- Planning to Retire
- Obtaining Pension Estimates
- Staying Connected After Retirement
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.
A copy of your pension booklet, outlining all of your retirement provisions can be found online in the Related Documents section.
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 fall or spring each year to provide information on the following provisions:
- Postponed retirement;
- Early retirement 60/80 provision; and,
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 a video recording of the latest USW Pension Presentation is available on YouTube. A copy of the USW presentation can be found here.
Please review the following information on Employee Self Service for greater accuracy on the retirement package:
- mailing address;
- 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.
The University would like at least three to four 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.
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
If you have at least 10 years of service (based on your hire date as an appointed employee) as a retiree in receipt of an immediate monthly pension, you can participate in the retiree health & dental plans the month following 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. For questions on eligibility please contact Central Pension at 416.978.6260.
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.
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 ~$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/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 www.servicecanada.gc.ca.
You can obtain a pension estimate by calling University of Toronto Pension Services at 1.888.852.2559 between 8:30 am and 5 p.m., Monday to Friday or accessing the Your Benefits Resource website.
You will need a PIN to request or run your own 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 or if your email address is already on file, you can request a password reset via email within 15-20 minutes. Tips for running the estimates are also available online.
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. 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.
An Early Retirement Bridge Benefit outside of the Pension Plan and came into effect for retirements on and after December 31, 2017 up to and including March 31, 2020 for USW Bridge Dec 31 2017 to Mar 31, 2020 and CUPE 3261 FT/PT Bridge Dec 31 2017 to Mar 31, 2020. This benefit is available to members who retire with an Unreduced Early Retirement Pension under the 60/80 provision of the Plan. This means your minimum Age is 60 plus employment service totaling 80 or more. (Example Age 62 plus 18 years of employment service = 80)
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.
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).