[Member Name]
[Address]
[City], [Province] [Postal Code]
Dear [Member Name]:
RE:
Pension Transfer Options for Members Involved in a Past Divestment from the
OMERS Plan to [Importing Plan Acronym]
Membership Number: [OMERS Membership No.]
Last year, we wrote to inform you about new rules in the Pension Benefits Act relating to past
divestments. These rules give you a one-time opportunity to transfer the value of your pension
benefit from the OMERS Primary Plan (OMERS Plan) into [Importing Plan Full Name &
Acronym] – through a transfer agreement approved by both plan administrators.
You indicated your interest in receiving personalized information regarding this opportunity
when you returned your completed Transfer Options Application Form to [Importing Plan Full
Administrator Name & Acronym].
Attached is your notice from OMERS explaining your right to keep your pension benefits in both
plans separate (as they are today) – your default option. You are receiving a notice from
[Importing Plan Administrator Acronym] in the same envelope. Please ensure you review all the
materials, as they contain important information about your transfer options.
Before you begin . . .
•
•
•
You have an important decision to make: keep your two pensions separate, or merge them
and have a single benefit paid through one plan. Consider asking a qualified, independent
financial advisor to help explain which option might be best for you.
If you have a spouse, involve them in the process – your decision could have an impact on
the survivor benefit they receive after you die, and their signature may be needed.
You will find background, technical information and personalized figures you need to know
to make an informed decision, and there are also forms you (and your spouse, if applicable)
need to complete, sign and return by a deadline. We’re here to help.
If you need help
[Contact information]
What you’ll find in your OMERS notice
•
Your OMERS Plan Pension Information – information about your OMERS Plan pension
benefit and how a decision to transfer could affect this benefit, as well as important personal
pension information.
OMERS – Exporting Plan Administrator Cover Letter_1115
Page 1 of 2
[Member Name]
[OMERS Membership No.]
•
•
Comparison of Key Plan Features and Provisions – a side-by-side comparison of the
pension benefits and provisions offered under the OMERS Plan and [Importing Plan
Acronym]. Please note that information relating to each plan has been provided by the
respective plan administrators. This comparison is contained in your [Importing Plan
Administrator Acronym] notice.
Member Attestation and Statement of Spousal Consent (as applicable) – required if you
elect to transfer the value of your benefits from the OMERS Plan to [Importing Plan
Acronym]. These forms must be completed as applicable and sent along with your election
to transfer to [Importing Plan Administrator Acronym].
Information Sessions
[To be determined]
Next Steps
•
•
Review the personal information in your OMERS and [Importing Plan Administrator
Acronym] notices carefully. If any information in your OMERS notice is incorrect, please
contact OMERS immediately.
Make your election by the deadline as indicated in your [Importing Plan Administrator
Acronym] notice. Please refer to your [Importing Plan Administrator Acronym] notice for
more information on how to make your election.
- If you elect to transfer, please complete and submit the Member Attestation and the
Statement of Spousal Consent (as applicable) to [Importing Plan Administrator Acronym]
along with the completed Member Transfer Election Form.
- If you elect to keep your pensions separate (as they are today), you will only need to
complete the Member Transfer Election Form and submit it to [Importing Plan
Administrator Acronym].
OMERS – Exporting Plan Administrator Cover Letter_1115
Page 2 of 2
[Member Name][Membership No.]
OMERS Primary Pension Plan
Registration Number: 0345983
Your OMERS Plan Pension Information
Unless otherwise specified, all
information is as at [Calculation Date].
OMERS Plan membership status:
Pension in pay
Personal information
[Member Name]
Membership number: [Membership No.]
Date of birth:
[MMM-DD-YYYY]
OMERS Plan credited service:
[##.###] years
This document provides a summary of
your transfer options. You should read it
along with the other documents in your
[Importing Plan Administrator Acronym]
notice and OMERS notice.
OMERS Plan credited service
The number of years and months of
credited service you have in the OMERS
Plan.
