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”  under pension legislation rules. These rules ensure that a plan member’s pension savings are available for the purpose originally intended - to provide income in retirement.

With locked-in funds, your options include:

• leave the funds with the University pension plan (an 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. You may also be able to unlock some or all of your account if your plan meets certain criteria. Please contact Human Resources for more information.

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 hrhelp@uwo.ca or call Human Resources at 519-661-2194 to speak with a Pension & Retirement Consultant.