Why your pension contributions or benefits cannot be transferred at age 55 and beyond
When you turn 55 and have more than two years of credit or continuous membership, you are eligible for a pension under the provisions of the OPSEU Pension Plan upon terminating Plan membership. This means that if you end your active membership in the Plan and do not qualify for an unreduced pension you have two options:
- taking an immediate reduced pension
OR
- deferring your pension until a later date.
Even though you may only qualify for a reduced pension, you no longer have the option of transferring your pension entitlement to another retirement arrangement unless it is transferred under a reciprocal transfer agreement to another pension plan.
Deferred pensions are not liquid assets, i.e. they cannot be cashed. In the OPSEU Pension Plan, you can start receiving your pension at age 55. From this point forward, you can no longer transfer your pension contributions or entitlements out of the plan (e.g. to a locked-in RRSP).
If you are entitled to an immediate pension before age 55, e.g. age
53, you cannot transfer your pension entitlement out of the Plan.
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