News

Federal tax changes affect some retirees' net pension payments

April 08, 2009

As of April 1, 2009, many OMERS pensioners have seen a slight increase in their net pension payment. This is due to a recent change in federal income tax limits.

The 2009 federal budget included a number of tax measures for individuals, such as a higher basic personal exemption and more taxable income under a lower tax rate. OMERS must build these changes into our withholding rules when paying pensions. As a result, some OMERS retirees have seen an increase in the net pension payment starting this month.

Many retirees had made arrangements with OMERS in the past to withhold extra tax from their pensions. These arrangements do not change.

But if you would like to have additional tax withheld from your OMERS pension (as a result of the new tax change or otherwise), you will need to complete a Form 108 – Changing information (retired member/survivor) (34 KB)

On the Form 108, please specify the amount of additional tax you would like withheld.

  • Indicate on the Form 108 if OMERS is already withholding additional tax, and give the new additional amount to be withheld.

If you have any questions, please contact OMERS Client Services.