Human Resources

Retiring or Leaving Western

Retiring from Western

At retirement, you will have options available to convert your pension savings into a pension income. Today these options include:

The Western RIF allows retiring members the option to leave their investments at Western, instead of transferring accumulated retirement income to another financial institution. Transferring your funds outside of Western to an institution of your choice is an option. Funds will need to be administered as required under Ontario pension law.

Retirement counselling is available through Human Resource Services. To assist you in your retirement planning, we recommend that you meet with a Pension Consultant within two to five years of your planned retirement date. If you wish, you may also invite a spouse or trusted family member or friend to participate in the meeting. To book an appointment, call the Human Resources Communication Centre at 519-661-2111 x82194 or email hrhelp@uwo.ca.

Leaving Western before Retirement

If you leave Western before you retire you are entitled to the total funds in your Regular and Voluntary accounts. While these funds are transferable, legislation may require they remain in a “locked-in” account to provide retirement income.

Within 60 days of leaving Western you will receive a package of information outlining your options.  Please be sure to keep us up to date on your current address to ensure this reaches you.  You may update your address by logging in to My Human Resources, or by completing a Personal Data Form.

Options:

With locked-in funds, your options include:

Special Information for Part-time Members

For members who joined the Western pension plan under the part-time eligibility rules, membership does not cease until six months after contributions have stopped.  This 6-month period is to allow for the possibility the member may be successful in starting another position with Western and this would then allow immediate enrollment in the pension plan.

Following six months without contributions, your membership in the plan will end and you will receive a package of information outlining your options.  Please be sure to keep us up to date on your current address to ensure this reaches you.  You may update your address by logging in to My Human Resources, or by completing a Personal Data Form.

If you are leaving Western prior to retirement and wish more information on your pension savings, please call the Human Resources Communication Centre at 519-661-2111 x82194 or email hrhelp@uwo.ca.