For your information
Leaves of absence
Have you ever wondered what happens to your pension when you are off work on an unpaid leave of absence? While you’re off work, your own contributions and your employer-matched contributions stop, resulting in a gap in your service. This gap means lower credited service used in your pension formula, which may cause a delay in reaching your milestones such as an early unreduced retirement date. This break in service is referred to as a leave period.
The good news is that, in most cases, you can purchase the leave period. This includes leaves protected by employment standards, such as pregnancy/parental leaves and declared emergency leaves as well as some non-protected leaves authorized by your employer.
The cost to purchase the leave period will depend on the type of leave you take. Learn more on our Taking Time Off page on omers.com.
Considering purchasing your leave period? Sign in to your myOMERS account and use the Retirement Income Calculator to see how buying the leave period can increase your pension.
Get answers to your pension questions
Your OMERS defined benefit pension can be one of your greatest assets, and it’s never too early or too late to start learning more about your pension. Our Pension Education & Relationship Management team is here to help with webinars that will allow you to ask any questions you may have as you prepare for this important journey. Click the links below to register for an upcoming session. Secure your spot now because space is limited!