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 the related plan.