OMERS Plan contributions
Your contributions include interest up to
your retirement date. This applies to your
Retirement Compensation Arrangement
(RCA) contributions as well. Your
Additional Voluntary Contributions (AVC)
include investment returns up to
[Applicable Date].
Many factors will affect the actual amount
of your pension(s), such as inflation. See
your [Importing Plan Administrator
Acronym] notice for more information.
The OMERS Plan provides a “bridge
benefit” to retired members from their
early retirement date to age 65. See the
Comparison of Key Plan Features and
Provisions in your [Importing Plan
Administrator Acronym] notice for more
information.
Determination of eligible spouse under
OMERS Plan
At the time of your death, OMERS
determines who, if anyone is your eligible
spouse – either your spouse as at the
due date of your first pension payment
from the OMERS Plan, or the spouse on
your death date, whichever applies.
Survivor pensions payable to an eligible
spouse are based on 66 ⅔ % of your
annual pension after age 65.
OMERS Plan contributions plus interest:
$[##,###.##]
See your [Retirement Compensation Arrangement contributions plus interest and Additional
voluntary contributions plus interest/Retirement Compensation Arrangement contributions
plus interest/Additional voluntary contributions plus investment returns] balance (below),
which must be withdrawn if you elect to transfer.
OMERS Designated Beneficiary(ies):
[Beneficary_1]
[Beneficary_2]
[Beneficary_3]
Your OMERS Plan Pension Amounts and Estimates
The pension amounts and estimates below have been calculated as at [January 1, 2016 or
other date]. OMERS Plan amounts include the most recent applicable inflation increases,
effective [January 1, 2016 or other date].
In the event that you elect to transfer the value of your pension benefit from the OMERS
Plan to [Importing Plan Acronym], your pension amounts are payable from the OMERS Plan
until [Final Pension Payment Date]. Payment of your combined pension benefit from
[Importing Plan Acronym] will commence on the date indicated in your [Importing Plan
Administrator] notice.
OMERS Plan
Annual pension and bridge
amount payable until age 65
$[##,###.##]
Annual pension after age 65
$[##,###.##]
Spousal survivor pension benefit
(percentage of pension)
66 ⅔% (if applicable)
Estimated annual spousal survivor
pension payable to eligible spouse
$[##,###.##] (if applicable)
If you elect to transfer the value of your pension benefit from the OMERS
Plan to [Importing Plan Acronym]…
Membership under the OMERS Plan
Your membership and payment of your pension from the OMERS Plan will end as of
[Final Pension Payment Date] and there will be no further benefit payable to you or
your survivors from the OMERS Plan. Payment of your combined pension benefit will
commence on the date indicated in your [Importing Plan Administrator Acronym]
notice.
Member Attestation and Statement of Spousal Consent
OMERS Plan accrued value
This is the total value of your accrued
benefit as at [Calculation Date] under the
OMERS Plan, as determined under the
approved transfer agreement.
Income Tax Act and other relevant
legislation
Any transfer is subject to the Income Tax
Act as well as other relevant legislation.
Your OMERS Pension Plan Information_1115
The Member Attestation must be completed by you and, if applicable, the Statement
of Spousal Consent must be completed by your spouse and must be submitted to
[Importing Plan Administrator Acronym] along with your Member Transfer Election
Form by the election deadline indicated on that form.
OMERS Plan accrued value:
$[#####]
This value includes the Non-transferable credited service amount (below), which is
payable to you if you elect to transfer.
Page 1 of 2
[Member Name] [Membership No.]
Non-transferable credited service
amount
You have an additional amount in the
OMERS Plan for credited service which
cannot be transferred to [Importing Plan
Acronym] due to their plan provisions or
restrictions under the Income Tax Act. If
you elect to transfer, this additional
amount is payable to you and in some
cases must be transferred to a locked-in
account. If you elect to transfer, additional
information will be provided under
separate cover.
Original employer
This was your employer immediately prior
to transferring to your successor
employer as a result of the divestment.
Financial decisions about your
pension are important. This
information is intended to help you
make the choice that is right for you.
