OMERS DICTIONARY
Bridge benefit [noun]: A temporary benefit that supplements your OMERS lifetime pension until age 65, when your Canada Pension Plan (CPP) benefits are expected to begin. The bridge benefit continues to be paid to age 65 even if you start your CPP pension before age 65.
Your OMERS defined benefit pension is designed to work in tandem with the CPP to help provide a total retirement income. If you retire before age 65, your OMERS pension may include the bridge benefit. The OMERS bridge benefit is based on your credited service and earnings reported to OMERS, whereas your CPP pension is based on how long you have worked and contributed to CPP. The two amounts are not linked and may be quite different. If you qualify for the OMERS bridge benefit, you will automatically receive a notice from us detailing this change to your pension before you turn 65.
How your bridge benefit is calculated:
0.675% x credited service (years) x lesser of “best five” earnings or $57,780
($57,780 is the current five-year average (2017-2021) of CPP earnings limit)
You can get a comprehensive view of your estimated retirement income using Retirement Planner. Keep reading to find out how.