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CPP Problem
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Renate Roy, Financial Post · Thursday, Jul. 29, 2010
Re: Seniors losing out on benefits, Jonathan Chevreau, July 28
One more problem with the Canada Pension Plan is how survivor pensions are handled. When a person turns 65 and starts collecting CPP, and they also receive a survivor pension for a deceased spouse, the two pension amounts are combined into one payment. However, the combined amount cannot exceed the maximum CPP payment. In effect, if the new pensioner qualifies for the maximum CPP payment on their own, based on their years of service and contributions, then the survivor pension disappears completely. Also, if the deceased spouse took early retirement and had a company pension plan, that survivor pension will be reduced upon the deceased spouse's 65th birthday by the CPP integration amount, with the assumption that the difference will be paid out by CPP in the form of a survivor pension, which clearly does not happen. Considering that both spouses paid into the Canada Pension Plan their entire working lives, it is unfair that the survivor pension disappears partially or entirely upon retirement of the surviving spouse. This is just one more reason why so many pensioners find it difficult to make ends meet.
Renate Roy, Ajax, Ont.
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Re: Seniors losing out on benefits, Jonathan Chevreau, July 28
One more problem with the Canada Pension Plan is how survivor pensions are handled. When a person turns 65 and starts collecting CPP, and they also receive a survivor pension for a deceased spouse, the two pension amounts are combined into one payment. However, the combined amount cannot exceed the maximum CPP payment. In effect, if the new pensioner qualifies for the maximum CPP payment on their own, based on their years of service and contributions, then the survivor pension disappears completely. Also, if the deceased spouse took early retirement and had a company pension plan, that survivor pension will be reduced upon the deceased spouse's 65th birthday by the CPP integration amount, with the assumption that the difference will be paid out by CPP in the form of a survivor pension, which clearly does not happen. Considering that both spouses paid into the Canada Pension Plan their entire working lives, it is unfair that the survivor pension disappears partially or entirely upon retirement of the surviving spouse. This is just one more reason why so many pensioners find it difficult to make ends meet.
Renate Roy, Ajax, Ont.
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