Salary Indexation Award Archive

The Salary Indexation Award is a PSPP plan design feature that contributes to the growth of your average salary over the course of your career and serves to help offset the effects of inflation.

The Plan provides inflation protection by annually adjusting your past earnings when the funded status of the Plan is greater than 100%.

The target indexation award is the increase in average wages in Canada.

Employees must remain active to the end of the pension award year to receive the full award. Those who terminate before the end of a pension year will have their award pro-rated.


(April 1st)
Funded Status
per Valuation

Was Minimum Funded Status
of 100% Achieved

Pension Award Year1 Target Salary Indexation
that May Be Awarded
Actual Salary Indexation Awarded2
              Yes         No      
        2023             122.5%            X   Jan. - Dec./24             3.14%        3.14%
        2022             127.2%            X   Jan. - Dec./23             2.48%        2.48%
        2021             121.1%            X       Jan. - Dec./22             7.15%        7.15%
        2020             113.2%            X   Jan. - Dec./21             3.22%        3.22%
        2019             125.3%            X   Jan. - Dec./20             2.26%        2.26%
        2018             124.0%            X   Jan. - Dec./19             2.43%        2.43%
        2017             119.9%            X   Jan. - Dec./18             0.70%        0.70%
        2016             115.5%            X   Jan. - Dec./17             0.84%        0.84%

1. A member must remain active for the entire year to be awarded the full value of the "Actual Salary Indexation Awarded."
2. Indexation for Pension Award Years 2014, 2015, and 2016 was pegged at 1.5%. The 2017 Pension Award Year was the first year based on the plan's funded status.