When you submit an application form to buy service, you will receive a Statement of Cost from the pension plan. You can find your statement in Message Centre after signing in to My Account. If you wish to buy the service, you must pay the amount shown by the due date.

What are the payment options?

You must pay the full amount by the due date shown on the Statement of Cost. You can pay by:

• Online banking from your personal bank account
• Cheque, money order or bank draft (payable to College Pension Plan)
• Transfer from an existing RRSP or LIRA in your name
• A combination of the above options

You will only receive a tax receipt if you pay by online banking, cheque, money order or bank draft.

You are responsible for ensuring the correct payment amount reaches the plan by the due date indicated on the statement. If you miss the payment deadline, you must continue to meet eligibility requirements, including, if applicable, the original five-year time limit, and reapply to make the purchase.

How to pay from an existing RRSP or LIRA

If you wish to pay by transferring funds from an RRSP or LIRA, your financial institution must make this transfer to the plan on your behalf. You should instruct your financial institution to send the exact amount owed to the plan by the due date. Ensure that your financial institution does not deduct service fees from your purchase of service payment, as this will result in an incomplete payment.

How to pay through online banking

The following financial institutions are set up for online banking with BC Pension Corporation:

• BC credit unions
• BMO
• CIBC
• HSBC
• RBC
• Scotiabank
• Tangerine
• TD Bank

To pay an invoice online:

1. Sign in to your financial institution's online banking service.
2. Under Add a payee, select BC Pension Corporation.
3. For your account number, type in your Person ID (PID) number. (You can find your Person ID number on your purchase invoice or Statement of Cost.)

If you need help making your payment through online banking, contact your financial institution.

Past service

If you’re buying past service for time before you or your employer joined the plan, you may use funds from a former registered pension plan (RPP).

If your funds from the former RPP aren’t enough to cover the full period you want to buy, you can use any combination of sources to pay the difference. This difference, called a shortfall, is due to variation between the former RPP and the College Pension Plan rules, your salary and age. If you choose not to buy the full period, the service will be allocated starting with the most recent period and working backward.

We accept direct transfers from defined contribution plans or specified multi-employer plans. If your former plan is a defined benefit plan, the funds must first be transferred to an RRSP or LIRA, before being sent to the plan. If you have not yet removed your funds from your former RPP, we suggest you do not move your funds until you’re ready to finalize the purchase.

For more information go to Buying past service.