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Leaving or joining an OMERS employer

What happens to my OMERS pension if I leave my employer?

If you leave your employer, your OMERS pension has portability options. You may be able to:

Transfer some or all of your OMERS service to another OMERS employer;
Defer your pension (leave it in OMERS) until you retire;
Transfer your pension to another public pension plan if OMERS has a transfer agreement with them;
Transfer the commuted value of your pension to a locked-in RRSP or LIRA (locked-in retirement account); or
Receive a cash refund of your non-locked-in contributions.

Transfer agreements do not guarantee that all your OMERS credited service will be recognized.
Transfers have time limits, usually within three to six months of enrolling in OMERS, depending on the agreement. Apply as soon as possible for details and a quote for your transfer.
Think carefully about how you treat your pension plan assets – they could be worth a lot of money.
You cannot transfer your OMERS pension to another plan if you've already received a pension, refund or transfer to an RRSP from OMERS.

More information on plan transfers

See the list for employers (and pension plans) that are eligible for pension transfers:

If you have worked for any of these employers, or have been a member of any of these plans, inform your new OMERS employer about your past service.
If you will be working for any of these employers, inform them of your existing service credits in the OMERS plan.

This is an important financial decision. Before you decide one way or the other, find out which option is best for you.
When your employer notifies OMERS of your employment termination, we will send you a package detailing your options.
You may elect to keep the pension you earned in the OMERS plan as a deferred pension, which is indexed to inflation (a very valuable benefit). You also retain your rights to the early retirement pension and survivor benefits.
Trying to replicate your pension by taking a lump sum can be difficult. It’s often better financially to stay in the plan and take a reduced pension later than to take a lump sum now.
Get expert advice from an impartial third party, i.e. someone who is not trying to sell you investment funds. If you are unionized, talk to a union rep who is knowledgeable about pensions. Or consider hiring an actuary or a lawyer who specializes in pensions. It could be money well spent.
The closer you are to retirement age, the more valuable your pension becomes.