Amounts payable to you
Non-transferable credited service amount:
Retirement Compensation Arrangement (RCA) contributions
plus interest:
Additional Voluntary Contributions (AVC) contributions
plus investment returns:
$[##,###.##]
$[##,###.##]
$[##,###.##]
Impact on other benefits
The transfer may have an impact on your other benefits provided to you through your
original employer.
Important!
Your OMERS notice and [Importing Plan Administrator Acronym] notice have been
prepared based on your spousal and membership status as at [January 1, 2016 or other
date] with applicable amounts and estimates as of [Post-Transfer Date]. If your spousal
and/or membership status changes before [Importing Plan Administrator Acronym]
receives your completed Member Transfer Election Form contained in your [Importing
Plan Administrator Acronym] notice, the information in this notice and your [Importing Plan
Administrator Acronym] notice will be invalid.
If no election is made by the deadline, you will be defaulted to Option 1 and your pension
benefits will remain separate (as they are today). You will not have the option to combine
your pension benefits again under this approved transfer agreement.
Your OMERS Pension Plan Information_1115
Page 2 of 2
[Member Name] [Membership No.]
Member Attestation
Instructions:
Please review your OMERS and [Importing Plan Full Administrator Name & Acronym] notices prior
to completing this attestation. If you elect to transfer the value of your pension benefit from OMERS
Primary Plan (OMERS Plan) to [Importing Plan Full Name & Acronym], you must complete this form
and submit it to [Importing Plan Administrator Acronym] at [Importing Plan Administrator Contact
Information], along with your completed Member Transfer Election Form by the deadline indicated
in [Importing Plan Administrator Acronym] notice.
Important!
1. If you check box A, the spouse you had on [due date of first instalment of pension from OMERS
Plan] must complete Part I of the Statement of Spousal Consent.
2. If you check boxes B and C, your spouse on the date you make your election to transfer must
complete Part II of the Statement of Spousal Consent.
3. If you check boxes B and D, no further action is required.
OMERS and [Importing Plan Administrator Acronym] will not complete your pension transfer
if this completed and signed statement does not accompany the Member Transfer Election
Form.
Spouse
Please check one below:
A. I had a spouse on [due date of first instalment of
pension from exporting plan] and s/he is still alive.
B. One of the following applied on [due date of first
instalment of pension from exporting plan]:
i.
I did not have a spouse;
ii.
I was living separate and apart from my spouse;
iii.
a waiver under section 46 of the Pension Benefits
Act (waiver of joint and survivor pension benefit) was
in effect; or
iv.
I did have a spouse; however, s/he has passed
away.
For purposes of this attestation,
a spouse is defined under the
Ontario Pension Benefits Act to
mean:
Either of two persons who,
(a) are married to each other; or
(b) are not married to each
other and are living together in
a conjugal relationship,
(i) continuously for a period
of not less than three years;
or
If you checked B, please check one below:
C. I currently have a spouse.
D. I do not currently have a spouse.
(ii) in a relationship of some
permanence, if they are the
natural or adoptive parents of
a child, both as defined in the
Family Law Act.
_________________________
______________________
______________
Member’s signature
Print member’s name
Date (MMM/DD/YYYY)
OMERS – Member Attestation_1115
Page 1 of 1
Reference: [Membership No.]
Statement of Spousal Consent
Instructions to spouse:
For [Member Name] to transfer the value of his/her pension benefit from the OMERS Primary Plan
(OMERS Plan) to [Importing Plan Full Name and Acronym], you must complete this form if you meet
one of the following criteria:
1. You were the spouse of [Member Name] on [due date of first instalment of pension from OMERS
Plan], and:
• you were not living separate and apart from [Member Name] on [due date of first instalment of
pension from the OMERS Plan]; and
• there was no waiver of joint and survivor pension benefit (under section 46 of the Pension
Benefits Act) in effect on the OMERS Plan pension.
Complete Part I, below. [Member Name] should have checked box A on the Member
Attestation.
2. There is no person that meets the criteria in #1 (above), and you are the current spouse of
[Member Name],
Complete Part II, below. [Member Name] should have checked boxes B and C on the Member
Attestation.
