Retired Public Service employees and the Canada Savings Bonds Payroll Savings Program

How the Payroll Savings Program works

Your Canada Savings Bonds are safe, secure and fully backed by the Government of Canada. If, as a pensioner, you are continuing your Canada Savings Bonds deduction through the Payroll Savings Program, your bond purchases under your existing Canada Savings Bonds plan(s) are deducted automatically from each of your monthly pension payments. Your existing deduction amount will continue in subsequent years unless you request that it be amended or cancelled.

Here is an example of what you would accumulate, before interest, in just one year:

How to get your money if you need it

You may redeem all or part of your bonds at any time by phoning the Canada Savings Bonds Customer Service. (Note: Your most recent monthly bond purchase amount will be held for 15 days from the date it is received by the Bank of Canada. No interest paid, no partial redemptions allowed within the first three months of issue date.)

How to keep track of your bond purchases

You will receive statements listing the bonds you hold and the interest they have earned. You can also contact the Canada Savings Bonds Customer Service and get a status of your bond holdings.

And, as a special convenience for those who are purchasing Canada Savings Bonds as gifts, a special gift card is available. Gift cards can be requested online at www.csb.gc.ca.

How to adjust existing deduction amount

If you are on the Payroll Savings Program as a pensioner, you can adjust your Canada Savings Bonds deduction amount. You may request a decrease in your deduction amount at any time during the year, by writing to your pension office. If you wish to increase your deduction amount, you may only do so during the yearly campaign period (October 1 to October 31). Your request must be in writing and must be received by your pension office no later than October 31.

How to cancel existing deduction amount

If at any time you wish to cancel your existing deduction amount, you should submit a written request to your pension office. The pension office will take the necessary action to cancel the deduction. Cancelling the deduction does not cancel your Canada Savings Bonds plan(s). The plan(s) will remain in effect and continue to earn interest until you redeem the money. However, once you fully redeem your plan(s), you will not be able to restart a Canada Savings Bonds deduction.

Pension Office Address for pensions issued under the Public Service Superannuation Act (PSSA):

Public Works and Government Services Canada
Superannuation Directorate
P.O. Box 5010
Shediac, NB  E4P 9B4

For information on the Payroll Savings Program for retired Members of Parliament or retired employees of the Canadian Forces or the Royal Canadian Mounted Police, please contact one of the pension offices listed below.

For pensions issued under the Canadian Forces Superannuation Act (CFSA), and the Members of Parliament Retiring Allowance Act (MPRAA):

Public Works and Government Services Canada
Specialized Services Division
1451 Coldrey Avenue
Ottawa, ON  K1A 0S5

For pensions issued under the Royal Canadian Mounted Police Superannuation Act (RCMPSA):

RCMP Benefits Administration Centre
c/o Morneau Sobeco
1060 University Street, 9th Floor
Montreal, QC  H3B 4V3

For additional information, call Customer Service toll-free at 1-877-899-3599. Open Monday to Friday 8 a.m. to 8 p.m. Eastern Time or visit the web site at www.csb.gc.ca