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 Service within the Public Sector

The Portability of Pensions Act, provides for the transfer of service between the following plans, provided no termination benefit has been received from the exporting plan:

  • The Public Service Pension Plan
  • The Uniformed Services Pensions Act, 1991
  • The Teachers’ Pension Act
  • The Memorial University Pensions Act
  • The Members of the House of Assembly Pensions Act

You must complete a Portability of Pension Election form to initiate the transfer process. Upon receiving this form, and where the Plan is the importing plan, Provident10 will calculate the cost of transferring the service. If the amount available for transfer from the exporting plan is less than the amount required under the Plan you will have the option of paying the difference or, being credited with a lesser amount of service.

Please note that if you received a refund of pension contributions from the exporting pension plan, or you did not contribute to the exporting plan but that plan’s administrator confirms that the service would be eligible for purchase if you were a current member, it is not recognized under the Portability of Pensions Act. However, it can be purchased under the PSPP with the cost being based on an actuarial calculation.

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.

Frequently Used Resources


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Calculator

Interested in learning more about the value of your pension and how it will mature over time? Our calculator is an easy way to do this.

GMPP Transfer Requests

The processing of approximately 2,300 Government Money Purchase Pension Plan (GMPP) transfer requests is scheduled to begin by late February, 2018.

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