Important!
• Carefully review the information contained in [Member Name]’s notice from OMERS and
[Importing Plan Full Administrator and Acronym] as well as in this statement.
• Prior to completing this statement, you should consider obtaining independent financial and/or
legal advice.
Spouse
For the purposes of this statement, spouse is defined under the Ontario Pension Benefits Act to
mean:
Either of two persons who,
(a) are married to each other; or
(b) are not married to each other and are living together in a conjugal relationship,
(i) continuously for a period of not less than three years; or
(ii) in a relationship of some permanence, if they are the natural or adoptive parents of a child,
both as defined in the Family Law Act.
OMERS – Statement of Spousal Consent_1115
Page 1 of 3
Reference: [Membership No.]
PART I: SPOUSE ON [DUE DATE OF MEMBER’S FIRST INSTALMENT OF HIS/HER PENSION
FROM THE OMERS PLAN]
(Name of Spouse) I, ___________________________________________ (hereby referred to as
“Retirement-Date Spouse”) certify that I am the spouse on the due date ([Due Date of the 1st
Instalment of the Pension from the OMERS Plan]) of [Member Name]’s first instalment of his/her
pension from the OMERS Plan.
I understand that I am eligible for a joint and survivor pension from the OMERS Plan should
[Member Name] predecease me.
I understand that [Member Name] has elected to transfer the value of his/her pension benefit from
the OMERS Plan to [Importing Plan Acronym].
I acknowledge that I have read the information provided in the notices to [Member Name] from
OMERS and [Importing Plan Administrator Acronym].
I understand that by signing this statement, I am giving up the right to a joint and survivor
pension from the OMERS Plan.
I understand that eligibility for a joint and survivor pension from [Importing Plan Acronym]
will be determined in accordance with the terms of [Importing Plan Acronym] and that I may
not be eligible for a joint and survivor pension in [Importing Plan Acronym]. If I am eligible,
those benefits will be different based on the terms of [Importing Plan Acronym].
I understand that this statement is irrevocable.
I understand that the transfer may have an impact on other benefits provided to me by [Member
Name]’s former employer.
I hereby consent to the transfer of the value of [Member Name]’s pension benefit from the OMERS
Plan to [Importing Plan Acronym].
(Day, Month, Year) Dated, ____________ day of _______________, _______________.
________________________ (Signature of Spouse) _____________________ (Name of Witness)
OMERS – Statement of Spousal Consent_1115
Page 2 of 3
Reference: [Membership No.]
PART II: CURRENT SPOUSE
(Name of Spouse) I, ___________________________________________ (hereby referred to as
“Current Spouse”) certify that I am the current spouse of [Member Name].
I understand I may be eligible for a spousal survivor pension from the OMERS Plan should [Member
Name] predecease me. I understand that eligibility for this benefit is determined at the time of
[Member Name]’s death.
I understand that, [Member Name] has elected to transfer the value of his/her pension benefit from
the OMERS Plan to [Importing Plan Acronym].
I acknowledge that I have read the information provided in the notices to [Member Name] from
OMERS and [Importing Plan Administrator Acronym].
I understand that by signing this statement, I am giving up the potential entitlement to a
spousal survivor pension from the OMERS Plan.
In understand that eligibility for a spousal survivor pension from [Importing Plan Name] will
be determined in accordance with the terms of [Importing Plan Acronym] and that I may not
be eligible for a spousal survivor pension in [Importing Plan Acronym]. If I am eligible, those
benefits will be different based on the terms of [Importing Plan Acronym].
I understand that this statement is irrevocable.
I understand that the transfer may have an impact on other benefits provided to me by [Member
Name]’s former employer.
I hereby consent to the transfer of the value of [Member Name]’s pension benefit from the OMERS
Plan to [Importing Plan Acronym].
(Day, Month, Year) Dated, ____________ day of _______________, _______________.
________________________ (Signature of Spouse) ____________________ (Name of Witness)
OMERS – Statement of Spousal Consent_1115
Page 3 of 3