Indexing rate: Royal Canadian Mounted Police pension plan
The indexing rate for 2024 is 4.8%.
The indexing (pension increase) of Royal Canadian Mounted Police pension plan benefits is governed by the Royal Canadian Mounted Police Superannuation Act (RCMPSA) and the Supplementary Retirement Benefits Act (SRBA).
Pension increases for retired members and their survivors are calculated each year using Consumer Price Index (CPI) data published by Statistics Canada. In accordance with the SRBA, the increase is based on a comparison of the CPI average for the 12-month period ending September 30 to the same period in the previous year. The rates for the last 3 months of the year will be included in next year’s calculation.
The calculation of the increase is payable from January 2024.
| 2021-2022 Month/Year | 2021 to 2022 Consumer Price Indextable 1 note 1 % | 2022 to 2023 Month/Year | 2022 to 2023 Consumer Price Indextable 1 note 1 % |
|---|---|---|---|
| October 2021 | 143.9 | October 2022 | 153.8 |
| November 2021 | 144.2 | November 2022 | 154.0 |
| December 2021 | 144.0 | December 2022 | 153.1 |
| January 2022 | 145.3 | January 2023 | 153.9 |
| February 2022 | 146.8 | February 2023 | 154.5 |
| March 2022 | 148.9 | March 2023 | 155.3 |
| April 2022 | 149.8 | April 2023 | 156.4 |
| May 2022 | 151.9 | May 2023 | 157.0 |
| June 2022 | 152.9 | June 2023 | 157.2 |
| July 2022 | 153.1 | July 2023 | 158.1 |
| August 2022 | 152.6 | August 2023 | 158.7 |
| September 2022 | 152.7 | September 2023 | 158.5 |
| Total | 1,786.1 | Total | 1,870.5 |
| Monthly average for 2021-2022 | 148.8 | Monthly average for 2022-2023 | 155.9 |
Table 1 Notes
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The pension increase (indexing rate) for 2024 is the percentage increase in the monthly average CPI. This is calculated by subtracting the monthly average for the first period (October 2021 to September 2022) from the average for the second period (October 2022 to September 2023), then dividing this amount by the monthly average for the first period and finally multiplying it by 100, as follows:
- 155.9 − 148.8 = 7.1
- (7.1 ÷ 148.8) × 100 = 4.8% (indexing rate for 2023)