Overview of the Plan

​​​​​​Desjardins Group Pension, payable at age 65

    

At the normal retirement age of 65, your pension will be calculated as follows:
¹ The pension credit gives a percentage (1.3% or 1.5%) of average salary up to average maximum pensionable earnings (MPE5) 
(MPE5 is $56,440 in 2020) and 2% of average salary exceeding average MPE5.
² The DGPP pension payable cannot be greater than the maximum for tax purposes​.

Contribution rates

      

  • The employee’s contribution rate is 6.90% of the members’ salary up to 65% of the YMPE and 10.30% of the surplus.


Early retirement

      

  • Possible starting at age 55.
  • For years up to December 31, 2008, the actuarial adjustment varies by age and years of continuous service. No adjustment if you retire at age 57 or over and the sum of your age and years of continuous service adds up to 85.
  • For years after January 1, 2009, the adjustment is 4% per year for years missing between your age at retirement and age 62. 


Postponed retirement 

  • At the latest, the last day of the calendar year you reach age 71.


Normal pension characteristics

    
For the years up to December 29, 2012:

  • With a spouse upon your retirement: Life annuity, guaranteed 10 years, reduced to 60% and payable to spouse when retiree dies.
  • Without a spouse upon your retirement: Life annuity, guaranteed 15 years.

For the years as of December 30, 2012:

  • With or without a spouse upon your retirement: Life annuity, guaranteed 10 years.


Indexation

    
Upon retirement

For the years up to December 29, 2012:

  • Annual indexation as of January 1 following retirement, based on the CPI, up to a maximum of 3% per year.

For the years as of December 30, 2012:

  • Indexation as of January 1 from age 65, based on the CPI, up to a maximum of 1% over a fixed period of 10 full years (increase applied on a pro-rata basis on the first and last year of indexation).

Deferred annuity:
Annual indexation up to 55 years of age, according to 50% of the CPI up to a maximum of 2%. However, for service starting on December 30, 2012, a pro-rated amount will apply to first and last year of indexation.​


Termination

      

  • Deferred pension in the DGPP or value of the vested pension (transferable to a LIRA or another retirement plan if the employee is under age 55).


Death                           

     

  • Before retirement: Value of the vested pension.
  • After retirement: Depends on the features of the annuity chosen at retirement.