Pension Transfer Agreement (Pta)

If you are currently a member of the RCMP pension plan and would like to ask your former employer about a PEZ, please contact the Government of Canada Pension Centre. Applications for pension transfers must be submitted within the time frame set by the contract. This may vary depending on the agreement, but it is usually one year. You can accumulate up to 35 years of retirement service, including: As a full-time or part-time employee in the public service (at least 12 hours per week), you are covered by the old age pension plan under the Public Service Retirement Plan: Civilian members (CMs) can increase retirement service through a PTA as a member of the RCMP pension plan until the arrival of the Serb. If you have received a transfer value upon termination of the public service, are reinstated and resume your occupational pension contributions, you may be able to resume all or part of the pension service for which you have received a transfer value. This option is only available once and a one-year period applies. Before you apply for a pension transfer, consider the provisions and benefits of your new employer`s plan and compare them to those in the RCMP pension plan to see if it is in your best interest to transfer your pension credits rather than, for example, opting for a deferred pension under the RCMP pension plan. Factors such as health care and available dental care in retirement need to be carefully considered. Be sure to carefully consider your retirement options before making your decision. Note that if your previous employer paid all or part of a pension entitlement you have under another pension plan, you must waive that right before you can redeem the benefit. You should ensure that the service in question can be recognized under the public service pension plan before you give it up. If you make a normal choice, that is, if you make a choice within one year of joining the public service pension fund, your redemption contributions are based on your rate of pay when you last became a member of the public service pension plan.

The cost of buying back services increases after the first year of membership, as your salary increases and interest continues to rise. Therefore, it is more advantageous for you to make your choice in the first year. When you leave the RCMP for another employer, you can transfer your accumulated pension under the RCMP pension plan, in accordance with general transfer rules or a pension transfer contract, to your new employer`s pension plan, provided that employer has such an agreement with the Canadian government.