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Pension Adjustment - PA. DEFINITION of 'Pension Adjustment - PA'. The amount of contributions that can be made to a Registered Retirement Savings Plan (RRSP) on top of any contributions to a Registered Pension Plan (RPP) in a given year. BREAKING DOWN 'Pension Adjustment - PA'.
Updated September 24, 2016. Definition: The cost of living adjustment (COLA) is an increase in income that keeps up with the cost of living. It's applied to wages, salaries, and benefits. COLA is used for union agreements, CEOs and other executives, and retiree benefits. The government includes COLA for recipients of Social Security benefits.