If you are entitled to a pension, you may, under certain conditions, transfer your service into the public pension plan. If you choose to buy back the service for periods of unpaid leave, your contribution rate is one or double, depending on the type of leave. Fees are based on your salary at the time of the election. Interest arrives at an interest rate of 4 per cent on the day of service at election time. After 35 years of retirement, your contribution rate for the rest of your service drops to 1% of your salary. Even if you stop collecting a pension, your pension is calculated based on your salary during that period. In addition to redemption contributions, you must also repay all pensions you received after your first year as a member of the pension fund to the previous plan. In addition, you must continue to pay all amounts that you can still pay under the previous plan. Teachers who have contributed to one of the following plans can continue to be transferred under the 1974 mutual transfer contract: you can add an eligible service to increase your pension. To do this, you can account for a period of leave without pay as a pension service, buy-back or transfer service on another employer`s pension plan via a pension transfer contract. Plan members are often part of more than one retirement plan during their career. Reciprocal transfer agreements allow plan members to transfer service from one plan to another. However, those who were members of the plan prior to January 1, 2013 will not be covered by the terms of the retirement plan until 2013 if they are reinstated to the public service on January 1, 2013 or after January 1, 2013, in the following situations: A “public service officer” refers to employees of a federal department.
This also includes employees who work for the following organizations: If you are no longer employed by an employer and you are employed, and as a member of your current employer`s pension plan, you may eventually be able to transfer your pension credit to your new pension plan. A PTA is a method to make this transfer. In order to participate in such an agreement, a PEZ must have been signed between the Canadian government and an external employer. The agreements are negotiated on behalf of the Canadian government through the Policy and Advisory Services Division of the Government of Canada Pension Centre. You can accumulate up to 35 years of retirement, including: If, as a former member of the Canadian Forces Force or the Royal Canadian Mounted Police, or as a former member of Parliament, you choose to give up a pension entitlement under the Canadian Forces Superannuation Act, the Royal Canadian Mounted Police Act or the Members of Parliament Retiring Allowances Act to count the amount of public service pensions. You must pass a medical examination during this election.