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Relationships begin and end. Children grow up. Careers start and stop. As you go about the ups and downs of life, it is important to make sure things like spousal and beneficiary information, Wills, and Powers of Attorney, are up to date.

As a rule of thumb, try to review this information annually, around your birthday or when you receive your annual pension statement in June, for example. By doing this, you ensure your information is current which is an important part of your family’s future well-being.

Your spousal and beneficiary information are a vital part of survivor benefits. Survivor benefits can help protect your loved ones financially when you pass away. The type and amount of survivor benefits provided under the Plan on whether you have an eligible spouse and/or eligible children and whether you have started receiving a pension when you pass away. You should name a beneficiary, a person, organization, or your estate, to receive survivor benefits, if any.

It is easy to update your spousal and beneficiary information for your pension through these easy steps:

  1. Register or log in to My Pension Resource
  2. Select “Profile” and then click on “Beneficiaries”
  3. Confirm that the beneficiaries listed are correct
  4. If you need to make updates, complete the Spousal Declaration and Beneficiary Designation , and mail it to the WISE Trust Pension Contact Centre.

Life changes quickly. That’s why it’s so important to keep this personal information up to date, especially if your family or relationship status looks different now than it did a few years ago. Five minutes today can save your family time and worry in the future.

At WISE Trust, we know that financial literacy is a vital component of everyday life because managing your daily finances and making secure investments in your future are both closely related. We understand that navigating financial decisions can be complicated, which is why we are committed to helping you understand your pension and strengthen your financial planning skills.

Why financial literacy is important

As the financial marketplace grows increasingly complex, it is crucial that Canadians have the knowledge, skills, and confidence to make informed decisions about the financial products and services that best meet their needs. Understanding the basics about money is as essential today as basic literacy.

Three goals for you this month

To start on the right track this month, consider making these three goals for yourself:

  1. Build your knowledge. Read up on various financial topics. Whether its spending 15 minutes reading an online blog, scrolling through our website, or attending one of the events we have on at WISE Trust, every little bit counts.
  2. Let your goals be your guide. Setting financial goals and tracking your progress will drive you to learn and persevere. For example, if you are someone thinking of retiring, model your retirement income with the tool on My Pension Resource, to get a full picture of what your pension and other personal savings look like for your retirement income.
  3. Get familiar with your financial situation. Track your spending by making a budget and make sure you understand key personal financial documents including your pay stubs, investment statements, annual pension statements, loans, Wills, and Powers of Attorney.

Resources for you

  • Register for an education session hosted by WISE Trust, or one of our partner sessions with CPA Canada and the Ontario Securities Commission.
  • Check out the Government of Canada’s financial literacy month page that includes helpful resources and initiatives.
  • Find out how financially savvy you are compared to your fellow Canadians by taking an 8-minute quiz.

Resources for your family

Enjoy learning!

There are more benefits than just a healthy planet when you switch to paperless communications.

Choosing to receive your communications online allows you to get the information you want in a matter of minutes, skipping the process of snail mail.

Paperless communications also adds a layer of protection to your privacy. You reduce the risk of your mail ending up in the hands of someone other than you.

And of course, the environmental benefits are significant because when paper is not needed, you help cut down on deforestation and pollution, leaving more trees to do the dirty work of absorbing carbon dioxide.

Here’s how you can make the change in just a few minutes:

  1. Login to My Pension Resource – or register if you haven’t already!
  2. Click on Profile > Communication Preferences
  3. Change your election to “I elect and consent to receive all pension related materials electronically via the Message Centre”

Be WISE with the way you receive your communications.

On July 1, 2021, pension contribution rates will increase by 0.6 per cent of your pensionable earnings.

Learn more about how you contribute and the contribution formula.

When will this be reflected on my pay?

Your contributions are deducted directly from your bi-weekly pay. Depending on what WISE Trust participating employer you work for, you’ll see the contribution increase on the following pay date:
WISE Trust Participating Employer Pay
Workplace Safety and Insurance Board (WSIB) July 29, 2021
Infrastructure Health and Safety Association (IHSA) July 29, 2021
Public Services Health and Safety Association (PSHSA) July 29, 2021
Workplace Safety and Prevention Services (WSPS) July 15, 2021
Workplace Safety North (WSN) July 15, 2021
Workplace Insurance and Safety Employee Trust (WISE Trust) July 29, 2021

Why is this happening?

Since July 1, 2020, member contribution rates have gradually increased by 0.6 per cent of pensionable earnings per year and will do so until the funding for the Plan reaches a 50/50 employer-member cost-sharing ratio. By doing this together, we help maintain a sustainable pension plan!

