Infographic: Canada Pension Plan turns 50!

Description

1966: Inception of the Plan: Canadians start contributing to the CPP

1974: Introduction of Indexation: Benefits are increased annually with the cost-of-living to protect their value

1975: Survivor benefits are made equally available to men and women

1976: Canadians start receiving full CPP retirement pensions following the 10-year phase-in

1987: Flexible Retirement Introduced: Canadians can now take a reduced pension as early as age 60, and gain an increased pension for deferring up to age 70

1998: Sustainability Reforms: Major reform of the CPP to restore the Plan to a sustainable footing. Includes the creation of the CPP Investment Board to manage funds not required to pay immediate benefits

2000: Same-sex common law partners are recognized

2002: The online Canadian Retirement Income Calculator is introduced to help Canadians plan for retirement

2012: PRB Introduced: the Post-Retirement Benefit is created, allowing working CPP beneficiaries under 70 to increase their retirement income by continuing to participate in the Plan

2013: The CPP reaches plan maturity. All new CPP beneficiaries will now have been covered by the Plan for their entire working lives

2015: The new, improved Canadian Retirement Income Calculator is introduced, making it even easier for Canadians to plan for retirement

2015: Online Application: Most CPP contributors can now complete all steps of a CPP application online

2016: Canada’s Finance Ministers agree to strengthen the CPP for future generations and legislation is passed to enact the agreement