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 about health, dental and life
insurance benefits after retirement?
WHO GETS THEM
You, your spouse and your eligible dependent children are entitled to insured benefits if you meet one of the following criteria:
- you are receiving a pension based on at least 10 years of credit in the OPSEU Pension Plan or the PSPP, or
- you are receiving a pension based on at least 10 years of continuous employment and have some credit in the OPSEU Pension Plan for at least some part of each of those 10 years.
If you were employed in the OPS or certain other eligible organizations and meet any of the requirements above, you are entitled to insured benefits in retirement.
A SUMMARY OF BENEFITS
Insured benefits for eligible pensioners include coverage for: dental, supplementary health and hospital and basic life insurance. If you were employed by a scheduled agency, board or commission outside the OPS, any additional benefits depend on the collective agreement in place with your former employer at the time of termination. The premiums for these benefits are paid by the Ontario Government. For members who want vision care and hearing aid plan coverage, there is a small premium that is deducted from the monthly pension payment and the employer pays the balance.
The premiums for basic life insurance are paid by your employer and are taxable benefits.
HOW THEY ARE ADMINISTERED
For more details on insured benefits, please refer to the Management Board Secretariat publication: A Guide to Your Benefits – After Retirement. This booklet is available from OPTrust.
Note: These benefits are not part of the OPSEU Pension Plan. They are provided separately by the Government of Ontario and may be subject to change in the future.