OMERS, OPG or other DBPP
Members of Omers pension plan have three main options available to them: pension income option, Commuted Value option and some members may qualify for IPP option.
The difference is if you are firefighter or police officer – you NRA (or Normal retirement age is 60) for other workers such as municipal workers, school board workers or paramedics (NRA is 65). This factor has significant impact on what option is available to you, depending on your age and Factors at the time you are retire. For example: Police officers and firefighters will not be able to Commute their Pension past the age 50, where other members can. Omers members can also enjoy no age restriction on IPP transfers under Section 25 of the Omers Regulation, however, some conditions must be met.
OPG, Bruce POWER, New Horizons and other new divisions of Old Hydro pretty much have up to 6 options to choose from. Again, they have three major options as Omers members do, plus each one of them has sub-option, which gives more options to choose from.
AS a rule of thumb, more options we have – more confusing it is. This is why we strongly encourage you to review your options, preferably 1-2 years ahead if you are planning to move on with your new career or retirement.
Please call Natalie Fletcher, CDFA, Pension Specialist for you pension strategies review at (905) 508-2545 or 1-888-864-2221.