Members
Buying Back Pension Service
What you need to know
Purchasing or buying back eligible periods of past service can be an important way to increase the value of your pension.
There are several types of past service you may be eligible to buy back:
Service with an employer including the Ontario Public Service or another employer who contributed to the OPSEU Pension Plan or the Public Service Pension Plan.
Service when you contributed to another employer’s registered pension plan.
Unpaid leaves of absence of more than one month.
Legal strikes or lockouts.
Deadlines apply for buybacks.
If you miss the deadline you can still buy back pension service but it will cost your more.
OPTrust will provide you with a cost quote when all the documents are received.
There are a number of payment options.
Your OPTrust pension and buying back pension service
Leaves of absence and your pension
Taking an unpaid leave of absence (LOA) can affect your pension. That’s why the OPSEU Pension Plan gives you two options to help you maximize your OPTrust pension: contributing to the Plan during your leave, or buying pension service once you return to work.
Buying back pension service
Are you a new OPTrust member? Have you taken an unpaid leave of absence recently? If so, applying to buy back pension service in the Plan could be one of the best financial decisions you can make.
How to apply
Submit a complete application appropriate for your situation.
For past service with an employer who contributed to the OPSEU Pension Plan or the Public Service Pension Plan (e.g. contract service with the OPS):
Complete the Application for Past Pension Service (OPTrust 1036) form and send it to OPTrust.
For an unpaid leave of absence of more than one month:
If you decide to contribute during your leave complete the Application to Contribute During an Unpaid Leave of Absence (OPTrust 1025) form.
If you want to apply for the buyback when you return from your leave complete the Application for Past Pension Service (OPTrust 1036) form.
You can apply online using Online Services.
Note: Special rules apply for pregnancy, parental and adoption leaves and family medical leaves of more than one month. Under Ontario’s Employment Standards Act, you and your employer are required to pay pension contributions for these leaves, unless you elect in writing not to contribute for your leave.
For an employee who contributed to another Canadian registered pension plan:
Complete the Application for Past Pension Service (OPTrust 1036) form and send it to OPTrust.
When to contact us
Within three months of starting your new job or becoming a permanent employee to discuss buying back pension service.
If you are planning to take an unpaid leave of absence of more than one month or returning from a leave.
Your address or other contact information has changed.
There’s a change in your family status due to marriage, separation or divorce, new child by birth or adoption.
Send your documents without delay
You can connect with us immediately by sending all your pension documents to OPTrust using your Online Services account. Avoid any delays and go digital. It’s safe, secure and fast.