Learn about and manage your OMERS defined benefit Pension Plan
Learn about the OMERS Plan and the strategy that drives it.
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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?
Jane transferred funds from her bank pension plan into a locked-in retirement account. Would she be able to bring it into OMERS?
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?
Can Jane buy back her service with the bank if she leaves her OMERS employer?
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.
If Jane wishes to buy back service with the bank, does she have to buy all the service with the bank?
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