Transfers Into PSPP

If you were a member of another Registered Pension Plan before joining PSPP, you may be able to transfer the service you earned from that plan into PSPP. PSPP has transfer agreements with many Canadian public sector pension plans as listed below.

We have the information and pension tools you need to get your transfer started, including a Pension Estimator where you can see how transferring service might affect your pension.

Why Transfer Service from My Previous Pension Plan into PSPP?

  • You could become vested sooner, making you eligible for a lifetime pension.
  • You can increase your monthly pension by adding service.
  • You may be able to retire earlier with an unreduced pension.

Points to Consider Before Transferring

  • You cannot be active in your former plan, and your funds must still be held in that plan.
  • You must be a current member of PSPP when you apply for a transfer into PSPP.
  • Some plans will not allow you to transfer service if you are entitled to an unreduced pension with them, so check with your former employer or plan administrator.

In order to be eligible to transfer service from your former plan, you must meet the above criteria.

Which Plans Can I Transfer From and What Timelines Apply?

Local Authorities Pension Plan (LAPP) and
Management Employees Pension Plan (MEPP)

  • After you join PSPP, we will let you know if you can transfer any service from LAPP or MEPP into PSPP.
  • If you have any questions or did not receive your transfer information after joining PSPP, contact us.

If you have a Combined Pensionable Service (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

 

Under the Federal Transfer Agreement

Will it Cost Me Money to Transfer My Service?

It depends. Pension plans use different rules to figure out the value of their members' benefits. We will calculate the cost of bringing the service you earned in the other plan over to PSPP. Then we will send you a package with the details before you decide whether or not you want to proceed.

All pension plans are priced differently, so the benefit you earned in your previous plan might not match the cost of buying the same amount of service in PSPP. If your previous plan's benefit cost at least as much as the PSPP benefit, you will not have to pay anything more. The full amount of service will be credited to PSPP.

On the other hand, if the cost of buying PSPP service is more than the benefit from your previous plan, this will result in a shortfall. You will receive a portion of the service credit you had originally earned, and you will have the option of buying back the difference. Paying for this shortfall means you could retire earlier with a larger PSPP pension than if you did not buy the service.

What Are My Other Options?

If you

  • do not see your former plan on the list,
  • have already removed your funds from your former plan, or
  • have missed the deadline for transferring service,
  • you may still be able to buy the service that you previously earned through a process called a buyback.

Learn more about Buying Prior Service.