Pension contributions
You contribute a percentage of your earnings to help build a secure financial future through your WISE Trust pension. Your contributions are based on a set formula.
In this section
Here is what you need to know
- Both you and your employer make contributions
- Your contributions come off your bi-weekly pay and are deducted from your base salary
- Your contributions are tax-deductible
- Your contributions are based on a set formula
Member contributions
As of July 1, 2020, member contribution rates gradually increase by 0.6 per cent of pensionable earnings per year until the funding for the Plan reaches a 50/50 employer-member cost-sharing ratio. Here is what that will look like:
The year’s maximum pensionable earnings (YMPE) is a number set by the government. For 2021, this is $61,600.
If you continue to be an employee past age 65 and have begun receiving a pension from CPP, you will contribute at (B)% of your pensionable earnings.
Contribution formula
(B)
per cent of pensionable earnings above the YMPE
Pension contributions example
Cindy’s pensionable earnings are $80,000. Here is how much she would roughly contribute in a year, based on the contribution rate effective July 1, 2021:
Employer contributions
Your employer also makes contributions. For more information on employer contributions, see how your WISE Trust pension is funded.
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Your pension is in good hands
Learn how WISE Trust is governed and managed on your behalf.