If you leave before your normal retirement date, you are entitled to the total funds in your Regular and Voluntary accounts. While these funds are transferable, they may be locked-in to provide retirement income. With locked-in funds, your options include:

• leave the funds with the University pension plan (a small annual administration fee will be charged).
• transfer the funds to a Locked-In Retirement Account at a financial institution or to another employer's registered pension plan (provided that employer is willing to accept them).
• purchase a deferred life annuity offered by a life insurance company.

Non-locked in funds can be cashed, transferred to a RRSP or left in the plan.

By current provincial statute, required contributions for service on and after January 1, 1987 will be locked-in if you have been a plan member for at least two years at the date you terminate your membership. For Huron Univesity College members, this membership date is the original date you joined the Huron College Pension Plan. Of the pre-1987 contributions, 75 per cent of required funds are locked-in if you are age 45 or over and have been employed by the University for 10 continuous years, provided you leave prior to your Normal Retirement Date.

For members who joined the plan under the part time eligibility rules, membership does not cease until six months after contributions have ceased and locking rules are applied based on this membership end date, not the date that their position ended. This six month period is to allow for the immediate enrollment in the plan, should the member be successful in starting another position with the University or a participating employer within that 6 month waiting period.

If you have questions regarding your pension, please email Contact Us or call Human Resources at (519) 661-2194 to speak with a Pension & Retirement Consultant