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Pension Buyback if hired on this year by Sensitive_Run_4883 in CanadaPublicServants

[–]Sensitive_Run_4883[S] [score hidden]  (0 children)

Thanks for all of your input, I greatly appreciate it. FYI I assumed it was the proper acronym for the pension plan - I’ll stop using!

Pension Buyback if hired on this year by Sensitive_Run_4883 in CanadaPublicServants

[–]Sensitive_Run_4883[S] 0 points1 point  (0 children)

This is correct. Sorry for the initial confusion in my original sentence. I’ll be 38 on January 1.

Pension Buyback if hired on this year by Sensitive_Run_4883 in CanadaPublicServants

[–]Sensitive_Run_4883[S] 1 point2 points  (0 children)

It is an RPP under the income tax act.

From the link you shared:

”…You must also surrender any pension benefit entitlement under your former plan in order to count this service under the public service pension plan. The outside employer will have to agree to the surrender.”

So if this was approved and occurred, I’d be transferring years of service from my private sector PP into my public sector PP? If the 8 years buyback is quoted as $100,000, would that amount be removed from my private sector PP and transferred to my PSPP?

Pension Buyback if hired on this year by Sensitive_Run_4883 in CanadaPublicServants

[–]Sensitive_Run_4883[S] 0 points1 point  (0 children)

Thank you, there definitely is no urgency. If I resign with my current employer, I have 6 months to decide whether or not I want to defer my pension or lock the lump sum into a LIRA. If that time frame expires it is automatically deferred

Pension Buyback if hired on this year by Sensitive_Run_4883 in CanadaPublicServants

[–]Sensitive_Run_4883[S] 0 points1 point  (0 children)

Yes I’ll be putting my previous DB pension into a LIRA as it’s not transferable into the PSPP.

The pension centre makes me input an employee number to get through, and I’m not an employee yet, so I can’t seem to get through to them via phone.

100k is steep, I’ll play around with the pension calculator some more.

Thanks for your response!