Did you know?
Did you know that the Public Service Pension Plan is the largest pension plan in Newfoundland and Labrador with over 55,000 members?
Transferring Between the Plan and GMPP
Transfers between the Government Money Purchase Plan (GMPP) and the Plan is initiated by filling out an Appendix “A” Transfer Application. You must obtain this application from your Public Service Pension Plan participating employer.
If the PSPP is the importing plan, once Provident10 receives this form from your employer, we will:
- Determine the amount of service eligible for credit under the Plan pending the transfer
- Determine the cost of crediting the service under the Plan
- Complete an Appendix B, that will contain the above information plus the amount available for transfer from the GMPP.
Once we have completed Appendix B, we will send it to you through your employer. The signed Appendix B must be returned to Provident10 within 45 days of the date we signed the form.
If the PSPP is the exporting plan, once Provident10 receives this form from your employer, we will:
- Determine the amount of monies available for transfer from the Plan to the GMPP
- Complete an Appendix B, that will contain the above information and forward to your employer.
The signed Appendix B must be returned to Provident10 within 45 days of the date we signed the form.
Please note, there is no service component with this transfer as the GMPP is a defined contribution plan.
Transferring Your Plan Service to Another Plan
If you become a member of a pension plan with a reciprocal agreement with the Plan, provided you meet the criteria for transfer, you have the option of transferring your pension credits to the new plan. The main criteria for eligibility for transfer are that you did not receive a refund of contributions and you are not in receipt of any form of pension benefit from the former plan. Please note that due to plan differences or differences in calculation assumptions a lesser amount of service may be credited under an importing plan.
The Plan has reciprocal agreements with several pension plans. We recommend contacting the administrator of the importing plan to initiate the transfer process. Typically, the process is initiated by the completion of an Appendix “A” with a copy sent to both the importing and exporting plan. To see a list of plans with which the Plan has a reciprocal agreement, click here.
Transferring Service from Another Plan to the Plan
When you become a member of the Plan you can transfer service from another pension plan to the Plan, provided you meet the criteria for transfer. The main criteria for eligibility to transfer are that you did not receive a refund of contributions and you are not in receipt of any form of pension benefit from the former plan. Please note, that due to plan differences or differences in calculation assumptions a lesser amount of service may be credited under an importing plan.
The Plan has reciprocal agreements with several pension plans. We recommend contacting the administrator of the importing plan to initiate the transfer process. Typically, the process is initiated by the completion of an Appendix “A” with a copy sent to both the importing and exporting plan. To see a list of plans with which the Plan has a reciprocal agreement, click here.
Where there is no reciprocal agreement in place between the Plan and the exporting plan, the Plan will accept a transfer from any pension plan that is registered under the Income Tax Act. Under these circumstances, the transfer process is initiated by the completion of a “Transfer of Other Employment” form. You can obtain this form from your employer.
