Turning 65

If you received a future-economic-loss benefit, it was because your injury or illness happened between January 2, 1990 and December 31, 1997. The WSIB made contributions to your loss-of-retirement-income fund equal to 10 per cent of every future-economic-loss payment.

If you received a loss-of-earnings benefit, it was because your injury or illness happened after January 1, 1998. The WSIB made contributions to your loss-of-retirement-income fund equal to five per cent of each loss-of-earnings payment beginning in the 13th month after first receiving the loss-of-earnings benefit. You also had the option to voluntarily contribute five per cent of every subsequent loss-of-earnings payment toward your loss-of-retirement-income fund.

We place this money in an investment fund for your retirement. At age 65, you are entitled to the amounts contributed and the investment income earned.

There is no loss-of-retirement-income benefit for payments related to permanent disability payments (pre-1990 injuries/illnesses), non-economic loss payments, or health care benefits.

About two months before you turn 65 you will receive a letter from our third-party vendor, Buck, to the current address we have on file for you advising that you will be receiving your loss-of-retirement-income benefit after you turn 65. 

You’ll receive your loss-of-retirement-income benefit payment as a lump-sum cheque. However, if you receive future-economic-loss or loss-of-earnings benefits through direct deposit two months before your 65th birthday, your loss-of-retirement-income benefit will be paid via direct deposit to the same account.

You can easily sign up for direct deposit through our secure online services. To get started you’ll need your claim number and personal identification number (PIN) which we can send to you. Learn more about direct deposit or call us at 1-800-387-0750 for more information.  

You can update your direct deposit information at any time through our online services or by calling us at 1-800-387-0750. If you’ve made changes to your bank account information after turning 64 years and 10 months old, please call Buck at 1-866-272-2813.
 

The amount of your loss-of-retirement-income benefit is dependent on the balance in your loss-of-retirement-income account on your 65th birthday. Your account balance includes the amounts contributed to your loss-of-retirement-income account and the investment income earned.

Our third-party vendor, Buck, sends you annual statements. Your statement provides details about your prior year-end account balance. The amounts in the annual statement are estimates only. We will verify the account balance is accurate before we pay the loss-of-retirement-income benefit. 

Please call us at 1-800-387-0750 if your address has changed so we can mail your statements to the correct address.

We pay loss-of-retirement income benefits as either a lump sum or annuity. Most people will receive their loss-of-retirement-income benefit as a lump-sum payment.

If we pay your loss-of-retirement-income benefit by cheque, it will be made payable to you according to your name and address on file. Please call us at 1-800-387-0750 if your address has changed or complete the confirmation of information form provided by our third-party vendor, Buck, about two months before you turn 65. 

You will likely receive your loss-of-retirement-income benefit payment approximately four to eight weeks after your 65th birthday, as long we have received all required documentation from you. We will let you know if there are any outstanding issues with your claim or loss-of-retirement-income benefit that may result in processing delays.

You will have to provide documentation if any part of your name is different from what we have on file, whether it’s first, middle or last name.

We accept a copy or photo of any one of the following documents:

• all marriage certificates
• adoption papers
• divorce order
• annulment order
• marriage separation agreement
• legal name change document
• other documents the Ontario government issues when a name is changed

No. We cannot release loss-of-retirement-income funds before you turn 65. Loss-of-retirement income benefits are a compensation benefit and are subject to the Workers’ Compensation Act and the Workplace Safety and Insurance Act, which states that the benefit is payable once an eligible recipient turns 65 years or upon death. Loss-of-retirement-income benefits are not considered a pension under the Pension Benefits Act and the unlocking provisions, such as financial hardship, of the Pension Benefits Act do not apply.

No. We pay the loss-of-retirement-income benefit directly to you after you turn 65. Once you receive the money, you may invest it any way you choose.

No. WSIB benefits are not taxable. However, you must report your WSIB income in your income tax returns. For each year that you receive WSIB benefits, we will send you a T5007 Statement of Benefits.

Yes, the loss-of-retirement-income benefit is only one of a variety of income sources you may receive.

The loss-of-retirement-income benefit is independent of any other source of income or retirement benefit. You’ll receive your loss-of-retirement-income benefit regardless of other sources of income or retirement benefits you may be receiving such as other government pensions, assistance, company pension plans etc.

While any other retirement benefit you receive will not have an impact on your loss-of-retirement-income benefit, you may want to contact the Canada Revenue Agency to verify whether or not the loss-of-retirement-income benefit will affect your other retirement benefits.

Ongoing earnings and income past 65 do not affect the payment of the loss-of-retirement-income benefit. We don’t make any additional loss-of-retirement income contributions to people who have new workplace injuries after they turn 64.

If you pass away before turning 65, your loss-of-retirement income-benefit will be paid to the first applicable category as follows:

1. surviving spouse who was cohabiting with you at the time of your death
2. living dependent children (in equal shares)
3. other living dependents (in equal shares)
4. designated beneficiary (only for injuries or illnesses on or after January 1, 1998) 
5. your estate

It is important you notify us of any changes to spouses, dependents and beneficiaries by calling us at 1-800-387-0750.

If the date of your injury or illness occurred from January 1, 1998 onwards and you would like to change or update your beneficiary profile, you will need to complete a beneficiary form and send it to us. Please contact us at 1-800-387-0750 to receive a beneficiary form. You can submit your completed form through our online services.

If your contact information changes or will change, please call us immediately at 1-800-387-0750 and provide your claim number to ensure your address or telephone number is updated. Please note, creating or updating an online services account will not change the contact information we have for you on file.

Your benefit will be paid to your estate if you didn’t receive your loss-of-retirement income-benefit when you turned 65. Learn more about benefits in the case of death.