2025 Cost-of-Living Adjustment
Your monthly pension payment will not increase due to Cost-of-Living Adjustments (COLA, also referred to as indexing) in 2025.
COLA for the Members of the Legislative Assembly Pension Plan (MLA Plan) is linked to indexing for the Public Service Superannuation Plan (PSSP).
COLA for the PSSP is determined by the Funded Health Review (Review), conducted in accordance with the Public Service Superannuation Act’s (PSSA) funding policy. This policy mandates Public Service Superannuation Plan Trustee Inc. (Trustee) to conduct a comprehensive review of the Plan’s funded health every 5 years. The purpose of the Review is to determine the Plan’s capacity to afford COLA for the next five-year period and to review the adequacy of contribution rates.
The last Review was conducted in 2020 and was based on the Plan’s funded status at December 31, 2019, which was 98.5%. As stipulated by the PSSA’s funding policy, no COLA can be granted when the Plan’s funded status is below 100%. As a result, COLA was set at 0% for the current five-year period, January 1, 2021 – December 31, 2025.
The next Funded Health Review is taking place in 2025, where the PSSP’s ability to grant COLA will be determined based on the Plan’s funded status as at December 31, 2024. The outcome will determine if, and how much, COLA can be provided for the next five-year period, from January 1, 2026, to December 31, 2030.
If you would like more information on the PSSP’s COLA and the Funded Health Review, visit the PSSP website at: