The New Year will see Canada Pension Plan benefits tick upward – albeit not high enough to nix the Ontario Retirement Pension Plan – and Old Age Security benefits to hold fast for the first quarter of 2015.

Employment and Social Development Canada announced Monday that CPP benefits wouldincrease by 1.8 per cent next year for those already receiving them. New recipients will get a maximum retirement benefit of $1,065 per month.

OAS benefits, made up of the pension, Guaranteed Income Supplement and certain allowances, will be frozen for the first quarter of 2015. The standard OAS pension will be kept at $563.74 a month.

CPP benefits are reviewed annually and are adjusted in January, based off changes in the consumer price index. The OAS is looked at quarterly and similarly revised to reflect cost of living increases measured by the CPI.

The changes aren’t likely to ward off the Ontario Retirement Pension Plan, which the provincial Liberals introduced as a means of supplementing CPP benefits. Premier Kathleen Wynne told QP Briefing in a year-end interview her government wouldn’t be “interested in a plan that would do less than what the ORPP would do.”

The ORPP would require employers and employees to make matching 1.9 per cent contributions to the plan on the first $90,000 of earnings. Combined with the CPP, the pension plan is intended to double annual pension payments to approximately $25,000 a year.

Legislation to implement the plan by 2017 was introduced by the Liberals at the start of December. A consultation paper on the ORPP was released later in the month.

Seen: Ottawa sets CPP, OAS benefits for 2015

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