Your Pension Benefit is Protected
Under the Ontario Pension Benefits Act (PBA), your contributions to the pension plan are locked in and can only be withdrawn in very limited circumstances (i.e., when you terminate employment in education, retire or die). You cannot borrow against them or withdraw some of the funds temporarily and repay them later.
Your benefits can't be seized by a third party, even in the event of personal bankruptcy. They also can't be assigned to someone else, unless we're instructed to do so through an order or agreement under the Ontario Family Law Act, or are required to by the Canada Revenue Agency.
If you're no longer working in education, or are planning to stop, you may be able eligible to withdraw the commuted value of your pension. For information on your options, please contact us.