Will your present earnings grow more than inflation?
Your deferred pension may grow to match inflation increases every year. If your present earnings are growing enough:
- to equal or better than guaranteed inflation protection, and
- to make up for the higher bridge benefit when you retire,
it may be better to merge your previous and current service, and to have these earnings apply to both.
How long do you intend to work?
If you merge your service, and then work for less than 60 months (this time), we'd have to use some of your earlier earnings to make up the difference when we calculate your overall pension. If your earnings now are higher, this could reduce the pension you're earning now and increase the pension you earned before. The net result for you could vary.
Is it worth paying back your ?
When you left your previous employer and elected to leave (defer) your pension in OMERS, you were entitled to a refund of any excess contributions you made. If you want to merge your earlier and current service – to combine your OMERS pensions – you must pay back your 50% Rule refund (if any), with interest. Will the amount you pay back to merge your service be offset by an increase to your overall pension? It depends on your personal circumstances and the factors we've discussed, above.