Inflation Protection After Retirement

Retired members and beneficiaries are eligible to receive an annual cost-of-living adjustment (COLA) to their monthly benefit each January.

There are two levels of COLA, which are based on the period during which the pension benefit was earned. Benefits earned up to June 30, 2015 receive guaranteed COLA and benefits earned after that date are eligible for conditional COLA, as shown in the chart below.

*Inflation is determined as the percentage increase in the Consumer Price Index for Canada for the 12 months ending on the previous October 31.

The level of conditional COLA for any year depends on the financial status of the Plan, as determined by actuarial funding valuations, and approval by the STF Executive on the recommendations of the STF Pension and Benefits Board of Directors. Conditional COLA is also subject to federal and provincial pension legislation.

On the first January following your date of retirement, your COLA will be pro-rated based on your retirement date. For example, if your retirement date was in July, you received pension payments for half of a year, so your pension will be increased by half of the COLA.

2024 Cost-of-Living Adjustment

As of January 2024, the following COLAs have been applied:

If you started receiving your pension during the 2022 calendar year, the above increase has been pro-rated.