What's New in 2023

The draft Regulation to amend the Regulation respecting supplemental pension plans was published on 27 December 2023 in the Gazette officielle du Québec.

It provides for:

• the removal of the maximum related to payment of variable benefits for persons aged 55 or over, as of 1 July 2024;
• new calculation rules of temporary and life income related to payment of variable benefits for persons under age 55, as of 1 January 2025.

Any person wishing to comment on the draft Regulation must do so in writing, before 10 February 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 .

When the Regulation will be made or approved, it will be published again in the Gazette officielle du Québec. It will then confirm the applicable rules and the dates of coming into force.

The draft Regulation to amend the Regulation respecting supplemental pension plans  was published on 27 December 2023 in the Gazette officielle du Québec.

It mainly provides for:

• the removal of the upper limit related to withdrawals of life income funds (LIFs) for persons aged 55 or over, as of 1 July 2024;
• new calculation rules of temporary and life income related to LIFs for persons under age 55, as of 1 January 2025.

Any person wishing to comment on the draft Regulation must do so in writing, before 10 February 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 .

When the Regulation will be made or approved, it will be published again in the Gazette officielle du Québec. It will then confirm the applicable rules and the dates of coming into force.

Access My Account to sign up for direct deposit. The steps to take are simple and safe. From your personalized space, you can also change your banking information.

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.

Access My Account to consult your 2023 Your Pension Statement of Benefits. It's simple, fast and safe.

This Statement, produced annually, shows the breakdown of the calculation of the latest indexation of your pension and provides information on its evolution. The information will help you plan your budget.

Take the time to choose the digital option as your communication preference to not miss anything thanks to notifications.

Do you want to help improve Retraite Québec's services? Sign up to volunteer for our consultations.

The consultations will allow us to better understand your expectations or to test an improved service. They can take different forms, such as discussion groups, surveys or individual interviews. Most are conducted online. Therefore, no matter where you live in Québec, you can participate. Please note that the consultations are held in French only.

Several consultations are planned for the coming year. For each one, we are looking for persons who match specific profiles. We will contact the persons selected when the time comes to provide the necessary details.

Thanks to your precious collaboration, you will help us greatly to enhance the client experience at Retraite Québec.

Sign up by completing this form (French only).

The draw for the I am planning my future! contest was held last Friday at Retraite Québec's offices. The winner is Mr. Jean-Philippe Aubé.

Jean-Philippe won a prize worth $5000, which includes:

• a consultation with a financial planner (value of $2500), where he will receive a personalized plan to help him realize his projects;
• an amount of $2500 to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA) further to the consultation.

Carried out in partnership with the Institut québécois de planification financière (IQPF), the aim of the contest was to raise young workers' awareness of certain financial concepts and encourage them to take the first step towards saving. When a person develops good financial habits early on, financial planning, including retirement planning, will be that much smoother throughout his or her life.

Retraite Québec and the IQPF are proud to encourage and and support young workers in realizing their plans for the future.

Congratulations to our winner!

Use LIF Quick Calc to calculate how much can be withdrawn from a life income fund (LIF) in 2024 based on the reference rate of 6%.

Did you file an application regarding the Québec Pension Plan, Family Allowance or a public-sector pension plan (RREGOP, PPMP, etc.)? Save time and use My Account to send the documents required to process your application.

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.

Every year, the pensions under the Québec Pension Plan are indexed based on the average Consumer Price Index (CPI) calculated by Statistics Canada, as provided for by law.

In January 2024, based on the cost of living, your pensions will increase by 4.4%.

Thanks to the annual indexation, retirement pensions, surviving spouses' pensions, disability pensions, pensions for a disabled contributor's child and orphans' pensions are protected against the inflation risk. As a reminder, a person must have contributed sufficiently to the Plan to be eligible for benefits or to grant eligibility for benefits to his or her family. Consult our 2024 tables for more information on the annual amounts of the benefits.

As of next January, Family Allowance, the Supplement for the Purchase of School Supplies and the Supplement for Handicapped Children will increase by 5.08%. This increase allows for a readjustment of the benefits with the cost of living for 2024. Consult our 2024 tables for more information on the annual amounts of the benefits.

