Members - Divested
What you need to know
-
your membership in the Plan ends when your job is divested to another employer
your pension with OPTrust is protected when your job is divested
- the OPSEU Pension Plan recognizes your years of pension service in your other plan for eligibility for an early unreduced pension in the OPSEU Pension Plan
- your OPTrust pension will be based on the pension service you have earned in the OPSEU Pension Plan only
- to start your pension from the OPSEU Pension Plan you must terminate your employment with your successor employer (unless you are eligible for an age 65 pension)
- The Pension Benefits Act imposes statutory requirements to protect the pension benefits
- OPTrust sends you an annual statement outlining your pension options and your annual cost-of-living increase
- your access to your Online Services account ends when we receive your divestment notice and is reactivated when you start to receive your pension
- you and your eligible survivors may be eligible for insured benefits in retirement
- you can pay a lump sum for any outstanding buyback balance or take the reduced pension service when the divestment happens
- We work to handle your service request in a timely manner. See our Service Delivery Standards
What you need to do
- keep OPTrust up-to-date regarding your contact information
When to contact us
- you are planning to retire
- you leave your successor employer before retirement
- change of address, e-mail or other contact information
- change in marital status
Forms you need to complete
- Divestment of Membership (OPTrust 1041) form – must be signed by your employer s
- Member Spousal Information and Beneficiary Designation (OPTrust 1015) form
- Statement of Marital Status (OPTrust 3007) form
Background material for more information
- Frequently Asked Questions - Pension Transfer Options
- Transfer Agreements:
- Active members – OPB, HOOPP, OMERS, WSIB
- Retired and deferred members – OMERS
- Transferring your OPTrust pension service to another pension plan (video)
- What causes a shortfall? (video)
- Finding a financial planner (website)