Starting January, 1, 2016, your OMERS pension will increase by 1.16%. This increase reflects 100% of the change in the cost of living, as measured by the Canadian Consumer Price Index (CPI). Your Annual Statement of Pension shows your updated pension amount for 2016.
OMERS uses the monthly average of the CPI for a 12-month period ending in October, and compares it to the monthly average for the same period the previous year. The percentage difference determines the increase for pensions.
OMERS method of calculating the annual inflation increase is consistent with the method used by the Canada Pension Plan (CPP). OMERS rounds to two decimal places, while CPP rounds to one decimal place.
If your pension started between January 2015 and November 2015, inclusive, your 2015 increase is pro-rated. If your pension started in December 2015, you will not get an increase in 2016, but you will get the full increase in 2017.
2015 T4 slips
By the end of February, you can view and print your tax slip directly from your myOMERS account. OMERS will also mail your 2015 pension tax slip to your home by the end of February.