By December, your 2022 Statement of Participation in a public-sector pension plan (RREGOP, PPMP, etc.) will be uploaded to My Account.

This Statement, produced annually, contains valuable information that will help you financially plan your retirement.

Consult your Statement in My Account: it's simple, fast and safe!

Pension plan administrators have until 30 November 2023 to take advantage of Revenu Québec's relief measures regarding the remittance of unclaimed financial assets, including amounts payable under a supplemental pension plan.

For more information on finding untraceable persons and on the remittance of unclaimed property to Revenu Québec, consult our Obligations of the plan administrator with respect to untraceable members and beneficiaries section.

The Canadian Association of Pension Supervisory Authorities (CAPSA), including Retraite Québec, produced a document entitled Commentary Guide for the Agreement Respecting Multi-jurisdictional Pension Plans , which contains the text of each provision of the Agreement, as well as explanatory notes and examples. You can consult it now!

Retraite Québec publishes a RREGOP actuarial valuation update as at 31 December 2022 (French only).

Beneficiaries of a public-sector pension plan who will receive a lump sum related to the enhancement of the pension credits have all been directly informed by Retraite Québec.

To be entitled to the lump sum, beneficiaries must have contributed to a supplemental pension plan before 1973 and have then transferred the plan's funds to the Commission administrative des régimes de retraite et d'assurances (CARRA).

The SPP Portal is now available every day from 7:30 a.m. to midnight.

If you are a client of the Laurentian Bank, we wish to confirm that payments of your pensions or benefits in your bank account were made. For more information, please consult the Laurentian Bank's website .

The annual campaign on financial planning for retirement has begun. This year, Retraite Québec is addressing both young workers and persons nearing retirement. The message is the same: save early, make informed choices and plan for your next big project or for retirement.

In addition to advertisements on television, on the radio and online, Retraite Québec is organizing a contest in partnership with the Institut québécois de planification financière (IQPF) for workers aged 18 to 34. By answering three questions on financial planning for retirement, they can win a consultation with a financial planning specialist (worth $2500) and a prize of $2500 to invest for their future.

Keep an eye on this two-part campaign, which runs until 5 November 2023!

For more information:

• For a retirement without compromise! (for the general public)
• Plan your future! (for young workers)

Pursuant to the Act to modernize legislative provisions as regards the protection of personal information , Retraite Québec has been applying its Politique de confidentialité  (Privacy policy; French only) and its Politique sur la gestion de la sécurité de l'information, de l'accès à l'information et de la protection des renseignements personnels (SIAIPRP)  (Policy regarding information security, access to information and protection of personal information; French only.) since 22 September 2023.

The privacy policy mainly aims to inform citizens who use Retraite Québec's website of the guidelines regarding:

• the personal information collected by Retraite Québec and the purposes for which it is collected;
• the technological means by which personal information is collected;
• the measures that may be taken to refuse or stop the collection of personal information;
• the right to avail oneself of the complaints process regarding the protection of personal information;
• the contact information for any questions relating to the policy.

For more information, consult the Security and Privacy Policy  web page.

Register now for Retraite Québec's February 2024 training activities.

The Canadian Association of Pension Supervisory Authorities (CAPSA) is hosting a virtual information session, in English, on 6 September 2023 concerning a draft of the CAPSA Pension Plan Risk Management Guideline. The documents are available in French and English on the CAPSA website.

To sign up and access the documents, consult the CAPSA website .

The Legislative and regulatory amendments section was updated to reflect the changes made by the Act amending mainly certain Acts establishing public-sector pension plans (S.Q. 2023, c. 6), assented to on 6 April 2023. This Act concerns all public-sector pension plans administered by Retraite Québec.

The main changes made concern the revaluation (enhancement) of pension credits in the following situations:

• after the transfer of supplemental pension plans (SPPs) or the transfer of an agreement to the Government and Public Employees Retirement Plan (RREGOP), the Pension Plan of Management Personnel (PPMP), the Retirement Plan for Senior Officials (RPSO) or the Pension Plan of Certain Teachers (PPCT);
• after a buy-back made prior to membership in RREGOP, the PPMP or the RPSO. Do not contact Retraite Québec. All those concerned by the buy-back credit will be informed by mail in 2024 only.

