The Office of the Superintendent of Financial Institutions (OSFI) has approved the payout of pension surplus to eligible members. This includes pensioners, surviving spouses, deferred pensioners and employees.
Approximately $129 million, representing the surplus payout for 2021 and 2022, will be distributed to approximately 20,000 eligible members. Individual amounts will be based on a percentage of lifetime pension contributions.
Under OSFI regulations, the funds will be held for 40 days from this date, before payments are made. During this time, eligible members will have access to a personalized information package. This will contain information on the amount to be received, how it was calculated, your lifetime contribution amount and a series of frequently-asked-questions. We hope the package will also include the expected or approximate date for payment.
For eligible pensioners and surviving spouses, the package will be posted on the CBC Pension Administration Centre (PAC) web site.
- If you have provided an e-mail address to PAC, you will receive an e-mail notification when your package is available online.
- If you have not provided an email address, the package will be mailed to you. It is possible that you may not receive it before payment is made.
We encourage all pensioners and surviving spouses to provide PAC with a current email address if you have one and ensure that your home mailing address is up to date.
Funds will be distributed to eligible members in the same manner in which you receive your pension payments.
PNA staff will assist members with questions or comments, but we will not have details about individual payments.
If you have questions regarding the amount you will receive, we encourage you to call PAC:
- In North America: 1 888 604 9258
- Outside North America: +1 514 673 7669
If you have not received payment, contact the CBC Pension Payroll Department:
- In North America: 1 888 688 6038
- Outside North America: +1 613 288 6149
- By e-mail at pension@cbc.ca
The surplus payout does not include the surplus generated in 2023. We will provide additional information at a later date.