Learn more about how your WISE Trust pension is funded.

Got a minute to learn more about your pension?

Pension definitions

The estimated amount of money needed today to be invested to pay the future benefits you have under the Plan. The actuarial present value is based on assumptions such as interest rates, inflation, mortality, and salary escalation.
The YMPE in each year in the averaging period used to determine your best average earnings for calculation of your pension benefit at termination or retirement. Here is how we determined the 2021 average YMPE for a member who is retiring on January 1, 2022:
YMPE Earnings
2021 YMPE $61,600
2020 YMPE $58,700
2019 YMPE $57,400
2018 YMPE $55,900
2017 YMPE $55,300
Subtotal $288,900
Divide by five $57,780
You can name any person, organization, or your estate as your beneficiary to receive survivor benefits in the event that you do not have an eligible spouse, or spousal benefits have been waived, or you do not have eligible children at the time of your passing. To make an update to your beneficiary information, log in to My Pension Resource and complete the Spousal Declaration and Beneficiary Designation form.

The annual average of your pensionable earnings for the highest 60 consecutive months of service during the last 120 months of pensionable service before your retirement or termination from the Plan. If you worked less than 60 months, your best average earnings will be based on your average earnings as a member of the Plan.

A temporary benefit provided to employees who retire prior to the age when unreduced CPP benefits begin. It is paid when you retire from your participating employer before age 65 (even if you collect an early CPP pension). The bridge benefit is payable until the earlier of age 65 or your passing.

Learn more about the bridge benefit.


The CPP is a contributory, earnings-related social insurance program that is paid by the federal government. It provides a measure of income to contributors and their families upon retirement, disability, and death. For further details, contact Service Canada.

The CRA is the federal regulatory agency that administers the Income Tax Act.

The lump-sum value of your earned pension. The commuted value changes based on factors such as age, life expectancy, inflation and interest rates.

An inflation measure computed by Statistics Canada that calculates the change in prices of a fixed set of commodities purchased by Canadians each month. If the combined cost of these goods goes up, inflation increases. The CPI is used to calculate annual cost-of-living increases for pension benefits, also referred to as “indexing”.

This is the pension benefit earned up to the date of termination of employment, which is calculated at the time of termination of employment but payable at a later date. Learn more about this onleaving your employer.

A pension plan that defines the ultimate pension benefit to be provided in accordance with a formula, usually based on years of service and earnings. WISE Trust is a defined benefit pension plan.

Learn more on the advantages of a defined benefit pension plan.

Retirement before you reach age 65, in which you may receive a reduced pension or an unreduced pension.

Learn more about this on the retirement page.


An eligible child includes your natural, adopted, or step child in respect of whom you are acting in the role of a parent and who is:

  • under age 18; or
  • 18 or older but less than 25 and attending full-time, continuous education; or
  • 18 or older and suffers from a physical or mental disability that has prevented them from earning a living since reaching 18 or since your death, whichever occurred most recently.

Eligible spouse means, on the relevant date, either of two persons who are

  • married to each other; or
  • not married to each other but are living together in a conjugal relationship, either:
    • continuously for a period of not less than three years; or
    • in a relationship of some permanence, if they are the parents of a child, as set out in Section 4 of the Children’s Law Reform Act pursuant to subsection 1 (1) of the Pensions Benefit Act.

On termination of employment, the Plan compares 50 per cent of the commuted value of the member’s deferred pension to the total of their contributions plus interest. If the member’s contributions plus interest equal more than 50 per cent of the commuted value of the pension, then that member is entitled to a refund of the difference, called excess contributions.

An independent regulatory agency, an objective of which is to improve consumer and pension plan beneficiary protections in Ontario.

Learn more about them on FSRA’s website.

The Policy, which is approved by the WSIB and the OCEU as Sponsors of the Plan, provides a framework for the financial management of the pension benefits earned under the Plan and the corresponding assets of the trust fund that secure those pension benefits.

A federally legislated act with underlying regulations that outline, among other things, the maximum limits for registered pension plans. The Income Tax Act allows employees and employers to deduct pension contributions from their respective income for tax purposes and sets standards for the benefits a pension plan can provide. It is regulated by CRA.

A method in which pension benefits are adjusted to take into account changes in the cost of living.

A pension plan in which decision making and funding of the benefits is shared jointly by both employees and the participating employer. It’s a pension plan where there is a partnership in the governance of the plan.

