How to transfer service between public sector plans

You may be able to transfer your eligible service if you are joining or leaving the plan.

BC’s Teachers’ Pension Plan has transfer agreements with many public sector pension plans in Canada. These agreements allow you to transfer your pensionable and contributory service from your original pension plan to your new employer's pension plan if you meet certain eligibility criteria. The transfer agreements are reciprocal, which means you can transfer service in either direction:

  • From the Teachers' Pension Plan to another pension plan, if you start a job with a new employer that falls under one of these agreements
  • From another pension plan to the Teachers' Pension Plan, if you used to work for an employer that falls under one of these agreements and you are now a Teachers’ Pension Plan member

Things to think about when transferring service

Transferring service may allow you to increase two kinds of service:

  • Pensionable service, which may increase the value of your pension
  • Contributory service, which may allow you to retire earlier with an unreduced pension

However, it’s not always to your financial advantage to transfer service. It may be better to collect two separate pensions, particularly if:

  • The total value of the two separate pensions is more than the value of the single pension after a transfer
  • You can collect a pension earlier under your former plan

There are deadlines for transferring service, so contact your new pension plan as soon as possible to confirm your eligibility.

Other considerations

If you have a former spouse who is entitled to a share of your pension, the pension will need to be divided before any service can be transferred. Contact us for more information.

There may be tax implications associated with transferring service. You may wish to speak with an independent financial adviser before making your final decision about transferring eligible service between plans.