OMERS pensioners to receive an increase of 2.74% in 2022
OMERS uses the average of the CPI for the 12-month period ending in October and compares it to the average for the same period the previous year. The percentage increase determines the increase for pensions. OMERS method of calculating the annual inflation increase is consistent with the method used by the Canada Pension Plan (CPP), except OMERS rounds to two decimal places, while CPP rounds to one decimal place.
The 2022 OMERS annual inflation increase was calculated as 2.74% using the average of the CPI for the 12-month period ending in October 2021 compared with the average of the CPI for the 12-month period ending in October 2020, illustrated in the chart below.
Learn more about inflation protection, including how your first inflation increase is calculated, how indexing works for benefits earned on or before December 31, 2022 (up to a maximum increase of 6%) and for benefits earned on or after January 1, 2023 that are subject to Shared Risk Indexing.
2022 OMERS Calculation
CPI Index - 2019/20
CPI Index - 2020/21
% Change
November
136.4
137.7
0.95%
December
136.4
137.4
0.73%
January
136.8
138.2
1.02%
February
137.4
138.9
1.09%
March
136.6
139.6
2.20%
April
135.7
140.3
3.39%
May
136.1
141.0
3.60%
June
137.2
141.4
3.06%
July
137.2
142.3
3.72%
OMERS formula smooths out any volatility and results in relatively more stable year-over-year inflation increases.
Pensioners are notified of this increase in late December through the Annual Statement of Pension provided to retired members and survivors, listing their inflation-adjusted pension amount for 2022. The statements are posted on the secure member portal, myOMERS, or mailed to members who prefer to receive their pension information by mail.
Pensioners who would like to access their Annual Statement of Pension as soon as it is available can create a myOMERS account. Registering for a myOMERS account is easy and provides safe and secure access to pension information 24/7. In their account, members can easily change their address, phone number, email address and access important pension documents – all online!