Taking Time Off
Taking time off to study, travel or stay home with your baby?
If you take a leave, you don’t contribute to your pension while you’re off. You can make up for the gap in your pension by paying for your leave — this is called a buyback.
Only have 5 minutes?
Get a rundown of how paying for a leave can affect your wallet, taxes and pension by visiting What’s the scoop on your leave?
What time away can you pay for?
Maternity, parental and adoption leaves
These types of leaves make up more than 70% of the buybacks we see. You can also pay for maternity leave extensions, as long as your employer approves it.
During your career, you may need to ask your employer for time off. Maternity leave extensions, academic upgrading, and caring for elderly parents are all examples of employer-approved leaves.
When your absence lasts more than five consecutive school days, you can pay for the time you were away.
Going back to school
Sometimes teachers become students again. If you take time away for academic upgrading, you can pay if your absence lasts more than five consecutive school days.
Compassionate and emergency leaves
As long as your employer approved the leave, you can pay for time away to take care of a loved one or deal with one of life’s curve balls.
Teaching in another province
If you taught in another province, you may be able to transfer that credit to our plan. Because we’re such a robust retirement plan, sometimes credit from another pension plan is not enough to pay for equivalent credit in our plan. If this is the case, we'll calculate the additional cost.
We have transfer agreements with teachers' pension plans in every province.
Rules and deadlines apply. Contact us to discuss your situation.
Leaves that are employer-approved absences of five or fewer consecutive school days won’t affect your pension. Your employer will continue to deduct pension contributions for this time away.
These days off may be for things like personal days, religious holidays or if you run out of sick days.
Sometimes called a deferred salary or x/y leave, this is an agreement between you and your employer. You agree to defer a portion of your salary over a certain period of time. For example, in a 4/5 leave, you might defer 20% of your salary for four years, and then collect that deferred salary in the fifth year while you’re away.
Your employer continues to deduct pension contributions while you’re on a deferred salary leave. Your employer reports service and salary based on your contract prior to the arrangement and not on the reduced salary. There’s no impact to your pension.
If you move from full-time to part-time work, you can’t make up the difference or top up with a buyback.
Did you know that participating in another pension plan during a leave could affect your taxes? Call us 1 (800)-668-0105.
Don’t worry, contributing to the Canada Pension Plan or an RRSP doesn’t count.