The Canadian Institute of Actuaries (CIA) offered its insights on changes to the Québec Pension Plan (QPP) today, as part of the Government of Québec’s public consultation on the plan, which takes place every six years.
Drawing on its 2019 public statement entitled Retire Later for Greater Benefits: Updating today’s retirement programs for tomorrow’s retirement realities, the CIA is generally supportive of the proposed changes to the eligibility age as a means by which retirees can maximize their retirement income by deferring payment of these benefits. The CIA also supports other proposed measures, such as increasing the current limit to start receiving a QPP retirement pension to age 75, and the termination of contributions after the age of 65 for those that receive a pension.
“The Québec Pension Plan must adapt to the changes expected for the work of older people. The next generation of seniors will stop working much more gradually and later than age 65. We must encourage people to receive a higher pension at an older age to be better protected against investment, inflation and longevity risks,” says Michel St-Germain, FCIA and past president of the CIA, who led the CIA’s group of experts that presented at the public hearing.
