 Budget  page, on the Ministère des Finances du Québec's website.

When presenting the 2024–2025 budget on 12 March, Mr. Eric Girard, Minister of Finance, announced changes to the eligibility requirements for the Supplement for Handicapped Children and the Supplement for Handicapped Children Requiring Exceptional Care.

The eligibility requirements for the Supplement for Handicapped Children regarding cases of physical impairments will be simpler for parents to understand. The eligibility requirements will also take into account the evolution of scientific and medical data.

In addition, from now on, parents who must support a child under the age of two with severe and multiple disabilities and who requires multiple complex medical care may receive Tier 1 of the Supplement for Handicapped Children Requiring Exceptional Care.

The new eligibility requirements will apply to applications sent as of 1 July 2024. If you believe that your child could meet the modified eligibility requirements for the Supplements, please file an application as of that date.

For more information on the changes made to the financial assistance programs for handicapped children, consult the Minister of Finance's budget . Our Web pages will be updated as soon as the announced changes are implemented, that is, by 1 July 2024, at the latest.

The draft Regulation to amend the Regulation respecting the exemption of certain categories of pension plans from the application of provisions of the Supplemental Pension Plans Act was published on 6 March 2024 in the Gazette officielle du Québec.

Its main purpose is to harmonize the provisions of the Regulation:

• regarding flexible pension plans, with the tax rules;
• regarding member-funded pension plans, with the provisions in force of the Supplemental Pension Plans Act and the Regulation respecting supplemental pension plans.

It also includes the following measures:

• raising the number of plan members and beneficiaries from 26 to 51 under which the employer may serve as pension committee, if the plan text so provides;
• providing for the exemption from the financial report audit for every plan whose market value of the assets is lower than $5 million, regardless of the number of plan members and beneficiaries.

Any person wishing to comment on the draft Regulation must do so in writing before 20 April 2024, to the address indicated in the notice of publication of the draft Regulation.

An English version of the draft Regulation is available on Les Publications du Québec – Gazette officielle's website.

The 2023 Annual Information Return for simplified pension plans (SIPPs) is now available.

The 2023 Annual Information Return for supplemental pension plans (SPPs) is now available in the SPP Portal. To find out about the main changes, consult the Information on the Annual Information Return section.

Is your family expanding? Newly arrived in Québec? Are you separating? Estimate the Family Allowance amount you could be entitled to with CalculAide. Retraite Québec redesigned this tool to make it more user-friendly. If you are experiencing one of these life events, you could use it to prepare yourself financially. The exact amount you receive will be calculated according to your family situation at the time of your application.

In 2023, the RREGOP (Government and Public Employees Retirement Plan) fund generated a return of 6.3%, and the PPMP (Pension Plan of Management Personnel) fund generated a return of 6.5%. For more information on fund returns of other pension plans, see our website.

The annual results published by the Caisse de dépôt et placement du Québec (CDPQ) indicate that in 2023, the Québec Pension Plan (QPP) funds generated a return of 7.2% for the base plan and 8.2% for the additional plan.

Consult the press release (French only)

Consult the Actuarial assumptions and methods section for Retraite Québec's most recent instructions applicable to the actuarial valuations of supplemental pension plans after 30 December 2023, but prior to 31 December 2024. The instructions particularly concern the maximum interest assumption.

The two following regulations (French only) were published in the Gazette officielle du Québec on 5 February 2024:

• Regulation respecting the funding of defined-benefit pension plans of the municipal and university sectors;
• Regulation to amend the Regulation respecting the exemption of certain pension plans from the application of provisions of the Supplemental Pension Plans Act.

They update and harmonize the rules applicable to pension plans of the municipal and university sectors, of emergency medical technicians, as well as of employees of early childhood centres (CPEs) and accredited private daycares in Québec.

The regulations were made with amendments and they come into force on 22 February 2024.

An English version of the regulations is available on Les Publications du Québec – Gazette officielle's website.

In order to better support parents who file an application for the supplements for handicapped children, Retraite Québec added explanations, examples and certain options with checkboxes on the forms. To ensure we are meeting your expectations, we consulted groups of parents who live with a handicapped child. The information obtained allowed us to better understand our clients' needs and identify the improvements to be made.

If you are between ages 60 and 65, your disability pension was changed in January to offer you better financial protection. Your retirement pension now replaces the portion of your disability pension that varies based on the employment earnings entered in your file. Since January, you have been receiving your retirement pension and a disability pension, the amount of which is identical for all beneficiaries. Both pensions are adjusted to the cost of living each year. For more information on the calculation of your disability pension, consult the page regarding the Disability pension under the Québec Pension Plan.

If you have not already done so, register now for the training activities offered by Retraite Québec in February 2024. The activities are offered in French only.