Pension Estimator
Use this calculator to estimate the pension income you could receive from OPTrust Select if you joined the plan today and retired at age 65.
This calculator is intended only for individuals who are not members of OPTrust Select and who may wish to join in the future.
If you have already joined OPTrust Select and want an estimate of your future pension, please contact OPTrust. This estimator will not produce accurate estimates for you as it will not include the pension you have already earned.
- Enter your age, salary and work ratio into the calculator and it will estimate your OPTrust Select lifetime pension every year from age 65 to 95.
- Customize your estimate by using the drop-down menus to predict various increases to your salary and/or inflation.
- Add in any past service with your current employer that you may be eligible to purchase or "buy back".
Your estimates may be printed or saved for future reference.
The lifetime pension is the sum of the pension earned in all calendar years that a member contributes to OPTrust Select. See the section below for the formula used to calculate the pension.
Your estimated OPTrust Select pension is based on:
- The pension formula and other provisions of OPTrust Select,
- The information you enter into the calculator, and
- The estimated increases you select.
The formula for calculating the amount of pension earned for each year of membership in OPTrust Select is:
0.6% x salary x pension service
Salary is the regular pay you would earn if you worked full time for one calendar year (not including overtime or bonuses).
Pension service is employment service for which pension contributions are made, based on the hours you work or your ‘work ratio’. Your work ratio is the percentage of hours you work compared to the standard full-time hours for your position. If you work full-time your work ratio is 100%. If the standard full-time hours for your position is 40 hours per week and you work 30 hours per week, your work ratio is 30/40 or 75%.
OPTrust Select was designed to work together with your personal savings and your Canada Pension Plan (CPP) and Old Age Security (OAS) payments to give you a secure source of retirement income. OPTrust Select pensions are based on a modest contribution rate that is intended to be affordable based on research about the nonprofit sector. The corresponding benefit will also be modest and is designed to play an important role in your retirement security by providing a stable and secure benefit that is intended to maintain its purchasing power. And once you retire, your OPTrust Select pension is paid – for life. Please note that the pension estimate generated using the online pension estimator only includes your OPTrust Select pension and not CPP or OAS.
Important information about inflation adjustments
Your OPTrust Select pension may be adjusted for inflation on an annual basis while you are working and after you retire. These adjustments help to protect your pension against inflation and are known as “upgrades before retirement” and “cost of living adjustments”.
Upgrades before retirement - while you are working and contributing to OPTrust Select, the pension you have earned in prior years may be increased each year by 0 to 100% of the lesser of the increase in the Average Industrial Wage or the increase in the Consumer Price Index.
Cost of living adjustments (COLAs) – after you retire, your pension may be increased each year by 0 to 100% of the increase in the Consumer Price Index.
Upgrades before retirement and COLAs are not guaranteed and are granted on an annual basis at the discretion of the Board based on the funded status of the Plan and other factors.
Terms of Use
Before using the calculator, you must read and accept the Terms of Use.
- The calculator is designed to provide an estimate of the amount of a future pension payable from OPTrust Select based on information and assumptions about future events which have been entered into the calculator and which may or may not actually take place.
- The calculator allows you to enter and change certain assumptions in order to generate estimates of your future retirement pension under various assumptions you make about your future.
- The data you enter into the calculator and the results generated by it are not reviewed or verified by OPTrust or your employer, nor are they saved by or sent to OPTrust.
- The estimates provided by the calculator do not convey any actual entitlement to benefits and are not binding on OPTrust. Entitlement to pension benefits is based on a member’s actual membership and employment information on file at OPTrust and the terms of the OPSEU Pension Plan.
- In the event of any conflict between an estimate and the terms of the OPSEU Pension Plan or applicable legislation, the Plan terms or legislation will prevail.