Already retired
If you’re already retired
Important 2021 pension pay dates
Pension payments are made on the first business day of the month with the following exceptions for statutory holidays and weekends in 2021:- January 4
- May 3
- July 2
- August 3
What's on this page
- If you're already retired
Information about your pension payments
Updating your personal and banking information
If you have moved, updated your email, or changed your phone number, make sure you update your personal information through My Pension Resource or by calling the WISE Trust Pension Contact Centre.
If you’re opening a new bank account, let us know as soon as possible. Don’t close your old account until you see your pension has been deposited into your new account.
You can update your banking information by contacting us at the WISE Trust Pension Contact Centre or through My Pension Resource under “Profile.”
What about taxes?
By law, we must deduct taxes from your pension payment, just like your employer did when you were working. Deductions are based on basic federal and provincial income tax guidelines and the personal tax information you reported to us when you retired. We can vary the amount of tax deducted from your WISE Trust pension, if:
- You have additional tax credits, such as a spousal credit, age credit, or tuition credit
- You request that more tax be deducted
To make changes, complete Canada Revenue’s Personal Tax Credit forms and submit them to the WISE Trust Pension Contact Centre.
You can access your pay statements and T4As online through WorkforceNow.
Returning to work
If you’re rehired by a participating employer as a permanent employee after you begin receiving your pension, your payments will be suspended while you are a permanent employee, up to December 1 of the calendar year in which you reach age 71. When you retire again, your pension is recalculated using your additional service and salary.
If you are rehired by a participating employer as a temporary or contract employee after you begin receiving your pension, your pension will not be suspended.
What about other income sources?
Retirement means it’s time to enjoy the lifetime pension you’ve earned. In addition to your WISE Trust pension, you’ll collect a government pension and may also have personal retirement savings, such as a registered retirement savings plan or tax-free savings account. The Federal Government administers the Canada Pension Plan (CPP) and Old Age Security (OAS) retirement programs.
If you have questions related to CPP or OAS, you can learn more about them on the Government of Canada’s website for CPP and OAS.
Designating a Power of Attorney
Granting a power of attorney to someone you trust can help you manage your affairs in the event you are incapacitated. You don’t have to designate a power of attorney, and you can learn more by reviewing the Government of Canada’s resource page regarding powers of attorney. If you appoint a power of attorney, provide the WISE Trust Pension Contact Centre a complete copy of the Power of Attorney, making sure it shows all signatures and dates, and contact information for the Power of Attorney.
When you pass away
If you pass away after your pension has started, your survivor or the executor of your estate should notify the WISE Trust Pension Contact Centre immediately.
Go Paperless
Switch to online-only annual pension statements to access your information quickly. You’ll be helping the environment. Visit Communication Preferences under Profile on My Pension Resource to make this update.