Changes to CPP and OAS
Canadians planning their retirement need to be aware of changes to CPP and OAS instituted by the government in 2012, and continuing in future years.
CPP (Canadian Pension Plan)
Early use, lower benefits. Can elect to start to claim CPP at age 60 with catch. There is a 0.5% reduction in pension payment for each month before age 65 that you collect. Therefore someone who elects to claim at age 60 would receive a 30% reduction in their monthly CPP payment. This reduction rate will increase each year till 2016 where it will cap out at 0.6% reduction per month or a 36% reduction if start collecting at age 60.
Later use, higher monthly benefit. You can elect to defer collecting CPP till age 70 and you will receive an additional monthly pension credit of 0.5% for each month of the deferral. So someone who puts off receiving CPP till age 70 would receive a 30% bonus in their CPP calculation. The monthly bonus credit for 2013 and years thereafter caps out at 0.7% for each month of deferral for a maximum bonus of 42% at age 70.
OAS (Old Age Security)
New legislation and rules were introduced to change the date that Canadians can begin to collect OAS in June of 2012
Born before March 31, 1958, no change and you begin collecting at age 65.
Born February 1, 1962 and after, collect at age 67
Born Between these dates, sliding scale of when you can collect. See Chart.
Gail Vaz-Oxlade webinar – “Do you have retirement anxiety?”
Gail Vaz-Oxlade, host of the TV show “Til Debt Do Us Part”, hosts webinars through her partnership with Manulife. To listen to the recorded webinar “Do you have retirement anxiety?”, click here.
Manulife Plan Member Secure Website Tutorial Video
With this clear, concise video, you can learn to use Manulife’s Plan Member Secure Website to view your RRSP account, make changes to your investments or personal info, use tools and calculators to help plan your retirement, and many other helpful resources.
To go to the Manulife Plan Member Website, click here.
Coming Spring 2012 – New Manulife Plan Member Secure Website
Informative. Easy-to-use. Tailored just for you. This June, Manulife is introducing the redesigned group retirement plan member secure website. Click here to learn more about the exciting enhancements.
Getting there is simple…
Log in to your secure plan member website at www.manulife.ca/GRO. You’ll need your Customer Number and PIN. You’ll find your customer number on page 1 of your plan member statement. If you don’t have a PIN or have forgotten it, call 1-888-727-7766.
Look for your new plan member secure site – coming June 2012.
Manulife Investment Tools for Plan Members
Accessing Your Account
How do I access my account? Here are simple instructions for you to follow so you can log on to your OHHA Group RRSP account. The benefits to logging on to your account include:
- viewing your current account balance to see how it’s grown
- make investment and/or address changes
- make use of the Steps® Retirement Tools to help you plan for your retirement and make decisions about your investments in the plan
- access to other tools and information
- duplicate RRSP receipts
Step 1. Before you log on, you will require a PIN. To do this:
- Call the Member toll-free number 1-888-727-7766
- Have Customer Number ready. Can be obtained from Welcome letter for new members or on Member Statement for existing members
- Member follows prompts and will be directed to PIN setting system.
- The member can zero out at any time to speak to a customer service rep.
Step 2. Log on to your account via the Manulife secure website:
- Once PIN is obtained, go to http://groupsavings.manulife.com/groupretirement/CPOv2.nsf/Public/home
- Click on Plan Member Login on left
- Enter Customer Number and PIN. Check box to have browser remember Customer Number
- Accept Terms and Conditions and your in!
If you need any assistance, you can call the member toll-free line 1-888-727-7766 Monday to Friday until 8:00 p.m.
FINANCIAL PLANNING TIPS
Here you’ll find helpful information on how to effectively manage your personal finances from a renowned author and television host Gail Vaz-Oxlade. Take some time to read the articles on various topics related to personal finance, learn helpful money management tips, and view the educational webcasts.
INVESTMENT BASICS VIDEO
Link to Manulife’s Investment Basics Video.