Our Online Application Solutions team has been working diligently to enhance the Buyback Purchase tool to offer a new payment option for members. If a member was off work for a period of time without contributing to their pensionable service (a “Leave of Absence”) or earned pensionable service with another Registered Pension Plan (“Prior Service”), they can use a Buyback to add to their pensionable service with PSPP.
Previously, available options for buying back service included regular payroll deductions, paying the lump sum, or transferring funds from a registered retirement savings vehicle.
Beginning June 22, 2024, the Buyback Purchase tool will allow for members to make their first buyback payment through preauthorized debit when electing to purchase service. Preauthorized debit payment for buyback purchases is convenient for members as well as providing automation within the payment process.
To view your buyback options and make plans for purchasing service, please log in to Your Pension Profile (YPP). If you have no buybacks available, nothing will be displayed. Please see our Paying for Buybacks page for more information.