Your first pension payment

June 13, 2013

If you're one of the more than 2,700 Ontario teachers retiring at the end of this school year, you've likely got a good idea of just how much you'll be receiving from month to month.

But, sometimes there are still little surprises, despite your research when you were deciding when to retire.

To help take the mystery out of that first payment, here are three things you need to know about your first pension payment:

  1. your Teachers' pension is always paid on the last business day of each month. If your pension officially started on July 1, you'll receive your first pension payment on Wednesday, July 31;
  2. you can log into iAccess Web, and view the details of your deposit up to five business days in advance of your monthly pension payment; and
  3. if you opted for supplementary medical coverage, you may not see a deduction until your August pension payment.