Ontario Pension Board signs divestment transfer agreementPosted: August 22, 2014
TORONTO, August 20, 2014 - On August 20, 2014, the Ontario Pension Board (OPB), the administrator of the Public Service Pension Plan (PSPP), entered into the pension divestment transfer agreement (agreement) previously signed by OPTrust, the Healthcare of Ontario Pension Plan (HOOPP) and OMERS.
When OPTrust, HOOPP and OMERS entered into the agreement earlier in the year, OPB was not able to sign as specific government approvals, through an Order-in-Council (OIC), were required. OPB has obtained the required OIC and signed the agreement. As a result, the agreement now covers divestment transfers between the OPSEU Pension Plan, HOOPP, the OMERS Primary Pension Plan and the PSPP.
Eligible OPTrust members with service in the PSPP will receive the same information as eligible OPTrust members with service in HOOPP and/or the OMERS Primary Pension Plan. They will also receive an advance notice and a one-time opportunity to make a transfer election – personalized information package, containing their transfer details and election form, will be sent to this group of eligible members later this year.
Information in “Frequently Asked Questions” regarding the transfer calculations, eligibility under the transfer agreement and mailing addresses also applies to members with service in the PSPP.
- The transfer agreement
- Sample Pension Transfer Options letter
- OPSEU Pension Plan Key Plan Features comparison
- Mid June: advance notices are mailed to eligible members – a personalized letter that tells you if you may be eligible to transfer your pension benefit from OPTrust to your new plan.
- August - October: personalized detailed information packages are mailed.
- Ongoing : Frequently Asked Questions on public website, updated as new questions arise.