Payment options for buying service

OMERS offers several payment options for buying service:

• You can pay the full cost of the service in one lump sum; or
• You can arrange to pay over 12, 24 or 36 months through a monthly payment plan; or
• You can pay using a combination of a lump sum for a portion of the buy-back and the monthly payment plan for the balance.

The options and instructions and forms are included in the buy-back package you receive when you request a cost to buy service.

OMERS can accept the following types of payments:

• Personal cheque payable to OMERS – OMERS will issue a tax receipt for the payment received
• Transfer from a registered retirement savings plan (RRSP) or locked-in retirement account (LIRA)
• Transfer from another registered pension plan (RPP)
• Withdrawal from your OMERS Additional Voluntary Contributions (AVC) account.

Monthly payments can make it easier to manage the cost of buying back service. Payments are made over 12, 24 or 36 months through pre-authorized debit withdrawals from your bank account. The service is credited as your monthly payments are received.

If you have to stop payments during the payment period, or if there is still service remaining at the end of the period, OMERS can recalculate the cost and set up a new monthly payment schedule for you.

CRA has some restrictions on how you can pay for buying service. Some periods must be paid for through a transfer of funds from a RRSP, LIRA , or RPP. The buy-back package OMERS prepares when you request a cost to buy service outlines any payment restrictions that apply to your past service.