Confidentials


Planning to Retire

It is never too late, or too early, to start planning for your retirement from U of T. The University offers a variety of information and services for those for whom retirement is years away or just around the corner. The goal is to enable employees and retirees to make informed choices when planning for your life after retirement.

Retirement Provisions

A copy of your pension brochure, outlining all of your retirement provisions can be found online.

Information Session on Retirement Options

If you are within ten years of NRD, you are invited to an information session on retirement options. These sessions are usually offered in the spring each year to provide information on the following provisions:

  • Postponed retirement;
  • Early retirement 60/80 provision; and,
  • Leaves of absence and pension

Representatives from Human Resources will be on-hand to provide you with information and respond to your questions.

Other retirement related and financial planning seminars are held throughout the year. Details are available on the ODLC website.

Personal Data

Please review the following information on Employee Self Service for greater accuracy on the retirement package:

  • mailing address;
  • email;
  • telephone number;
  • marital status; and,
  • spouse’s name and date of birth

Contact your Divisional HR Office to make any required updates Note: If you have a spouse on file, he or she will automatically become your beneficiary and will receive a spousal pension package.

You should also review your personal and pension details sent in your most recent Annual Pension Statement.

Formal Notice of Intent to Retire

The University would like at least 3-4 months notice of your intent to retire.

Notice must be provided to your supervisor/department head in writing and, once accepted, is irrevocable. Note that retirement normally occurs at the end of the month. If insufficient notice is received, or pension option documents are not returned in a timely fashion, your first pension payment might be late, even though retroactive to your retirement date.

You cannot retire and draw your pension and also receive a salary from the University at the same time. Note that under the Income Tax Act, you are required to start your pension on the December 1 of the calendar year in which you turn age 71 – even if you continue to be employed by the University and receive a salary. In that case, you would not continue contributing to the Pension Plan.

First Pension Payment

To receive your first pension payment on time, normally the first of the month following your retirement date, the University of Toronto Pension Services must receive your completed forms at least 30 days prior to your retirement date.

Please use the return envelope provided. Completed forms should be submitted directly to the University of Toronto Pension Services at:

University of Toronto Pension Services
Box 7650 Station B
Toronto Ontario M2K 3B5

Group Benefits at Retirement

As a retiree in receipt of a monthly pension, you can participate in the retiree health & dental plans at the time of your retirement. Retiree benefits are similar to, but not the same as, the benefits available to you prior to your retirement. For example, you do not have vision care in retirement, and the paramedical services are reduced.  Further details are available in the Green Shield Pensioner’s benefit booklet you will receive with your retirement package.  The monthly premium you pay for these retiree benefits will reflect these small differences in coverage.

Should you reject any or all of the Green Shield coverage’s at the time of retirement, there is one enrollment date each year on July 1. University of Toronto Pension Services must be notified in writing by May 31 of the year in which you wish to be enrolled for coverage effective July 1.

Retirement Benefits from Government Plans

When you retire, you may receive a pension from the Canada Pension Plan. You may also qualify for an Old Age Security benefit. This income is in addition to the income you receive from the University Pension Plan. Under current income tax rules, Old Age Security benefits start to be “clawed back” if a retiree’s net income exceeds ~$67,000.

The Canada Pension Plan normally provides a pension at age 65, but could start as early as age 60 (with reduction) or as late as age 70. The pension payable is dependent upon your length of participation and your salary/wages during the years you were a member of the Canada Pension Plan. Old Age Security may provide you with an additional retirement income at age 65, based upon residency in Canada prior to age 65, and your level of income after age 65. Please remember that a spouse or partner who is not employed may also be eligible to apply for OAS.

Your CPP and OAS benefits do not begin automatically. It is best to apply for these programs six months before you expect to start receiving benefits. To learn more about your entitlement to CPP and OAS and how to apply for these benefits contact Service Canada at 1-800-277-9914 or go to http://www.servicecanada.gc.ca/.

Obtaining Pension Estimates

You can obtain a pension estimate by:

  • Calling University of Toronto Pension Services at 1.888.852.2559 between 8:30 a.m. and 5 p.m., Monday to Friday;
  • Accessing the Your Benefits Resource website.

You will need a PIN to be able to request an estimate or run an estimate on the website. If you don’t already have a PIN, you can request one by calling the University of Toronto Pension Services (UTPS) or through the website. Please note that it will take 5 to 7 days to receive your PIN in the mail.

Early Retirement

The unreduced early retirement provision for retirement after attaining age 60 and the completion of 20 years of continuous service or a combination of over age 60 and age plus service greater than 80, or end of the month you turn 65. Once you reach your Normal Retirement Date (June 30 coincident with or next following the date the Member attains age 65), you will no longer have the option to take the commuted value out of the plan at termination.

Postponed Retirement

If you are planning to continue in employment past your Normal Retirement Date (NRD- June 30 coincident with or next following the date the Member attains age 65), you can request/ run a pension estimate for retirement following your NRD. Under the Income Tax Act, your pension must start no later than the December 1st of the year in which you turn age 71, even if you retire from the University after that date. You are responsible for ensuring that you do not enter a date beyond this required pension start date (on the website, you would enter “your last date of employment” as the November 30th of the year in which you turn age 71 and for the “date you begin receiving benefits”, you would enter the December 1st date.

