We are transitioning to a new pension payment service provider

IF YOU LEAVE THE TPP

If you leave the TPP — because you change jobs, or leave the teaching world — your options depend on whether you have at least five years of pensionable service.


The termination package you receive will outline the options available to you.

Fewer than 5 years of pensionable service

If you leave before reaching five years of pensionable service, you’ll be eligible to receive a refund of your contributions, with interest.

More than 5 years of pensionable service

Your options depend on your years of pensionable service. You must return your signed option form to us within 180 days of leaving. Otherwise, you will default to Option 1.

  • A deferred pension is simply a pension that you’ll start receiving later. Since you’re leaving before reaching an eligible retirement date and can’t yet begin receiving pension payments, your pension will be waiting for you when that time comes.

  • Pension contributions you’ve made must remain in the TPP. If you choose to withdraw your contributions, you’ll be giving up the pension benefits those contributions provide, along with the option to restore them later — unless, of course, you rejoin as an active TPP member in the future.

  • If you leave before you’re eligible to retire, and you have more than 20 years of pensionable and past service, you may only choose this deferred pension option.
  • This means taking the current lump-sum equivalent of your future pension benefits.

  • Under pension rules, part of this amount will need to be transferred to some type of locked-in retirement savings arrangement, while the rest will be available in cash, minus any applicable taxes.

  • The responsibility for managing and investing these funds becomes yours. This option is not available if you are eligible to retire when you leave, or if you have reached 20 years of pensionable or past pensionable service after November 1, 2021.

  • At retirement, you can draw retirement income from the amount you invested, instead of receiving a pension from the TPP.
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