The lifetime pension is the amount paid to you for the rest of your life once you retire, inclusive of any further indexation. This amount does not include the bridge benefit, which is paid on top of the lifetime pension up to age 65. Once you reach age 65, the bridge benefit ends and you continue to receive the lifetime pension.

A legislative requirement stipulating that vested entitlements under a pension plan must be used to provide pension payments at retirement and are not available as immediate cash.

A tax-sheltered retirement savings arrangement in which the funds are subject to locking in under pension legislation. Funds in a locked-in retirement savings arrangement cannot be withdrawn prior to the age of 55 and the payment of retirement income from the arrangement must begin no later than the end of the year in which you reach age 71. Examples include annuities, locked-in retirement accounts, life income funds, and other registered pension plans that will accept the commuted value of a deferred pension.

Learn more about this on leaving your employer.


A type of RRSP available to maintain funds that are locked-in as required by pension legislation. These funds must be used to purchase a life annuity or be transferred to a life income fund no later than the end of the year in which you reach age 71.

An employee of a participating employer who is contributing to the Plan or has contributions made on their behalf. Member also includes a former employee of a participating employer who made contributions to the Plan and has either terminated employment or terminated membership in the Plan and (i) retains the right to a deferred pension payable from the Plan or (ii) is receiving a pension payable from the Plan.

This includes the period commencing on the date an employee becomes a member of the Plan until the date the employee terminates the employment that relates to the Plan or terminates membership in the Plan. Any period during which a member was absent from work on a leave of absence, as well as any period of pensionable service transferred into the plan or purchased subject to the Plan’s terms will be included in the calculation of the member’s period of membership. Membership will not be broken for the sole reason that an employee ceased employment with one participating employer and immediately began employment with another participating employer.

An online self-service site for members to log in to view their personal pension details, estimate their pension, request a quote to purchase pensionable service, download forms, tip sheets, the guidebook, and more.

Login to My Pension Resource.

Normal retirement age under the Plan is age 65. The normal retirement age does not compel retirement at age 65, but rather sets the age when unreduced pensions are paid regardless of the years of pensionable service you have under the Plan.

The Workplace Safety and Insurance Board (WSIB), Infrastructure Health and Safety Association (IHSA), Public Services Health and Safety Association (PSHSA), Workplace Safety and Prevention Services (WSPS), Workplace Safety North (WSN), and the Trustees of the Workplace Safety and Insurance Board Pension Plan Fund (WISE Trust).

The deemed value of additional pension benefits purchased for service in previous years. The CRA generally must approve the PSPA before the purchase of additional benefits can be completed and before the purchase can be included in any benefit calculation.

The CRA’s deemed value of the lifetime benefit a member earns during a calendar year under a pension plan, and it affects the member’s RRSP contribution room for the following year.

The pension adjustment is the annual pension amount earned by the member during the year, multiplied by nine, and then the prescribed amount of $600 is subtracted.

The pension adjustment is reported on your T4 tax slip, and your available RRSP contribution room for the following year is reduced by the pension adjustment amount.

Provincial legislation enforced by FSRA, which regulates pension plans in Ontario and determines minimum standards for eligibility, funding, and benefits for Ontario-registered pension plans.

Learn more about the legislation: Pension Benefits Act (PBA).

The basic amount of remuneration actually received for the position held by you, as a member of the Plan, and includes:
  • the amount of benefits that you are in receipt of under the Workplace Safety & Insurance Act (WSIA) for loss of earnings and any amount supplemented by the WSIB up to the maximum of your regular earnings
  • non-bargaining unit lump-sum merit awards
  • earnings if you are receiving long-term disability benefits

Pensionable earnings do not include:
  • overtime pay
  • irregular-hour premiums
  • performance bonuses
  • job differential pay
  • second-language bonuses
  • pay in lieu of vacation or Management Compensation Option
  • any payment in lieu of a benefit provided by your participating employer

Represents the total years, months and days of service during which you or your employer have contributed to the Plan on your behalf. Subject to the Plan’s terms, it includes any pensionable service you have purchased, transferred in, or service during which you were receiving short-term or long-term disability benefits or while you were in receipt of benefits from a claim filed under the WSIA.

If you are a part-time employee, your pensionable service is calculated as a proportion of the pensionable service that an equivalent full-time employee in the same employment category would accrue. Learn more under pensionable service.


A pension that starts before age 65 and is subject to a reduction for starting your pension early. The reduction for starting your pension early means the pension is reduced by three per cent for each year (and any fraction thereof) your retirement falls before the date you would have qualified for your earliest unreduced pension.

