The University of Toronto (U of T) offers a variety of information and services for those planning their retirement from U of T. This page outlines the retirement options available to faculty and librarians, provides general information about pensions and related benefits for retirees and those planning their retirement. A copy of your pension brochure, outlining all of your retirement provisions can be found online at this page.
Consult the U of T Pension site for complete information about all of your retirement provisions.
- Formal Notice of Intent to Retire
- Revocation of Notice
- Personal Data
- Information Session on Retirement Options
- Retirement Options
- Retirement at Normal Retirement Date (NRD)
- Unreduced Early Retirement (60+10 provision)
- Three-Year Phased Retirement Program
- Working After Your Normal Retirement Date
- Retirement Counselling
- Obtaining Pension Estimates
- Early Retirement Pension Estimates
- Phased Retirement Pension Estimates
- Post NRD Retirement Pension Estimates
- First Pension Payment
- Group Benefits at Retirement
- Retirement Benefits from Government Plans
- Staying Connected After Retirement
Formal Notice of Intent to Retire
The agreement between the University of Toronto Faculty Association and the University requires one year’s notice of your intention to retire. Your retirement date must be June 30th or December 31st of any given year (June 30th only if you choose the Three-Year Phased Retirement option).
If you plan to retire, you must notify your unit head in writing using the form appropriate to the retirement option you wish to choose.
Approximately 2-3 months prior to your retirement date, you will receive a retirement package from U of T Pension Services which includes pension and retiree benefit options and any forms you are required to complete. You should return the completed documents to the U of T Pension Services no later than 1 month prior to your retirement date. If you have any questions, you can contact the U of T Pension Services directly at 1.888.852.2559.
Revocation of notice
You will have one month from the date on which you notify your unit head to revoke your intention to retire provided 12 months advance notice has been given. If you wish to revoke your notice of Intention to retire a signed revocation of notice of intent to retire form must be received by your Unit Head within one month of the date you notified your Unit Head of your intent to retire. Notices of intention to retire which are accepted with less than 12 months’ notice of such intention are irrevocable.
Please review the following information on Employee Self-Service (ESS) to ensure the accuracy of the retirement package. Contact your HR Divisional Office to make any changes or you can update your mailing address and telephone phone on ESS.
- mailing address
- telephone number
- marital status
- spouse’s name
Note: If you have a spouse on file at the time of retirement, 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.
Information Session on Retirement Options
If you are within ten years of NRD, you will be invited to an information session on retirement options. These sessions are usually offered in the spring each year to provide information on the following:
- Phased retirement
- Postponed retirement
- Early retirement 60+10 provision
- Pension information
Representatives from the Provost’s Office, Human Resources, and the University of Toronto Pension Services will be on-hand to provide you with information and respond to your questions. To view, please download the Retiring Under the U of T Pension Plan for Faculty & Librarians presentation (PDF, 221kb).
There are three retirement options available to Faculty and Librarians. If you wish to provide notice of your intention to retire, please complete the appropriate form found below. If you require more information about these retirement options please contact your HR Divisional Office.
Note that you cannot retire and draw your pension and also receive a salary from the University at the same time; however, you can continue to teach on a stipend basis.
Retirement at Normal Retirement Date (NRD)
The June 30th coincident with or following age 65 remains the normal retirement date (NRD) under the Pension Plan even with the end of mandatory retirement. If you choose to retire on or after your NRD, you should submit the Notice of Intention to Retire form to your unit head. Your notice of intention to retire will be forwarded to both the Provost’s Office and Pensions.
Unreduced Early Retirement (60+10 provision)
This program is for Faculty and Librarians who retire on the June 30th or December 31st that they are at least age 60 and have at least ten years of pensionable service. Your pension will not be reduced if you choose to retire under this option. If you wish to participate in the unreduced early retirement program you should submit the Notice of Intention to Retire: Unreduced Early Retirement form to your unit head. Your notice of intention to retire will be forwarded to both the Provost’s Office and Pensions. 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.
Three-Year Phased Retirement Program
The Three-Year Phased Retirement program allows full-time Faculty and Librarians, who are between the age of 57 and 68, to scale down their responsibilities over a three-year period. The program also includes the following benefits and requirements:
- During phased retirement, you will continue to accrue pension based on your 100% salary and service, but your actual pay will be based on your percent time worked each year
- As a supplement you will receive an incentive premium in the form of a retiring allowance of 75% of your salary as of the June 30th before entering the program. There are various options for receiving the retiring allowance that are set out in the Phased Retirement Program Form.
