We have special transfer agreements with other major pension plans that allow you to transfer your pension credit into or out of our plan. Deadlines and other eligibility requirements apply.
Transfer agreements make it relatively easy to consolidate pension benefits in a single plan. This consolidation could allow you to retire sooner or with a larger pension because in the pension world, the whole is generally larger than the sum of the parts. Plan differences such as early retirement provisions, benefit formulas, inflation adjustments and differences in salary can make the actuarial value of your pension differ from plan to plan. Take the time to thoroughly research your options.
We have transfer agreements with:
- The Canadian Teachers’ Federation and teachers’ pension plans in every province
- Other major plans in Ontario
Applying for a transfer
You may be able to transfer pension benefits you've accumulated in another pension plan, such as while teaching in another province. Consolidating your pension assets may allow you to retire earlier and/or with a larger pension.
We have agreements with other teacher pension plans across Canada under the Interprovincial Transfer Agreement, as well as with Major Ontario Pension Plans (MOPPs).
Cost of transfer
The money available to transfer under the agreement is based on the actuarial value of your pension. The value reflects your salary, your credit and plan features, such as early retirement options, inflation protection and survivor benefits. Because of different actuarial values, the credit you receive in our plan may not equal the credit you have in your former pension plan.
Shortfall of funds
A shortfall is common when transferring funds into our plan – the actuarial values are higher because of our plan's generous features.
If there's a shortfall of funds, you can top up all or part of the difference. To give you an idea of how we treat shortfalls, here's an example.
Let's assume you have 12 years of credit in your former pension plan and your pension is valued at $100,000. Let's also assume that same amount of credit is valued at $120,000 in our plan. You have three options:
- Pay the $20,000 difference and receive 12 years of credit in our plan
- Pay some of the difference and receive a corresponding amount of credit
- Pay none of the difference and receive 10 years of credit
Whether or not you top up, the shortfall won't affect when you can retire with an unreduced pension.
Excess of funds
Contact your former pension plan if you have more funds than required by us. Each plan deals differently with excess funds. For example, if you have more funds than required by us for the same amount of credit, we won’t refund the difference.
Tax and other considerations
The transfer of pension credit for service accumulated after 1989 may result in a past service pension adjustment (PSPA). A PSPA will reduce your RRSP contribution room. A PSPA is usually generated if our plan and your former pension plans have different benefit formulas, or if you top up any shortfall of funds being transferred.
A PSPA must be approved by the Canada Revenue Agency (CRA) before the transfer can be completed. CRA usually takes 60 to 90 days to do that. If the PSPA isn't approved, you may not be allowed to transfer credit.
How to apply
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For an interprovincial transfer
Complete two copies of the form Interprovincial Transfer Application, Appendix A. Send one copy to us and one to your former pension plan, along with a photocopy of your birth certificate, Canadian passport or Ontario driver's licence as proof of age.
For a MOPPS transfer
Complete the MOPPS Request for Transfer, Appendix A and return it to us as soon as possible, along with a photocopy of your birth certificate, Canadian passport or Ontario driver's licence as proof of age. You have six months from your enrolment in our plan to apply for a MOPPS transfer.
For a purchase of other employment
Complete the Buying Credit for Other Employment application form and submit this to your previous pension plan for completion. Submit a photocopy of your birth certificate, Canadian passport or Ontario driver's licence as proof of age to us.
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If you're eligible to transfer or purchase credit, we'll supply a quote to help you decide whether or not to proceed.
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To proceed with your transfer or purchase of credit, follow the instruction we provide in the correspondence accompanying your quotation from Step 2. It’s imperative that timelines are met to complete the transaction.
A transfer typically takes eight to 12 months to complete, depending on the complexity of the transfer and how quickly we receive information from you and your former plan.
Participating plans
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The following pension plans participate in the Interprovincial Transfer Agreement:
- Alberta Teachers' Retirement Fund Board (ATRF)
- British Columbia Teachers' Pension Plan
- Canadian Teachers' Federation Employees' Pension Plan
- Manitoba Teachers' Retirement Allowances Fund (TRAF)
- New Brunswick Teachers' Pension Plan
- Nova Scotia Teachers' Pension Plan
- Ontario Teachers' Pension Plan
- P.E.I. Teachers' Superannuation Fund
- Retraite Québec
- Saskatchewan Teachers' Retirement Plan (STRP)
- Saskatchewan Teachers' Superannuation Commission
- Teachers' Pension Plan Corporation Newfoundland & Labrador
You may qualify to transfer credit through the Interprovincial Transfer Agreement, if:
- You left your pension benefits in your former pension plan
- You're not receiving a pension from us or your former plan
If you're ineligible to transfer credit under the Interprovincial Transfer Agreement, contact us for other possible portability options. For example, you may qualify to buy back credit under the "other employment" provision.
You can apply to transfer your pension any time before you retire, provided you have contributed to our plan for at least 20 days after your resignation date from your former employer.
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The following pension plans participate in the MOPPs transfer agreement:
- Electrical Safety Authority Pension Plan
- Hydro One Inc. Pension Plan
- Independent Electricity Market Operator Pension Plan
- Ontario Municipal Employees Retirement System (OMERS)
- Ontario Power Generation Inc. Pension Plan (OPG)
- Ontario Public Service Employees Union Pension Trust (OPTrust)
- Ontario Pension Board (OPB)
- Workplace Safety & Insurance Board Employees Pension Plan (WSIB)
To qualify in the MOPPS transfer agreement, you must:
- Join our plan within 18 months of leaving your former MOPPs employer
- Apply for a transfer within six months of when you start contributing to our plan
- Be entitled to a benefit from your former employer's pension plan
If you're ineligible to transfer credit under the MOPPs agreement, contact us for other possible portability options. If you're joining our plan, you may qualify to buy back credit under the “other employment” provision.
You can apply to transfer your pension within 18 months of resigning from your former employer and starting to contribute to Ontario Teachers'.
Deadlines
| Method/Agreement | Description | Deadlines/Notes |
| Major Ontario Pension Plans (MOPPs) Transfer Agreement | Covers several Ontario public-sector pension plans, including those serving provincial government, hospital and municipal government employees |
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| Interprovincial Transfer Agreement | Covers the Canadian Teachers' Federation and teachers' pension plans in every province |
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| Buying credit for “other employment” | May allow you to purchase credit in Ontario Teachers' for service with another registered Canadian pension plan, if you can't transfer under the MOPPs or interprovincial agreements |
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