Learn more about this on collecting your pension.

This is a savings arrangement available from most financial institutions that accumulates contributions and investment earnings on a tax-sheltered basis.

The annual statement of earnings and deductions provided to employees and to the CRA by the employer.

The annual statement of pension earnings and deductions provided to retirees and to the CRA by WISE Trust.

An unreduced pension is a pension that is not subject to an age reduction. You may receive an unreduced or lesser reduced pension at age 65 or, earlier provided you have qualified under the early retirement provisions of the factor 85 or 60/20 rule.

Learn more about this on collecting your pension.

A term used in the CPP that refers to the earnings on which CPP and Quebec Pension Plan contributions and benefits are calculated. The YMPE is re-calculated each year according to a formula based on average wage levels. The YMPE is published annually by the CRA.

The WISE Trust Pension Contact Centre will be closed on Thursday, July 1, 2021 for Canada Day. You can leave us a message and we will return it the next business day. You can also send us a secure message through the message centre on My Pension Resource.

We hope you have a safe and happy Canada Day!

Your 2020 annual pension statement is a snapshot of your pension as of December 31, 2020 from the WSIB Employees’ Pension Plan (the Plan). Your statement includes your personal and pension related information.

Here are some of the frequently asked questions and the answers to them:

Active Members

Where can I get a pension estimate?

Run your own pension estimate, anywhere at any time, through the estimate my pension benefit feature on My Pension Resource. You can select a specific retirement date, age, or a quick date (i.e. unreduced retirement date) and can compare up to three scenarios.

Why is the pension amount on my annual pension statement different from the amount on the online pension calculator?

Your annual pension statement only shows the pension benefit you have earned as of December 31, 2020. The estimate my pension benefit feature on My Pension Resource projects your estimated pension into the future up to the retirement date that you select.

How do I change my pension beneficiary or update my eligible spouse information?

You must complete the Spousal Declaration and Beneficiary Designation Form and send it to the WISE Trust Pension Contact Centre. Find the form on My Pension Resource under My Pension > Forms.

Do the plan contributions shown on my statement include the employer contributions?

No, only your contributions are shown on your statement. As a defined benefit pension plan, employer contributions are based on estimates of what future pension benefits will cost for all pension plan members. These estimates are determined by the actuarial valuation and based on a number of assumptions, for example, what future salaries will be, when members retire, and the investment return the pension fund will earn. Learn more about how your WISE Trust pension is funded.

Why didn’t my Plan Membership Date change when I purchased my period of service as a temporary employee?

The date you became a member of the Plan doesn’t change. The period of service that you purchased is included in your total years of pensionable service.

Does my statement show my purchased and/or transferred-in service?

Your statement shows purchased and transferred-in service that was processed by December 31, 2020. If you have purchased and/or transferred-in service but the process was completed in 2021, it will show on next year’s statement.

I am a part-time employee, how do you calculate my pensionable service and earnings?

Your pension is prorated based on the pensionable service that an equivalent full-time employee would earn. Your annualized earnings are equal to what you would have earned if you worked on a full-time basis for the whole year.

Retirees and Survivors

How do I update my address or contact information?

Update your address and contact information by logging on to My Pension Resource and selecting Profile › Personal Information.

How can I go paperless?

Visit Communication Preferences under Profile on My Pension Resource to make this update.

How do I register for My Pension Resource?

Visit our contact us page for a step-by-step on how to register!

Deferred Members

Where can I get a pension estimate with different retirement dates?

You can run your own pension estimate, anywhere at any time, through the estimate my pension benefit feature on My Pension Resource. You can select a specific retirement date, age, or a quick date (i.e. unreduced retirement date) and can compare up to three scenarios.

How do I start receiving my pension?

You can begin receiving your pension as soon as your earliest retirement date shown on your statement under Your Personal Information section!

Initiate your retirement by contacting the WISE Trust Pension Contact Centre or online through My Pension Resource.

Learn more about collecting your pension.

There’s an old saying that the best time to plant a tree was 20 years ago, and the second-best time is today. The same goes for planning for your retirement – sooner is always better.

As a member the Plan, you are a part of a defined benefit pension plan and your contributions are deducted from your bi-weekly pay. However, there is still more that you can do to not only save, but prepare, for retirement.

You should regularly take stock of your personal savings and update a financial plan, or create one if you don’t have one. You should also consider creating or updating your Will with a professional.

Learn more about the advantages of a defined benefit pension plan.