EARLY CAREER

Welcome to the TPP! We’re here to support you on every step of your journey, from the beginning of your career to retirement, helping you make the most of your pension plan.

Eligibility and contributions

All individuals employed by a participating employer, who meet the definition of “Teacher” in the Plan Text, are required to join the Plan. This includes:

  • All permanent classroom teachers.
  • Teachers hired in a replacement position.
  • Substitute teachers who substitute continuously for a minimum of 20 consecutive days.
  • Certain employees of the Department of Education, the NLTA, and the Teachers’ Pension Plan Corporation.

Find complete eligibility requirements in the Plan Text.

All active Plan members are required to make pension contributions. And the employers are required to match all regular contributions you make.

The current contribution rate has been in place since September 1, 2015, and is 11.35% of your pensionable earnings. The contributions you make are 100% matched by your employer.

Service

Years of service are crucial because they directly influence the amount of your pension.

Your pension benefits are calculated based on your total years of pensionable service, which include both your actual teaching service and any service you’ve purchased or transferred.

This means that more service can lead to a larger pension and potentially an earlier retirement.

Pensionable Service is based on the number of days you’ve worked as a teacher while receiving pensionable earnings, with required contributions being made to the Plan either by you or on your behalf. It includes the actual days you worked in a teaching year.

Substitute service isn’t automatically included as part of your pensionable service. Before it can be counted toward your pensionable years it needs to be transferred or purchased while you’re in a replacement or permanent position.

You must have at least five years of pensionable service to receive a pension from the Plan.

Pensionable Service includes:

  • Actual teaching service,
  • Purchased past service (i.e. maternity leave, approved unpaid leave),
  • Deferred salary leaves, and
  • Transferred pensionable service from other pension plans, including substitute time.

Want to review your pensionable service, contributions, and personal information? Log into myPENSION. You can also find your Annual Benefit Statement there.

If you have any questions about your pensionable service, contact us.

Transfers

If you have service under other Registered Pension Plans, you may choose to transfer that service to the Teachers’ Pension Plan (TPP). Why would you do this? Because it will increase your pensionable service in the TPP. And since your TPP pension is based on your pensionable service (and earnings), increasing it will increase the amount of your annual pension, and in some cases, help you retire earlier!

Were you a substitute teacher?

If so, you can transfer your contributions with the Government Money Purchase Plan (GMPP) to the TPP once you’re in a replacement or full-time position.

Consider this:

  • The best time to transfer and/or purchase your substitute time is early in your career, which may increase the amount of your annual pension and, in some cases, help you retire earlier!

  • Your GMPP funds are currently held with Canada Life (formerly Great West Life) and not with the TPP. But, they can be transferred into the TPP.

  • If substitute time is available to be transferred, and you don’t have enough GMPP funds to purchase the equivalent value in the TPP, you’ll be given the option to:

    • Pay for the shortfall in a single payment by personal cheque,

    • Transfer funds from a personal Registered Retirement Savings Plan (RRSP), or

    • Set up payroll deductions so that you’re purchasing the substitute service over twice the length of time as the service you are purchasing.

  • You can transfer different blocks of substitute time to the TPP many times throughout your career, whenever it applies.

  • You’ll need to complete the Transfer from GMPP to TPP — Appendix A form to begin the transfer process.

We can help you understand how much pensionable service your GMPP funds can buy when transferred to the TPP. We can also let you know the cost to purchase additional service that might be available to you. Just reach out — we’re happy to help.

If you were a member of a pension plan that has a reciprocal transfer agreement with the TPP, including other teacher pension plans in Canada, you can transfer your pensionable service from that pension plan to the TPP, as long as you meet the transfer criteria.

If you have service under another Registered Pension Plan, you can transfer that service to the TPP, as long as you meet the transfer criteria for those types of plan transfers.

The main criteria to be eligible to transfer service to the TPP from another pension plan are:

  • You did not receive a refund of contributions or a termination benefit from the other plan; and

  • You are not receiving any form of pension from the other plan.

The cost to transfer your pensionable service is based on its full actuarial value under the TPP. If the value of the service credits you’re transferring is lower, you have two options:

  • You can pay the additional amount needed to equalize the values, or

  • You can accept a shorter service period credited to you under the TPP.

Keep in mind that due to differences between plans, you might receive less service credit under the TPP. That’s why we recommend that you give us a call when you’re thinking about transferring service from another plan. We can help you understand how the transfer process works and what it means for your pension. It’s also a good idea to speak with a financial advisor who knows about transferring pensionable service between plans, as there might also be tax implications associated with the transfer.

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