Actuaries must now use the most recent version of the Actuarial Information Summary. This form was updated by the Canada Revenue Agency. Several changes have been made, including Part V – Information required by Retraite Québec. In that section, the changes made consist of:

• the addition of line 188.2 regarding the amounts recorded under section 42.2 of the Supplemental Pension Plans Act;
• the addition of lines 199.2 to 199.4 regarding the stabilization provision;
• the renumbering of lines 188 and 199 as lines 188.1 and 199.1 respectively.

You will receive the Supplement for the Purchase of School Supplies for each child aged 4 to 16 as at 30 September. For the 2023-2024 school year, the financial assistance of $115 per child will be paid to you in July 2023, at the same time as your Family Allowance.

The 2022 List of Baby Names has been unveiled. Emma and Noah have kept their first place for a second year in a row.

Whether you need inspiration or are simply curious about trending given names in Québec, consult the list.

Are you receiving Family Allowance? Consult your secured space in My Account now to see the amounts that will be paid from July 2023 to June 2024.

Please note that you will receive your next Family Allowance payment on Tuesday, 4 July, due to financial institutions being closed on Monday, 3 July. If you have a child aged 4 to 16 as at September 30th, we will pay you the Supplement for the Purchase of School Supplies at the same time.

While you consult My Account, take the time to choose the 100% digital option as your communication preference. Thanks to notifications, you will automatically know when a new document is available. It's practical and reassuring!

Retraite Québec has published the 2023 edition of A Glimpse of the PPEMO, which is a newsletter intended for members and beneficiaries of the Pension Plan of Elected Municipal Officers (PPEMO). The newsletter shows the return for the PPEMO fund in 2022, provides information on the plan and presents the main advantages and latest information regarding the My Account online service.

Retraite Québec has published its Rapport annuel de gestion 2022 ( 2022  Annual management report; French only). The report covers Retraite Québec's results regarding the objectives of its Plan stratégique 2020-2023 (2020-2023 Strategic plan; French only), Plan d'action de développement durable 2022 (2022 Sustainable development action plan; French only) as well as its Service Statement.

The report also presents Retraite Québec's financial statements, as well as those of the Québec Pension Plan and public-sector pension plans (RREGOP, PPMP, etc.).

Retraite Québec publishes The PPMP at a Glance for members and beneficiaries under the Pension Plan for Management Personnel (PPMP). The May 2023 issue presents the highlights of the actuarial valuation of the PPMP as at 31 December 2022 and the returns from the members' fund in 2022. It includes an article addressing the return to work of retired members under the PPMP related to the end of the easing measures and the threshold for the calculation of the pension paid. It also presents the main new features of the My Account digital service with Retraite Québec.

The 2020 Agreement is amended by the addition of the governments of Manitoba and Newfoundland and Labrador and will come into effect on 1 July 2023. All governments in Canada that have adopted a law regarding pension plans have signed it. This Agreement applies to all the pension plans that are under the jurisdiction of any of the governments in Canada and that have members and beneficiaries who are subject to the law of more than one of those governments.

Retraite Québec has published its plan d'action 2023 à l'égard des personnes handicapées (2023 Action plan for people with disabilities; French only). The purpose of the plan is to foster the social participation of people with disabilities, both for Retraite Québec's employees and clients. This year, 20 commitments have been taken by our different sectors, including seven that are new. The document also includes a record of the actions carried out in 2022, which shows good results, because most indicators have been met.

The SPP Portal: accessible to a wider clientele

In order to pursue the optimization of its digital offer, Retraite Québec is integrating simplified pension plans (SIPPs) in the SPP Portal. The SPP Portal is now accessible to persons representing financial institutions that administer SIPPs, as well as to the collaborators they have authorized.

Using the SPP Portal is a simple and secure way to communicate with our organization.

