GET MORE OUT OF YOUR PENSION WITH A BUY-BACK

A buy-back allows you to purchase certain past service from your previous or current employer, which increases your amount of credited service in the OMERS Plan. This added service can help you increase your total pension amount and may be able to help you retire sooner without a reduction to your pension. You must be an active member to be eligible for a buy-back.

How do I know if I have service I can buy back?

If you are unsure if you have service you can buy back, ask yourself the following questions:

  • Did you work for another OMERS employer?

  • Did you cash out a pension from a previous employer post-1991?

  • Did you have an unpurchased waiting period?

  • Did you take a leave period (e.g., parental leave) with your current OMERS employer but didn’t purchase the period before the deadline?

  • Did you transfer service from another pension plan into the OMERS Plan that resulted in a shortfall? (i.e., where the amount transferred in didn’t buy the same amount of service in the OMERS Plan)

If you answered “yes” to any of these questions, you may be able to buy back that service.

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I think I have service I can purchase. What’s next?

Request a costing. A buy-back costing tells you how much it will cost to purchase the service, calculated based on several variables including your age, salary and when the service occurred.

You can request a costing by signing in to your myOMERS account and clicking on My Buy-back.

Once you’ve requested a costing, you’ll be guided through the remaining steps in the process. For more information on the process, visit omers.com.

Did you know?

You can now run a buy-back costing, make an election and submit your documents through your myOMERS account. Simply sign in and click My Buy-back. Don’t have an account yet? Creating one is easy. All you need is your OMERS 7-digit reference number, the last three digits of your social insurance number and your date of birth. Visit myOMERS.com and click Create an account to get started.