Taking Time Off Work

Stepping away from the workplace? Understand how taking time off could impact your pension, and what options are available to you.

  • Taking a leave of absence?

    Under the Public Service Pension Plan, you may purchase prior service, provided the service is pensionable as defined by the Plan Text, and you are an employee as defined by the Plan Text when electing to purchase.

    Examples of past service include:

    • Worked service for which contributions were paid and subsequently refunded
    • Worked service with an employer under a plan recognized by the former Portability of Pensions Act, where contributions were refunded.
    • Worked service with an employer under a plan recognized by the former Portability of Pensions Act where contributions were not paid but the service would be recognized under the former plan today.
    • Prior full-time contractual service.
    • Authorized leaves of absence
      • An application to purchase unpaid leave must be received by Provident10 within 90 days of returning from the leave for the cost to be based on the member contributions that would have been paid had the leave not occurred. If the application is received after 90 days, the cost is calculated based on the actuarial assumptions associated with the PSPP and could be significantly greater.

    There are other periods of service which may be purchased. Please note that most purchase costs are calculated based on actuarial assumptions associated with the PSPP. A significant factor in determining the actuarial cost is whether the purchase will enable you to retire earlier (i.e., the cost recognizes that if a plan member retires earlier, the benefit will be paid out for a longer period). Other factors in determining cost are the age of the plan member and interest rates.

    For further information on the purchase of prior service, including payment arrangements, please contact your employer or Provident10.

  • How to purchase service

    All requests to purchase prior service must come to us via your employer. We cannot accept requests directly from our members.

    In order for the cost to be based on the contributions that you would have paid if you hadn’t been on leave, we must receive your application to purchase unpaid leave within 90 days of your return to work.

    If we receive the application after 90 days, the cost is calculated based on the actuarial assumptions associated with the PSPP and could be significantly greater.

  • Outstanding balances

    It’s important to note that you have an outstanding balance remaining on a purchase of service contract on the date that you leave the Plan, your benefits cannot be processed until the outstanding balance is paid in full.

    If you do not wish to pay the outstanding balance, the amount of service must be re-determined based on the amounts paid. Both the pension amount and the date that you are eligible to receive a pension will be re-calculated based on the reduced amount of service.

    Please contact Provident10 for more information, and to discuss your options.

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