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Pension Improvement Calculator
Use this calculator to estimate your increase in Life-time Pension that you will receive at age 65, with Bank's announced improvements.
Instructions and Notes:
- Enter your year of departure, years of service and average salary in the boxes above. None of your information will be stored or accessed by anyone else.
- If you do not remember your average salary:
- but know that it was higher than the average YMPE for the year you departed(from table below), enter $40,000 or more in the average salary box.
- but think it was less than the average YMPE for
the year you departed (see table below), enter an estimate of your average
salary. You can obtain your actual average salary by contacting Mercer at 1-888-588-6111.
- Click "Enter" to see your estimated pension increase at age 65.
- This is an estimate only. The actual amount to be provided by Mercer later this year may differ slightly because of differences in the adjustment for indexation and the actual date of departure.
- The formula for the increase in your life-time pension at age 65 is:
- 0.002 x your years of service after 1965 x your
average salary for your last (or best) 5 years to a maximum of the average
YMPE at the time you left the Bank x Indexation Factor.
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Pension Improvement Calculator ~ Data Table |
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Year Departed
|
YMPE 1
Annual |
YMPE
5yr Ave
(A) |
Indexation Factor 3
(B) |
Maximum Increase for each year of service
(C = A x B X 0.002) |
Maximum Annual Increase
(D = C x yrs. service after 1965 to
max. of 35) |
CPI 2 |
|
1966 |
5,000 |
5,000 |
4.7327 |
47 |
47 |
20.4 |
|
1967 |
5,000 |
5,000 |
4.7327 |
47 |
95 |
21.1 |
|
1968 |
5,100 |
5,033 |
4.7327 |
48 |
143 |
22.0 |
|
1969 |
5,200 |
5,075 |
4.7327 |
48 |
192 |
22.9 |
|
1970 |
5,300 |
5,120 |
4.7327 |
48 |
242 |
23.9 |
|
1971 |
5,400 |
5,200 |
4.6399 |
48 |
290 |
24.4 |
|
1972 |
5,500 |
5,300 |
4.5490 |
48 |
338 |
25.4 |
|
1973 |
5,600 |
5,400 |
4.4598 |
48 |
385 |
26.1 |
|
1974 |
6,600 |
5,680 |
4.1423 |
47 |
424 |
28.1 |
|
1975 |
7,400 |
6,100 |
3.7428 |
46 |
457 |
31.1 |
|
1976 |
8,300 |
6,680 |
3.3739 |
45 |
496 |
34.5 |
|
1977 |
9,300 |
7,440 |
3.1375 |
47 |
560 |
37.1 |
|
1978 |
10,400 |
8,400 |
2.9100 |
49 |
636 |
40.0 |
|
1979 |
11,700 |
9,420 |
2.6697 |
50 |
704 |
43.6 |
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1980 |
13,100 |
10,560 |
2.4454 |
52 |
775 |
47.6 |
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1981 |
14,700 |
11,840 |
2.2214 |
53 |
842 |
52.4 |
|
1982 |
16,500 |
13,280 |
1.9762 |
52 |
892 |
58.9 |
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1983 |
18,500 |
14,900 |
1.7825 |
53 |
956 |
65.3 |
|
1984 |
20,800 |
16,720 |
1.6845 |
56 |
1,070 |
69.1 |
|
1985 |
23,400 |
18,780 |
1.6122 |
61 |
1,211 |
72.2 |
|
1986 |
25,800 |
21,000 |
1.5520 |
65 |
1,369 |
75.0 |
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1987 |
25,900 |
22,880 |
1.4904 |
68 |
1,500 |
78.1 |
|
1988 |
26,500 |
24,480 |
1.4282 |
70 |
1,608 |
81.5 |
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1989 |
27,700 |
25,860 |
1.3726 |
71 |
1,704 |
84.8 |
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1990 |
28,900 |
26,960 |
1.3079 |
71 |
1,763 |
89.0 |
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1991 |
30,500 |
27,900 |
1.2476 |
70 |
1,810 |
93.3 |
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1992 |
32,200 |
29,160 |
1.1817 |
69 |
1,861 |
98.5 |
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1993 |
33,400 |
30,540 |
1.1640 |
71 |
1,991 |
100.0 |
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1994 |
34,400 |
31,880 |
1.1434 |
73 |
2,114 |
101.8 |
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1995 |
34,900 |
33,080 |
1.1412 |
76 |
2,265 |
102.0 |
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1996 |
35,400 |
34,060 |
1.1171 |
76 |
2,359 |
104.2 |
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1997 |
35,800 |
34,780 |
1.0992 |
76 |
2,447 |
105.9 |
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1998 |
36,900 |
35,480 |
1.0818 |
77 |
2,533 |
107.6 |
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1999 |
37,400 |
36,080 |
1.0718 |
77 |
2,630 |
108.6 |
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2000 |
37,600 |
36,620 |
1.0534 |
77 |
2,700 |
110.5 |
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2001 |
38,300 |
37,200 |
1.0256 |
76 |
2,671 |
113.5 |
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2002 |
39,100 |
37,860 |
1.0000 |
76 |
2,650 |
116.4 |
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Note: |
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1 |
YMPE data from the CPP Benefit Rates 2001, Table 3, p4
http://www.hrdc-drhc.gc.ca/isp/studies/trends/cpprates/cpprates2001.pdf |
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2 |
CPI data from Statistics Canada, CANSIM II ~ average monthly data from
prior 12 months ~ 1992 base year,
http://www.statcan.ca/english/Pgdb/Economy/Economic/econ46.htm |
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3 |
Indexation of Bank pensions began in 1970 and was capped at 2%/year until 1973, when full indexation began. |
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