How to retire from the
OPSEU Pension Plan

When to apply

Approximately six months before you plan to retire, is a reasonable period of time to start making arrangements for retiring. Of course, if you give less notice, the OPTrust will serve you in a timely manner but waiting until only a few weeks before retirement could cause delays in your first pension payment.

How to apply and who to inform

Once you've made the decision to proceed with retirement, you need to inform your human resources office. They will have the necessary forms that must be completed in order to start the process.

CHOOSING A RETIREMENT DATE

When choosing a retirement date bear in mind that while your pension and insured benefits are in effect as of the first day of the month after your retirement date, you will not receive your pension payment until the 26th of the month.

The necessary forms

Your human resources representative will provide you with a number of forms. The most important one is the Termination of Membership form - it will confirm your intention to retire. You will also be asked to complete a spousal relationship form which states your current spousal status and "TD1" forms for income tax purposes. If you qualify, you will be asked to complete a benefits form for your post-retirement health, dental and medical benefits and you will be given an Identifying Benefit Recipients (Retirement) form to update your beneficiaries.

Documents needed

Some of these forms require additional documentation as proof such as a birth certificate or information establishing your spousal relationship. Gather all of the relevant pieces of documentation and provide them to your employer so they can be forwarded as part of your termination package. You do have the choice of sending your confidential documentation and forms to OPTrust directly, i.e. all your forms and documentation other than the Termination of Membership can be sent directly to us. Your employer needs a completed Termination of Membership to start the process for your retirement. We cannot process your pension until we receive all the relevant documentation.

For spousal benefits:
Because spousal benefits are provided under the Plan, OPTrust needs proof of your spousal status when you end your membership in the Plan. If you are married, we require a copy of the marriage certificate; if you have a common-law partner we need three pieces of proof that you have been in the common-law relationship for at least three years or are living together and have a natural or adopted child together. In addition we need a copy of an eligible spouse's birth certificate and a completed Statement of Spousal Relationship form from everyone - married or common-law, same or opposite-sex.

For other survivor benefits:
As part of the beneficiary information, we need proof of birth for your eligible children (i.e. under 18 or still in school). If, at retirement, you have eligible children, we need a copy of their birth certificates.

For pension payroll:
OPTrust has its own payroll system for pensions. We have no access to your payroll system through your employer. We must set you up on OPTrust's system in order to deposit your monthly pension into your bank account. To do that, we need a void cheque for the financial institution you plan to use for your retirement banking.

If you have special payroll deductions from the Canada Revenue Agency or for child/family support, you must have the appropriate agencies send us a "requirement to pay" notice for your pension. We cannot transfer this information from your employer. We cannot continue your deductions for Canada Savings Bonds, mortgage payments, car payments, loans etc. You will have to set up these payments with your financial institution.

From your employer:
We will ask your employer for information to verify your salary and the period of time you worked if records are not already complete.

Once we receive your Termination of Membership Notice, we will check to ensure we have everything we need and send your a letter of acknowledgment and a retirement package. It includes:

• a request for any missing or required information
• this booklet
• OPTrust's booklet Your Pension and Your Beneficiaries
• an Identifying Benefit Recipients (Retirement) form
• a Personal Information Change Request form
• The Pension Connection newsletter
• any current information that may apply to you
• the benefits booklet A Guide to your Benefits - After Retirement (if applicable)
• insured benefits claim form
• a life insurance waiver form and information sheet (if applicable)

Once we receive all the forms and documentation, we will process your file and send you a confirmation of the amount of your pension.

OPTrust keeps in regular contact with our pensioners through our quarterly newsletter and our website.