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If you have a limited life expectancy
If you have a limited life expectancy of less than two years due to a serious illness, you may be able to get a lump-sum payment in cash, instead of continued pension payments for the remainder of your lifetime and the lifetime of your surviving spouse.
You must apply in writing to OPTrust to withdraw the funds. The written request, explaining the circumstances, must be sent to OPTrust accompanied by:
- a Termination of Membership Notice (OPTrust1012) available from your employer, if you are not currently receiving a monthly OPTrust pension
- a physician's assessment that you have an illness or physical disability that is likely to shorten your life expectancy to less than two years, recorded on a Medical Examination Report (OPTrust3003)
- the written consent of your married or common-law spouse, if you have one, agreeing to waive any and all rights to survivor benefits from OPTrust upon your death, using the Spousal Waiver of Benefit Entitlement form (OPTrust3006)
- an Identifying Benefit Recipients for (OPTrust 1015) revoking any and all previous designations. To do this, simply complete the "Your Identification" section then sign and date the form. All other sections must remain blank.
Generally, what you would receive is the present day value of the stream of pension payments expected to be paid under the Plan, as a lump sum amount. Because of your limited life expectancy, this amount would be approximately one year's pension payment. If you are considering applying, contact OPTrust as soon as possible.
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