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How does changing my job or leaving my employer affect my pension?

When you leave your current employer, you may have some decisions to make about your pension.

Read the Terminating employment PensionFacts to find out more about:

  • The options available to you if you’ve ended your employment.
  • Implications that could affect your options, like taxes, or a separation agreement that you have with a former spouse.

If you change your job, you may be able to transfer your pensionable and contributory service from one pension plan to another.

Read the Transferring service PensionFacts to find out more about:

  • The list of pension plans with Teachers’ Pension Plan transfer agreements.
  • Deadlines for transferring service between pension plans.
  • Any tax implications, benefits or drawbacks of transferring your existing pension.
Contributory service: you earn one month of contributory service for each month that you make contributions to the plan. If youíre receiving long-term disability benefits from an approved LTD plan, youíll continue to earn contributory service even though you arenít making contributions.

Pensionable service: the actual time you worked while contributing to the plan. If youíre receiving long-term disability benefits from an approved LTD plan, youíll continue to earn pensionable service at the rate you were accruing service before you went on LTD

If youíre 55 years of age or older, youíve reached the earliest retirement age, and have pension options available to you. Read Choosing Your Best Pension Option to find out more.

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