No. The proposed plan changes would only affect pension payments initiated after the effective date, which would not be earlier than September 1, 2012.
Each fall, pensioners receive a letter that details the outcome of the post-retirement indexing process. In that letter, pensioners are reminded that pension payments are “guaranteed to never reduce” during their lifetime, and that “in accordance with the rules that govern the Queen’s plan, the monthly pension that you are currently receiving will continue without reduction.”
All existing pensioners will continue to benefit from the current rules governing the plan.
Posted in: The Pension Puzzle: Ask Bob!