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Refund of pre-1987 contributions (under age 45) There is one
more choice available if you are under age 45 with credit before 1987.
Instead of transferring the commuted value of your pension to a
locked-in retirement arrangement, you can choose a refund of your own
contributions, plus interest, for the period up to December 31, 1986.
If you take the refund in cash, OPTrust is required to deduct income
tax. You can also have your contributions transferred directly to an
RRSP, in which case tax is not deducted.
For the period from 1987 onward, your only choices are a deferred
pension or a transfer of the commuted value. |
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