2023-11-14 18:36:56
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I am 66 years old and I want to delay my QPP pension as long as possible. I have reduced my working hours, and my income is lower than in recent years. According to the Régie’s calculation, I will not increase my average income. Am I contributing for nothing?
— Rémi Caron
Changes have been made to the Quebec Pension Plan (QPP) in order to support people wishing to remain in the job market following reaching the age of 65. So from 1is January 2024, workers aged 65 and over who are already receiving their retirement pension will be able to decide to stop contributing to the QPP (employer contributions will also stop).
Calculations must then be made, because continued contributions add a long-term supplement to the pension. Currently, employee contributions paid following the start of payment of the annuity entitle the employee to the supplement of 0.66% of the earnings contributed the previous year.
In addition, the low work earnings obtained from the age of 65 will no longer be able to lower the average earnings used in the calculation of the retirement annuity, we can read on the Retraite Québec website.
Please also note that from 1is January of each year, workers who reached age 72 during the previous year will automatically stop contributing to the QPP. This age was previously 70 years old. A person applying for their pension at age 72 — the maximum age — would thus obtain a higher benefit than the one they would have received at age 70.
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