Annual statement FAQs
October 23, 2020
Is the 1% increase reflected in my annual statement?*
Earlier this year, a 1% annual wage increase was negotiated between the Ontario government and your federation. Although contracts were settled at the provincial level, your employer typically sends us revised contract and salary information after they finalize an agreement with your local federation.
On page 1 of your Statement of Pension Benefits, you’ll see “Pensionable earnings” under “Key information”. This line shows how much you earned toward your pension for the 2019/20 school year. It may not include the 1% annual wage increase depending on whether we’ve received revised information from your employer.
If the 1% increase isn’t included, what do I need to do?*
Nothing. Rest assured, if your employer hasn’t already reported your revised contract information to us, they will. These things take time and given the current situation, we expect to receive these updates over the course of the school year. Once we receive it, we’ll update your service record, and it’ll be reflected in your online account. Call us at 1-800-668-0105 to register for an online account if you don’t already have one.
My federation has settled with the Ontario government. Has my local agreement been settled?*
Although contracts were settled at the provincial level, your local agreement may not be settled yet. Your local union communicates this information to you.
My personal information is incorrect or outdated. How can I change it?
Sign in to your online account and update your personal information.
My situation has changed – can I get a recalculated statement?
The annual statement is a snapshot of your pension based on information up to the end of the 2019/20 school year. For an up-to-date pension estimate, sign in to your online account and create custom scenarios using your Pension Calculator.
My annual statement shows I have an unpaid leave on file. How can I pay for my leave?
Sign in to your Buyback Centre. Make sure to review the cost, tax implications and deadlines before making any payments. If you have questions about your leave, call us at 1-800-668-0105.
Why does page 2 of the annual statement show I’m eligible to retire later and will collect a lower pension?
The date and amount shown on page 2 of the annual statement are your earliest unreduced pension start date and annual lifetime retirement pension. It’s there to show you when you could retire with no reduction to your pension and how much your pension will be, if you didn’t work past the end of the 2019/20 school year.
With all that’s going on in the world, is my future pension secure?
Many of you have been wondering what impact the COVID-19 crisis will have on your future. When thinking of your pension, it’s important to remember:
- long-term performance counts for pension plans, and
- your pension is part of a defined benefit plan.
Unlike RRSPs or defined contribution plans, pensions paid under a defined benefit plan are based on a formula of service and salary, not on the fund’s value on the day a person retires.
We continue to have rigorous processes in place, shaped by robust governance and risk frameworks, and a team dedicated to serving the needs of our members. We’re confident our strong foundation and long-term investment strategy will see us through this turbulent period. This volatility may be unprecedented, but we’ve been through periods of market uncertainty before. We’ll continue to use our learnings and expertise to help keep the plan sustainable over the long term.
* This applies to you only if during the 2019/20 school year you were employed at a publicly funded school and impacted by a collective bargaining agreement reached by one of the Ontario teachers’ federations and the Ontario government.