Test your knowledge: Increase your OMERS pension by using pension service earned with a previous employer

November 01, 2017
Did you know that you can use your service or funds from a previous employer’s pension plan to increase your OMERS pension? To find out more, take our quiz or see Retire With a Bigger OMERS Plan Pension in the Member Handbook.
 

Test your knowledge

  1. Question 1/5

    Jane worked at a Canadian bank and was a member of the bank’s registered pension plan before getting a job at the municipality and becoming an OMERS member. Can Jane use her service or funds from the bank to increase her OMERS pension?


     

    You chose:

    Correct. Jane can increase her OMERS pension by transferring funds from the bank’s pension plan or buying back her service in the bank’s pension plan.




     
    Incorrect


     

  2. Question 1/5

    Jane transferred funds from her bank pension plan into a locked-in retirement account. Would she be able to bring it into OMERS?

    You chose:

    Correct. Since Jane transferred out her funds from the bank pension plan, she would have to purchase her bank service as a buy-back to convert it into OMERS service.
    Incorrect.

  3. Question 1/5

    Can Jane use funds from the locked-in retirement account she set up (when she transferred out funds from the pension plan) to pay for the buy-back?

    You chose:

    Yes, funds from any registered retirement vehicle – locked-in or non-locked-in – can be transferred (tax-sheltered) to pay for buy-back purchases. They may also be transferred into OMERS Additional Voluntary Contributions (AVCs).
    Incorrect

  4. Question 1/5

    Can Jane buy back her service with the bank if she leaves her OMERS employer?

    You chose:

    Correct. Buy-back purchases are only available to active members. If Jane leaves her OMERS employer before buying back her service with the bank, the buy-back option is no longer available.

    Incorrect

  5. Question 1/5

    If Jane wishes to buy back service with the bank, does she have to buy all the service with the bank?

    You chose:

    Yes. Jane would have to buy the entire amount.;incorrect No. Jane can buy back all, some, or none of her service with the bank.;correct
    Incorrect.

  6. Quiz Complete

    You Answered

    Questions Correctly

    Have you ever been a member in a registered pension plan before joining OMERS? Tell your OMERS employer about your past service, or contact OMERS Client Services directly. You may be able to use that

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