The Financial Services Regulatory Authority of Ontario has marked the third Thursday of February as Pension Awareness Day to highlight the value of workplace pensions and the importance of developing a retirement plan early. We also think it is a great time to remind you of important steps, tools and resources, and support available to help you make the most of your pension.
- Review your annual statement
Your annual statement is available in myPENSION and provides a summary of your retirement benefits. Reviewing it helps ensure your retirement savings are on track and aligned with your future goals. Verifying the accuracy of your service history and earnings is essential to maximizing your pension benefit.
- Transfer or buy back past service
If you have service under other Registered Pension Plans (ie: GMPP), you may choose to transfer that service to the Teachers’ Pension Plan (TPP). Additionally, if you had a break in service (ie: parental leave), you may wish to buy back service to restore the pensionable service that didn’t accumulate during the period you were away. Since your retirement pension is based on your earnings and pensionable service, increasing your pensionable service may increase the amount of your annual pension, and in some cases, help you retire earlier!
- Use the retirement modelling tool to simulate retirement scenarios
The retirement modelling tool in myPENSION can help you determine whether you are on track to meet your retirement income goals. It allows you to test various scenarios, such as changing retirement age and spending habits, to evaluate your financial readiness.
Understanding your pension can lead to a more secure future. This Pension Awareness Day, we encourage you to take a moment to use the resources available and make your pension and retirement plan a priority. We are here to support you on every step of your journey. If you have a question about your pension, contact us at any time.
Email: memberservices@tppcnl.ca Phone: 709-793-8772 or 1-833-345-8772
In-person: 140 Kelsey Dr., Suite 300, St. John’s, NL