Joining the OPSEU Pension Plan
Joining the OPSEU Pension Plan
Who are the Members of the OPSEU Pension Plan?
How do you get Credit in the OPSEU Pension Plan?
Transfers to and from the OPSEU Penson Plan
HOW COULD PENSION CREDIT CHANGE WHILE YOU ARE A MEMBER?
WHAT COULD HAPPEN TO YOUR PENSION BENEFIT IF YOUR SPOUSAL RELATIONSHIP ENDS?
Transfers to and from the OPSEU Pension Plan
TRANSFERS FROM OTHER PENSION PLANS
The OPSEU Pension Plan has transfer agreements with many of the Canadian
public and broader public sector pension plans. If you are joining the
OPSEU Pension Plan and wish to transfer pensionable service credit, please
notify OPTrust immediately. There are deadlines for transferring your service and
we can inform you of the terms and any costs that may be involved. Contact
OPTrust for a current list. Here are the plans that OPTrust has transfer
agreements with as of April 2007:
- Colleges of Applied Arts & Technology Pension Plan (CAAT)
- Electrical Safety Authority Pension Plan
- Federal Government Public Service Pension Plan
- Hospitals of Ontario Pension Plan (HOOPP)
- Hydro One Pension Plan
- Independent Electricity Market Operators Pension Plan
- Ontario Municipal Employees Retirement System (OMERS)
- Ontario Power Generation Pension Plan
- Ontario Public Service Pension Plan (see transfers to Public Service
Pension Plan) - Ontario Teachers’ Pension Plan (OTPP)
- OPSEU Staff Pension Plan
- Pathways to Independence
- Providence Centre Pension Plan
- Public Service Pension Plan (Government of the Province of British Columbia)
- Public Service Pension Plan Government of the Province of Newfoundland)
- Ryerson Polytechnic University Pension Plan
- St. Joseph’s Health Centre Pension Plan
- St. Michael’s Hospital Pension Plan
- Workplace Safety & Insurance Board Pension Plan.
TRANSFERS TO OTHER PENSION PLANS
If you are resigning your current employment and taking a new job that is not part of the OPSEU Pension Plan, and your new employer contributes to any of the plans listed above, you may be able to transfer your OPTrust pension credit to your new employer’s plan. Once you initiate an application, OPTrust will handle the paperwork for a reciprocal transfer. If this option applies to you, your new employer must notify OPTrust of your request to transfer. There are specific deadlines under these agreements. To learn about the deadlines, please contact OPTrust.
TRANSFERS TO THE PUBLIC SERVICE PENSION PLAN (PSPP)
There are special transfer arrangements between OPTrust and the Ontario Pension Board (administrator of the PSPP).
If you stay with your employer (and there is no break in service):
If you are in a bargaining unit position and transfer to an excluded or management position with your current employer, you are no longer eligible to be a member of the OPSEU Pension Plan. When this happens, your accrued credit is automatically transferred to the Public Service Pension Plan. We will process the paperwork for the transfer after your employer notifies us of the change in your position.
If you move to a new employer who is part of the PSPP (and there is no break in service):
When you terminate your employment but move to a new employer that participates in the PSPP, we will transfer your pension credits when you notify us of the change and if you elect to transfer these credits.