Payment Options

Once OPTrust receives the complete application and confirms the member’s eligibility, we will send an Agreement to Purchase Credit (OPTrust 1017) form to the member’s home address. This form provides the member with information on the available payment options depending on the circumstances and the cost of the buyback.

Lump Sum Payments

In most cases, members can pay for their buyback in a lump sum, using online banking payment. Members can log into their online bank account and add OPSEU Pension Trust (OPTrust) as a payee under "Pay Bills." Next they need to add their OPTrust ID as the account number and then submit their payment. Please note: any payments must come from the member's bank account or bank account jointly held in the member's name. We cannot accept payments from a third party as specified under the Income Tax Act, .

Lump sum payments can also be made through a direct transfer from a tax-sheltered source such as an RRSP. In some cases, a direct transfer from a tax-sheltered source may be the only payment options permitted under CRA rules.

A lump sum payment is the only option for buybacks costing less than $500. 

Financing Option (Payroll Deduction)

For buybacks costing more than $500 the member may opt to pay through a series of biweekly payroll deductions. This option is only available to classified (permanent) full-time and part-time employees (i.e. not unclassified/seasonal/contract employees). The cost for this option includes interest as well as the principal cost. 

If the member is eligible for this option, OPTrust will include an amortization schedule along with the Agreement to Purchase Credit form. The minimum payment is $10.00 per pay period, based on a maximum payment period of 10 years. The minimum payment must cover interest charges as well as some portion of the principal.

Combined Lump-Sum/Financing Option

Classified full-time and part-time employees may also opt to pay for buybacks costing more than $500 through a combination of lump sum payments and payroll deductions. If the member chooses the combination option, the amount remaining to be financed after any lump sum payment(s) must be equal to or greater than $500.

Other Payment Options for Members
Members who are on an unpaid leave of absence, including WSIB or LTIP, or who work on a seasonal or unclassified basis may be able to make other arrangements to pay for their buybacks. Options include providing a series of post-dated cheques, or regular quarterly payments.

Employer Payments

The form and timing of the employer payment matches that selected by the member (e.g., lump sum vs. payroll deductions). The employer does not have the option to prepay the employer portion of the buyback. We do this to ensure that only service actually paid for by the member is billed to the employer.

Payroll Deductions
The method for tracking and remitting buyback-related payroll deductions differs for the OPS and other employers that are part of the CORPAY system and non-CORPAY employers:

  • For CORPAY employers, OPTrust’s Data Management Group sends a deduction file to SSB every two weeks, indicating the amount of member and employer contributions to be deducted.
  • For non-CORPAY employers, we will send an OPTrust 1016 form indicating the deduction amount for both the member and employer. These deductions must be remitted every two weeks as part of the payroll process.

For more information, please see the section on Reporting Pension Data.

Monthly, Quarterly and Lump Sum Payments
For all buyback payments received directly from the member, we will notify the employer of the amount of any corresponding employer payment to be remitted to OPTrust.