Important notice: Please note that the rules for outstanding buybacks at the time of pension commencement are changing. The new rule states that if a member has an outstanding buyback payment and would like to start receiving their pension, the buyback must be paid for in its entirety prior to the member’s pension commencement date. This means that no further payments will be accepted after a member’s pension commencement date.
- regular payroll deductions arranged with your employer (according to the number of installments you choose on your Buyback Election);
- payment via cheque for a lump-sum payment of either the total buyback amount or a portion of it; or
- transfer of funds from a registered retirement savings vehicle, such as a Registered Retirement Savings Plan (RRSP) or Locked-In Retirement Account (LIRA).
Payments must be made according to the schedule on your Buyback Proposal. You can also pay for the entire amount in one payment. If you miss these timelines, you may still be able to purchase the service for a higher cost.
Active buyback proposals that are available for purchase can be viewed by logging in to Your Pension Profile at the top right corner of the website and selecting Buyback Purchase from the drop-down menu.