If you have any questions regarding your pension estimates, please contact the UTPS at 1.888.852.2559.

Financial Counselling Provisions for Confidentials

To assist members of the Professionals/Managers and Confidential staff with their retirement planning, the University has agreed to provide members with a unique opportunity. Effective March 14, 2011, the University of Toronto will provide members with up to three (3) hours of independent financial counselling related to retirement planning, during your career at the University at no cost to you.

These services are available from your choice of one of the following providers that have been selected by the University. Each of these providers is familiar with the University of Toronto, our Pension Plan, and retirement options available, which will help ensure you get the most assistance from your available three (3) hours.


Retirement Incentive Program FAQ


Q: Where do I find the application form for the Retirement Incentive Program?

The application form is available here

Q: I am not sure I can afford to retire yet, where can I get help?

To assist members of the Professionals/Managers and Confidential staff with their retirement planning, the University has agreed to provide members with access to financial advice. Effective March 14, 2011, during your career at the University and at no cost to you, you are eligible to receive up to three (3) hours of independent financial counselling related to retirement planning.

These services are available from your choice of one of the following providers:

Each of these providers is familiar with the University of Toronto, our Pension Plan, and retirement options available, which will help ensure you get the most assistance from your available three (3) hours. You may contact them directly to arrange your consultation.

Q: How can I find out what my pension would be under various scenarios before I propose a retirement date?

You can obtain up to date pension estimates based on your current salary for any future retirement date online using the University of Toronto Pension Services website.

You will need to log-on using your confidential user ID and password. If you have never logged on, you will be asked to set up your user ID when you first visit the site. If you forget your user ID, then you will be reminded with a hint you set up when you first logged on. If you forget your password, you can request it be reset online and your new password will be sent to your U of T email address on file.

You can also contact the U of T Pension Services at 1-888-852-2559 for assistance with resetting your PASSWORD or to request that your pension estimates be mailed to your home address.

Q: I don’t understand my pension estimate – how can I get assistance?

Call the U of T Pension Services at 1-888-852-2559. You will need your password when you call.

Q: What happens to my benefits when I retire?

You are eligible to participate in the retiree benefits for P / M& C at the University of Toronto. These include the Extended Health-Care, Semi-Private Hospital and Dental Plan. Note that access to the Vision Care Plan and the Health Care Spending Account (PM 6 – 9) ceases at retirement. If you are retiring prior to your Normal Retirement Date (NRD), you can also continue life insurance (basic plus 1x optional) up until June 30th coincident with or next following your 65th birthday (NRD), at which time all of your life insurance coverage will end.

Your contributions for the plans in which you participate are deducted from your monthly pension. Note that if you are retiring early and elect the lump sum pension option instead of an immediate monthly pension, you are not eligible to participate in the retiree benefit plans.

Retirees also have access to the Joint Membership Plan (PDF, 33 kB), and can take courses under the tuition waiver and SCS waiver programs.

Q: What if I am accepted to retire early under this program , but then I become sick and go onto LTD prior to my agreed upon retirement date?

Once your retirement date is accepted and approved by your Division Head, it is irrevocable. Should you subsequently become injured or sick and qualify for LTD benefits, the benefits payable would end at your approved early retirement date, and your pension options would be made available to you at that time. Note that ALL LTD benefits cease at your Normal Retirement Date (June 30th coincident with or next following your 65th birthday) even if you are still actively employed.

Q: Can I shelter any of my R.A. into an RRSP?

Canada Revenue Agency (CRA) allows you to transfer some of your retiring allowance directly to an RRSP before tax, according to the following formula:

  • $2,000 per year or part year of continuous employment service with the University prior to 1996, PLUS
  • $1,500 per year or part year of continuous employment service with the University prior to 1989 for which you were not a member of the Pension Plan.

In addition, you may still have some personal RRSP room and you can use that room to shelter additional retiring allowance, so long as you sign a declaration indicating you have confirmed your current personal RRSP room using your most recent notice of assessment from CRA, and that you will be liable for any taxes or penalties assessed if the transfer is subsequently deemed ineligible by CRA

Q: When is the lump sum retiring allowance (RA) paid, and are there any deductions from this amount?

Your lump sum RA is paid in the month following your date of retirement. For example, if you retire June 30, 2012, you will receive your retiring allowance in July. Retiring Allowances are taxable income unless you can shelter some of the income into an RRSP (see next Q&A). The University is required to withhold and remit 30% tax on any amount of $15,000 or more. You may still owe additional tax on the lump sum amount depending upon your income and personal deductions when you file your income tax.

Q: I don’t qualify for unreduced early retirement until December 2014 – can I still apply?

This temporary Retirement Incentive Program only applies to those eligible to retire with an unreduced pension on or before June 30, 2014.

Q: What if my application is not approved – what should I do?

You should discuss with your supervisor, manager or division head why your application was not approved, and explore whether a different retirement date might result in reconsideration of your application. You may also wish to discuss your application with your divisional HR office. However, this is a discretionary program, subject to Division Head approval and there may be fiscal or operational reasons why your application may not be approved.

Staying Connected After Retirement

Retirement doesn’t mean that your relationship with U of T has to end as there are a number of ways to stay connected to life on campus, such as the: Bulletin, U of T magazine, library and the Joint Membership Plan (PDF, 33 kB).