The retirement pension under the Québec Pension Plan
You must have contributed to the Québec Pension Plan (QPP) to receive a retirement pension.
Your retirement pension is calculated based on the employment earnings you have earned since you turned 18. Your pension also varies depending on the age at which you start receiving it.
Under the
QPP, the normal retirement age is 65. At that age, you will receive 100% of the expected amounts each month.
If you apply for your pension
after age 65, you will receive a
higher pension for life. The later you apply for your pension, the higher the amount will be. Your pension amount will reach its maximum when you turn 72, which means that it will stop increasing after that age, even if you apply for your pension after you turn 72.
If you apply for your pension
between ages 60 and 65, you will receive a
lower pension for life.
The age at which you apply for your pension is an important decision that could have a great financial impact. Think about it: you could receive your pension for over 30 years! You could run out of money when you are at an advanced age if you receive a lower pension for life.
You can
cancel your Application for a Retirement Pension within six months after the first payment. After that time period, you can no longer change your decision. Therefore, it is very important to think about it carefully.
Since 2019, the
QPP has been composed of the base plan and the
additional plan. Persons that have been working since the implementation of the additional plan pay additional contributions. The contributions will allow them to receive a higher retirement pension.
What you need to know