Deciding when to retire is an important financial decision. From the moment you start thinking about retirement until you complete your pension application, you will find the tools and customized information you need in your own online Retirement Centre. The Centre is part of iAccess Web, the secure members-only section of our website. If you aren't yet registered for iAccess Web, explore the benefits of registering now.

 

At least two years before retirement

• Get a pension estimate: It's easy to estimate your Teachers' pension online at iAccess Web. You can generate and compare pension estimates based on various what-if scenarios. See how your pension is affected by different retirement dates, different survivor benefit options and other factors. If you aren't yet registered for this free member service, you may want to register now.
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• Choose a survivor benefit: Unless you decide otherwise, your eligible spouse is automatically entitled to a 60% survivor pension if you die after retirement. If you want to increase your survivor's pension to 65%, 70% or 75% of your pension, you must do so at least two years before your first pension payment or before you turn 63, whichever is earlier. If you miss the deadline, you're still eligible provided you pass a medical examination confirming you're in good health for your age. To increase your survivor pension, visit the "My Profile" section of iAccess Web. Sign in or register now for more information on your survivor benefit options.

About a year before retirement

• Collect required documents: To process your pension application, we require documents to confirm such things as your age and marital status. It sometimes takes weeks to locate or replace missing documents, especially if issued by another country. We will accept documents in languages other than English or French if accompanied by a translation of the entire document. You may want to begin collecting copies of the following documents now:
  
• Your birth certificate
  
• Your marriage certificate (if you're married) or a Statutory Declaration of Common-law Relationship (180 KB PDF) (if you have a common-law spouse)
• Your married or common-law spouse's birth certificate
• Your separation agreement or divorce papers (if applicable)
• Your CPP Notice of Entitlement or Statement of Denial (if you are receiving or have applied for a disability pension from the Canada Pension Plan)

For information on retrieving missing documents or for a list of acceptable alternative documents, see Required Documents.

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• Decide whether to transfer service: If you taught elsewhere in Canada, you may be eligible to move your pension credit into the Teachers' pension plan. This could allow you to retire earlier with a larger pension. Consult the Interprovincial Transfers fact sheet (43 KB PDF) for more information. Transfers must be completed before you retire so it's wise to consider your options early.
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• Decide whether to buy back service: Visit iAccess Web, to initiate or complete the buy back of an eligible period of service. Buying back an eligible leave of absence could increase the size of your pension and allow you to retire earlier. If you received a contribution refund from us for an earlier period of service, you may be able to buy it back. Although you can complete a buyback up to the month before your pension starts, it's a good idea to begin the process early to prevent unnecessary delays in the processing of your pension application.
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• Review working after retirement rules: There are limits on the number of days you can work after retirement without affecting pension. Visit Working After Retirement for more information.

Up to four months before your pension starts

• Review your personal pension information: If you haven't done so already, sign into iAccess Web, to check your "service record" for completeness and opportunities to buy back or transfer service. You may also want to:
  
• Use the pension calculator to confirm your estimated pension;
• Verify or update your personal and contact information; and
• Review your survivor pension options.

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• Decide whether you want supplementary medical coverage: While some employers extend health benefits to their retired employees, three independent organizations provide this kind of coverage to pensioners. Contact them directly for information on available options:
  
• Ontario Teachers Insurance Plan (OTIP) – RTIP Guide to Retirement
• Retired Teachers' of Ontario (RTO/ERO) – Health Plan for Retired Educators Program
• Active Retired Members – Guide to Retiree Health Care Plans

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• Apply online for your pension: At iAccess Web, you can complete your pension application in six easy steps:
  1. Tell us what type of pension you want and when you want to start it.
  2. Review your personal pension information and make any necessary changes.
  3. Answer a few simple benefit-related questions.
  4. Tell us where to deposit your pension.
  5. Review your application before you submit it online.
  6. Print a copy your application for your records.

The fine print

• We cannot backdate a resignation date. Please make sure you give your employer a resignation letter before your resignation date.
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• If you plan on working after retirement, your arrangement to return to work in education must be made after the later of the date we receive your pension application or the date of your resignation.
  
  A resignation is considered valid only if:
  • your employer confirms acceptance of your resignation without condition;
  • no arrangement has been made to return to work in education; and
  • you have either received or arrangements have been made to pay any applicable gratuity.

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