Transferring to La Belle Province

February 25, 2015

This story is based on the types of scenarios we often review with our members.

Michelle has traded in field trips to the Big Nickel for trips to the Saguenay-St. Lawrence Marine Park. She ended her 11-year tenure with the Rainbow District School Board in Sudbury, Ont. to move to Saguenay, Que. Michelle accepted a full-time elementary teaching position with the Commission Scolaire Central Québec School Board.

With no plans to return to work in Ontario, Michelle wanted to consolidate her pension assets into one plan. We have a transfer agreement with the teachers' pension plan in Québec (CARRA), so transferring the service she's accumulated in our plan to CARRA was a straight forward process.

Here are the steps she took:

  1. She called to inform us that she's resigned from her teaching job in Ontario and would like to transfer her service to CARRA. We provided her with an application form.

  2. Once she submitted the completed form, we calculated the value of her 11 years of service in our plan, and provided that information to CARRA.

  3. CARRA calculated the cost to add 11 years of service in their plan and provided that information to Michelle so she could make a decision.

    If CARRA required more money than Michelle had available with us, then CARRA would provide Michelle with the option to pay the difference.  

    On the other hand, if CARRA required less money than Michelle had available with us, CARRA would provide her with the full 11 years of service.

  4. Since she did not have a shortfall to pay for, Michelle let each pension plan know that she wanted to proceed with the transfer of her service from our plan to CARRA. We then sent the transfer value to CARRA and they added the appropriate service to her file.

If you move to a new province to teach you must decide if you're going to park your pension credit with us, or transfer it out. Follow the chart to see what might suit your situation.