Transfers Out of PSPP
PSPP has transfer agreements with a number of public sector pension plans in Canada. When you leave your PSPP employer, you might be able to transfer your funds directly to your new employer’s pension plan.
Your new plan will calculate the cost of buying your PSPP service based on their own pension benefit formula.
Timelines vary between agreements, but can be as short as one year from when you join your new employer’s pension plan. If you are considering transferring out of PSPP, contact us and your new employer as soon as possible in order to avoid missing important deadlines.
You are not able to transfer your service out of PSPP if you qualify for an unreduced pension. In other words, if you:
- are age 65 or older; or
- have enough points to meet the 85 factor.
If you have combined pensionable service (CPS) between PSPP and MEPP or UAPP, you cannot transfer your pension if you are still contributing to either of the other plans.
Eligible Pension Plans in Alberta
If you have a CPS relationship between PSPP and MEPP, you can’t transfer your service between these plans under a transfer agreement.
Alberta Teachers’ Pension Plan and Private School Teachers’ Pension Plan
- You will need the Application to Transfer Pension Entitlements between PSPP and Alberta Teachers’ Pension Plans
National Transfer Agreement (Pension Plans of Other Provinces)
You will need the Appendix A: Transfer Information Request and Authorization Form under the National Transfer Agreement
The National Transfer Agreement covers the following pension plans:
- British Columbia College Pension Plan
- British Columbia Municipal Pension Plan
- British Columbia Public Service Pension Plan
- British Columbia Teachers’ Pension Plan
- British Columbia WorkSafeBC Pension Plan
- Local Authorities Pension Plan
- Management Employees Pension Plan
- Manitoba Civil Service Superannuation Fund
- New Brunswick Public Service Superannuation Pension Plan
- Newfoundland and Labrador Public Service Pension Plan
- Nova Scotia Public Service Superannuation Plan
- Ontario Public Service Pension Plan
- OPSEU Pension Plan
- Prince Edward Island Public Service Pension Plan
- Régime de retraite de certains enseignants (Pension Plan of Certain Teachers, Quebec)
- Régime de retraite des employés du gouvernement et des organismes publics (Government and Public Employees Retirement Plan, Quebec)
- Régime de retraite des enseignants (Teachers Pension Plan, Quebec)
- Régime de retraite des fonctionnaires (Civil Service Superannuation Plan, Quebec)
- Régime de retraite du personnel d’encadrement (Pension Plan of Management Personnel, Quebec)
Pension Plan Under the Federal Transfer Agreement
The Federal Transfer Agreement covers:
For more information on transfers under this transfer agreement, please contact your current pension plan administrator.
Time-Sensitive Considerations
Transfer Agreements
Timelines vary between transfer agreements, but can be as short as one year from when you join your new employer’s pension plan. If you are considering transferring out of PSPP, contact us and your new employer as soon as possible in order to avoid missing important deadlines.
Prior Service Purchases
If you intend to buy prior service, you must submit your application before you leave the Plan. If you are already making prior service payments, you will have 90 days* to complete your buyback purchase.
In either scenario, if you do not complete your purchase it will be prorated—only the amount of service you have paid for will be credited.
*If you are retiring, you must complete any outstanding buyback payments prior to your pension commencement date. If the buyback is not paid in full before your pension commencement date, the buyback will be prorated and your service will be adjusted accordingly.