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OMERS pensioners to receive an increase of 6.00% in 2023

November 17, 2022

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

CPI Index - 2020/21

CPI Index - 2021/22

% Change

November

137.7

144.2

4.72%

December

137.4

144.0

4.80%

January

138.2

145.3

5.14%

February

138.9

146.8

5.69%

March

139.6

148.9

6.66%

April

140.3

149.8

6.77%

May

141.0

151.9

7.73%

June

141.4

152.9

8.13%

July

142.3

153.1

7.59%

1-10 of 14 results

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, myOMERS, or mailed to members who prefer to receive their pension information by mail.

Don't have a myOMERS account?

Creating one is easy! All you need to get started is your 7-digit reference number from OMERS, the last three digits of your social insurance number and your date of birth.

There are many other self-serve tools available in myOMERS. For instance, you can:

  • View your pension information

  • Update your communication preferences

  • Choose to go paperless

  • Calculate buy-back purchases

  • Update your contact information

  • Manage your AVC account

  • Estimate your retirement income

  • Send a secure message to OMERS

  • Update or designate a beneficiary

  • Change your tax and/or banking information (retired members only)

  • Print your T4A tax slip (retired members only)

Log in to myOMERS today to take advantage of all it has to offer!

Shared Risk Indexing (SRI)

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.


Learn more about inflation protection, including how the excess adjustment will be applied to a future year, how your first inflation increase is calculated, and how inflation protection works for benefits earned on or before December 31, 2022 (up to a maximum increase of 6%) and for benefits earned on or after January 1, 2023 that are subject to SRI.