Will My Pension Amount Change?
Your SFPP pension is paid to you for your lifetime. Your monthly pension will be consistent, with a few exceptions:
Cost-of-Living Adjustment (COLA)
SFPP provides you with Cost-of-Living-Adjustments (COLA) to partially offset inflation during your pension years. The adjustment amounts are based on year-over-year changes to the Alberta Consumer Price Index (CPI) and the period when you earned your pensionable service:
- Pre-2001 service: COLA is guaranteed at 60% of the increase in the Alberta CPI.
- Post-2000 service: Every year, SFPP determines whether COLA can be granted for post-2000 service based on the Plan's financial condition. COLA is usually granted at 30% of the increase in the Alberta CPI.
Details of the 2024 COLA are as follows:
- Retired members with service earned after 2001 will see that portion of their pension increase by 3.12%.
- Retired members with pre-2001 service will see that portion of their pension increase by 2.34%.
Cost-of-Living-Adjustments are automatically applied to your pension. If COLA is below zero, there is no adjustment, and your pension would not be reduced.
The amount of the increase will be shown on your Pensioner Annual Statement. Your statements are also posted to your secure area of this website on the Pensioner Statements page.
You can also find out more about these statements by reading the Pensioner Annual Statement page.
Retroactive Pay Adjustments
If you chose coordination when you started your pension, the coordination increase will be removed after you turn 65 and a permanent reduction will begin. To review your reduction amount at age 65, please see your Pensioner Annual Statement by logging in to this website.