Pension Options at Termination
Employees who terminate membership in the Plan may have one or more options regarding their OPTrust pension. The available options depend on a number of factors including the employee’s age, years of credit in the Plan and subsequent employment.
Depending on the member’s circumstances, he or she may be eligible for one or more of the following options:
- a deferred OPTrust pension, payable in the future
- a transfer of the commuted value of the deferred pension to a locked-in retirement savings arrangement, such as a LIRA (locked-in retirement account)
- a transfer of his or her pension entitlement to another registered Canadian pension plan
- an immediate unreduced pension (at age 65 or under one of the Plan’s unreduced early retirement options) or an immediate reduced pension (available to members starting at age 55). For more information, see the Retirement section.
This section describes a number of termination scenarios and the pension options that may be available, depending on the details of the member’s case.