- Over the three year period, your cumulative appointment must be at least 150% but not greater than 200% of a full-time appointment, with a minimum appointment in any one year of 25% FTE.
- Your workload must include the full range of normal duties held before entering the phased retirement period (e.g. Teaching, Research, Service);
- If you have earned and would like to take a research and study leave during the phased retirement period you must apply when giving notice of your intention to retire under the phased program. Please refer to the Research and Study Leave Arrangements document for more information.
For more information about the Three-Year Phased Retirement Program please contact email@example.com .
If you wish to give notice of intention to participate in this program, submit the Phased Retirement Program Form to your unit head who will forward it to the Provost’s office for approval. Remember that notice to enter this program must be given one year before the start date for phased retirement (which must be a July 1) by submitting the above form.
Working After Your Normal Retirement Date
If you are planning to continue in employment past your normal retirement date you do not need to inform your unit head. If you wish, you can request or run a pension estimate for retirement on any December 31st (with the pension starting on January 1st) or June 30th (with the pension starting on July 1st) following your normal retirement date. 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.
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 continue to be employed by the University and receive a salary. In that case, you would not continue contributing to the Pension Plan.
The University of Toronto provides up to three hours (lifetime) of independent retirement counselling to Faculty and Librarians. Counselling is available from two providers. To book your independent financial counselling, please contact:
- T.E. Financial Consultants Ltd.
- William D. Jack – Independent Advisor on Finances, Lifestyle & Aging
If you require additional counselling or referral services, please contact the Employee & Family Assistant Program.
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, while requests through the website will be sent to your utoronto email address.
Early Retirement Pension Estimates
The unreduced early retirement provision for retirement falls on any December 31st (with the pension starting on January 1st) or June 30th (with the pension starting on July 1st) following the attainment of age 60 and the completion of 10 years of pensionable service.
Phased Retirement Pension Estimates
There is no specific pension estimate for phased retirement. From a pension perspective, you earn full pension accrual during the phased retirement period, Therefore, if you want to estimate your pension at the end of the phased retirement period, you should request/run a pension estimate under the new unreduced early retirement provision as of the June 30th retirement date at the end of your three-year phased retirement period. You are responsible for ensuring that you are eligible for phased retirement on the dates you have selected.
Post NRD Retirement Pension Estimates
If you choose to work past your normal retirement date, you can request/run a pension estimate for retirement on any December 31st (with the pension starting on January 1st) or June 30th (with the pension starting on July 1st) following your normal retirement date up until the year you would turn 71.
You are responsible for ensuring that you do not enter a date beyond this required pension start date in calculating your pension estimate. 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 December 1st of the same year.
If you have any questions regarding your pension estimates, please contact:
University of Toronto Pension Services
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, ON M2K 3B5
Group Benefits at Retirement
As a retiree you can participate in the health and dental plans at the time of your retirement, but if hired after January 1, 2016 you require 10 years of service for retiree health and dental benefits. Currently these benefits are very similar as your active benefits. Additional information is provided in your retirement package.
Should you reject any or all of the Green Shield coverage at the time of retirement, there is one re-enrolment 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 (CPP). You may also qualify for an Old Age Security (OAS) 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 approximately ~$78,000.
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 or wages during the years you were a member of the Canada Pension Plan. Old Age Security may provide you with 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 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:
Visit the Service Canada website
Staying Connected After Retirement
Retirement doesn’t mean that your relationship with U of T has to end; there are a number of ways to stay connected to life on campus. Retired Faculty and Librarians can subscribe to the Bulletin and U of T magazine and may also continue accessing the library and the Joint Membership Plan (PDF, 33 kB). You may also wish to request an appointment as emeritus / emerita when you retire.
We recommend you speak to your unit head about the ways in which you may wish to contribute to your department or division. These could include:
- Teaching on a stipend basis
- Supervising graduate students
- Continuing your research
- Guest lectures and seminars in courses
- Filling in for sick or absent faculty
- Offering 199, 299 courses and reading courses
- Participating in team research
- Consulting on applications for research grants
- Helping with fundraising
- Doing academic administration
- Archival work for the unit
- Assisting in organizing conferences and events
for retired faculty and librarians offering a range of activities and services.