Depending on your age and the amount of your pension, options when you leave your OMERS employer include:
1.Keep your pension with OMERS
Keeping your pension with OMERS gives you a future stream of retirement income for life.
2.Combine your current and future OMERS pension
If you go to work for another OMERS employer, you may be able to combine your entire pension record under a single membership with your new OMERS employer.
3.Start your OMERS pension
On/after your , you can elect and begin to receive your OMERS Plan retirement pension.
4.Transfer your pension out of OMERS to another pension plan
If you go to work for a non-OMERS employer, you may be able to transfer your OMERS Plan pension into your new employer’s defined benefit registered pension plan (RPP).
5.Transfer the of your OMERS Plan pension to a prescribed savings vehicle, such as a locked-in retirement account
You are eligible to transfer the CV of your pension if you leave an OMERS employer and you have not yet reached your early retirement birthday. But there is a limit to the amount of time you have to transfer your CV after you leave your employer.
If you leave your OMERS employer on or after August 23, 2017 and you are eligible to transfer the CV of your pension, you may do so before the later of:
- six months after the date you left your employment; or
- January 1, 2020.
Effective January 1, 2020, if you leave an OMERS employer, you will have six months to transfer your CV.
Starting January 1, 2020, if you rejoin the OMERS Plan after transferring the CV of your pension out of the OMERS Plan, you will have to wait five years from when you transferred out your CV before you can buy back the associated service.
6.Cash refund (or a tax-deferred transfer to your RRSP) of the CV of your OMERS Plan benefit
If the annual pension you’ve earned is less than 4% of the CPP earnings limit, you may be eligible for a cash refund (or a tax-deferred transfer to your RRSP) of the CV of your OMERS Plan benefit.
- Effective July 1, 2012, as permitted by law, OMERS elected to be excluded from providing “grow-in” provisions for certain terminating members.
- If you file a grievance/legal proceeding for termination of employment, with the intention of being reinstated, the CV option (#5 above) is still available. If you are reinstated, you may repay the benefit to OMERS to re-establish your benefit.
Why your early retirement birthday matters
On/after your , you are eligible for retirement options – you can retire and begin your OMERS Plan pension – but the CV option (option #5 above) is no longer available. See “Benefit Calculation Changes,” for more details.