Increasing your Pension

You may add periods of prior service to increase your pension entitlement by:

• transferring pension credits accumulated under another plan through a pension transfer agreement;
• buying back eligible prior service (elective service).

Pension Transfer Agreements

Please note that requests for pension transfers must be made within the period of time mentioned in the agreement (usually one year). For the list of employers, who have concluded pension transfer agreements with the Government of Canada.

Buying Back Prior Service

The cost of buying back service is related to your salary at the time you choose to buy back prior service. Interest is charged on the unpaid balance of the total cost of buying back service. You should note that costs related to buying back service will increase after the first year of employment as your salary rises and interest charges continue to accrue. Consult Your Pension Plan for information on the possibilities of buying back prior service.

Supplementary Information

Please contact your compensation advisor for further information on pension transfer agreements and service buybacks. As there may be tax implications in making elections, you may also wish to check with your Canada Customs and Revenue Agency (CCRA) office. When you have the information provided by your compensation advisor and CCRA, you may also wish to consult a financial advisor in order to evaluate your buyback options.

Calculator

Use the Calculator to estimate your future pension benefits using additional transferred or bought back service.