OMERS pensioners to receive an increase of 6.00% in 2023
For benefits earned on or before December 31, 2022, OMERS uses the average of the CPI for the 12-month period ending in October and compares it to the average for the same period in the previous year. The percentage increase determines the inflation adjustment for pensions up to a maximum increase of 6%. The formula for calculating the OMERS inflation adjustment is set out in the OMERS Plan text.
The 2023 inflation adjustment was calculated to be 6.51%, as illustrated in the tables below. As this exceeds the 6% maximum, pensions will increase in January 2023 by 6% and the 0.51% excess will be applied to a pension impacted by this maximum in a future year when the inflation adjustment (for benefits earned on or before December 31, 2022) is less than 6%, provided the impacted pension is still in pay.
OMERS inflation protection increases retirement, disability and survivor pensions. Members whose pensions began in 2022 (prior to December) will receive a pro-rated increase. Members whose pensions begin in December 2022 will be eligible to receive their first increase on January 1, 2024.
2023 OMERS Calculation
OMERS formula smooths out volatility and results in relatively more stable year-over-year inflation increases.
Pensioners are notified of their increase in late December through the Annual Statement of Pension provided to retired members and survivors, listing their inflation-adjusted pension amount for 2023. The statements are posted on the secure member portal, , or mailed to members who prefer to receive their pension information by mail.
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Print your T4A tax slip (retired members only)
The 2023 OMERS inflation adjustment increases retirement, disability and survivor pensions earned on or before December 31, 2022. SRI does not apply to the 2023 inflation adjustment.