Sending Excel documents in the SPP Portal

Persons who have access to the SPP Portal can now send Excel documents in XLSX format, in addition to PDF documents. In both cases, the document size must be less than 25 MB.

In order to pursue the optimization of its digital offer, Retraite Québec is integrating locked-in retirement accounts (LIRAs) and life income funds (LIFs) in the SPP Portal. The SPP Portal is now accessible to LIRA and LIF contact persons and other authorized persons.

Using the SPP Portal is a simple and secure way to communicate with our organization.

Consult our latest version of the Partition of benefits section for administrators of supplemental pension plans.

You will find:

• the rules for the partition of benefits of the plan member following the breakdown of his or her union
• the formulas to calculate the benefits accrued during the marriage or civil union.

Professionals who would like to have more information on the rules for partition, particularly actuaries, may also consult the section.

An error has slipped in section 77 of the draft Regulation respecting the funding of defined-benefit pension plans of the municipal and university sectors published on 5 April 2023 in the Gazette officielle du Québec. The section should have been written as follows:

77. Despite paragraph 1 of section 138 of the Act, the amortization period of a technical actuarial deficiency that begins at a date after 30 December 2023 and prior to 1 January 2029 expires no later than 31 December 2038 or, if the provisions of Division VII related to the deferment of contributions apply, 31 December 2039.

The two following draft Regulations (French only) were published in the Gazette officielle du Québec on 5 April 2023:

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

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

Any person interested in commenting on either of these draft Regulations must do so in writing to the address indicated on the notice of publication before 20 May 2023.

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

Are you receiving a pension under a public-sector pension plan (RREGOP, PPMP, etc.)? You can now safely consult the breakdown of your monthly payments in My Account. You can see your payments from January 2023 to date. This information will be updated and be made available every month. It replaces the Statement of Deposits that was produced once a year.

In My Account, you can also find your annual Statement of Benefits entitled Your pension, as well as income tax slips under your public-sector pension plan and the Québec Pension Plan.

While you are in My Account, take the time to choose the 100% digital option as your communication preference and you will not miss anything thanks to notifications.

Are you receiving Family Allowance? To ensure you receive your payments on time, you and your spouse must file your Québec income tax return by 30 April at the latest, even if you have no income to declare. If you do not, your Family Allowance payments will be suspended.

Each year in July, Retraite Québec recalculates the amount to which you are entitled based on the income you declared for the previous year and, if applicable, on your spouse's income.

Québec's Minister of Finance, Mr. Éric Girard, announced amendments to the Québec Pension Plan (QPP) in his 2023-2024 Budget Speech. The amendments will come into force on 1 January 2024.

For more information, consult the 2023-2024 Budget page , on the Ministère des Finances du Québec's website.

In March, Retraite Québec will be leading a promotional campaign called A pension plan provided by your employer is reassuring. The purpose of the campaign is to raise awareness among Québec workers on the importance of becoming a member of and contributing to a workplace pension plan to take full advantage of this means of savings for their retirement. The purpose of the campaign is also to inform people of the options available when they do not have the option of becoming a member of such a pension plan.

For more information, consult our workplace pension plans section.

The 2022 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.

The 2022 Annual Information Return for simplified pension plans (SIPPs) is now available.

In 2022, the RREGOP (Government and Public Employees Retirement Plan) fund generated a return of - 7,6%, and the PPMP (Pension Plan of Management Personnel) fund generated a return of - 7,9%. 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 2022, the Québec Pension Plan (QPP) funds generated a return of -3.9% for the base plan and -5.7% 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 2022. The instructions concern the maximum interest assumption and the mortality assumption. The statistics subsection has also been updated.

Are you receiving a pension under the Québec Pension Plan (QPP) or a public-sector pension plan? Note that you can now consult your income tax slips in My Account. You can download and print them easily.

If you did not choose the 100% digital option, the documents will also be mailed to you.

Did you know that the 100% digital option allows you not to miss anything thanks to notifications? Take the opportunity to choose this method of communication in My Account.

If you have not already done so, register now for the training activities offered by Retraite Québec in February 2023. The activities are offered in French only.