Retiring with a pension from the OPSEU Pension Plan
Retiring With A Pension from the OPSEU Pension Plan
What happens to your pension when you reach age 65?
How is your pension protected when you retire?
What happens if you work after your pension starts?
What could happen to your pension benefit if your spousal relationship ends?
What about health, dental and life insurance benefits after retirement?
What could happen to your pension benefit if your spousal relationship ends?
If your spousal relationship ends, your spouse may become entitled to a portion of your pension accrued during your spousal relationship as part of the equalization process under the Family Law Act. If you enter into a domestic contract or are a party to a court order requiring a split of your pension, you must file a certified copy with OPTrust. This document must clearly identify how the pension is to be split.
Pension law will not permit the payment of more than 50% of the pension benefit earned during the period of the spousal relationship, to be paid to your former spouse for the equalization of family property. If you were in a spousal relationship at the time you first began to receive your pension, your ex-spouse is eligible to receive a full survivor pension after your death (unless he or she waived it at that time).
After retirement
If your spousal relationship ends after you retire and start receiving your pension payments, your former eligible spouse will be able to receive the pension benefit payments from the date stated in the court order or domestic contract as long as the date is in the future. Pension payments cannot be backdated. The end of the spousal relationship after retirement does not affect the ex-spouse’s eligibility for a survivor pension under the Plan.
SPOUSAL/CHILD SUPPORT
While you are receiving your pension, it is exempt from most creditors. The exceptions are Canada Revenue Agency, your former spouse in the case of a marriage breakdown, and orders for child support.