Leaving your job
Leaving a job with an employer participating in the plan? Find out what you can do with your plan contributions.
Defer your pension until you retire
If you leave your job before the earliest retirement age of 55, you can keep your pension benefit on deposit in the plan. This is called a deferred pension.
If you think you may work again for an employer participating in the plan (or another employer that allows you to transfer your pensionable service from the plan), you may wish to consider leaving your pension benefit on deposit in the plan. When you return to work with an employer participating in the plan, you may be able to re-enrol in the plan and start contributing again. This will increase your pensionable service, which could lead to a larger pension.
Even if you don't plan to return to work for an employer participating in the plan, you can leave your pension benefit on deposit in the plan. A pension is a significant financial asset that will provide you with a lifetime monthly income when you retire. It may also provide your spouse with an income if you die before them, depending on the pension option you choose.
With a deferred pension, you may receive inflation adjustments and access to group extended health care and dental coverage. Although these benefits are not guaranteed, you may be able to take advantage of them when you eventually apply for your deferred pension.
After you reach your earliest retirement age and before you turn 71 (the age when you have to start receiving your pension), you may apply to receive a monthly pension that will continue for your lifetime.