I Have Less Than 5 Years of Service

If you leave your SFPP employer before you have 5 years of pensionable service, you are not eligible to collect an SFPP pension (unless you are 65+ when you leave the Plan).

You will be sent a Termination Statement outlining your options, as listed below. If you don't respond within 90 days, your funds will remain with SFPP and earn interest.

Leave Your Pension Contributions and Interest Earned With SFPP

If you return to the Plan, any new pensionable service you earn will be added to your existing service. Once you reach 5 years of pensionable service in SFPP, you'll be vested and eligible to collect a lifelong pension.

Receive a Refund of Your Contributions With Interest

Your contributions with interest will be paid to you by cheque or direct deposit with income tax withheld. After this payment, you will no longer have a benefit with SFPP.

Transfer Your Contributions With Interest to a Registered Retirement Savings Plan (RRSP)

You can transfer your contributions to an RRSP. No income tax will be withheld from this transfer.

Please note: If you previously transferred service into SFPP or used locked-in funds (from a Locked In Retirement Account (LIRA) for instance) to buy prior service, those funds cannot be transferred to an RRSP. They will need to be transferred to another locked-in vehicle.

You will need the transfer form provided with your Termination Statement or CRA's T2033 Direct Transfer form.

After this transfer, you will no longer have a benefit with SFPP.

Transfer Your Pension Benefit to the Local Authorities Pension Plan (LAPP)

If you join LAPP, you may be able to transfer your SFPP pension benefit directly to that plan.

You will need the Application to Transfer Pension Entitlements Between SFPP and LAPP.

After this transfer, you will no longer have a benefit with SFPP.

Time-Sensitive Considerations

Leaves of Absence

You have 30 days from the date you leave the Plan to apply to buy a leave of absence. If you're already paying for a leave, you have 90 days from the date you leave the Plan to complete that purchase.

Prior Service Purchases

If you intend to buy prior service (referred to as a buyback), you must notify us before you leave your SFPP employer. If you're already making prior service payments, you'll have 90 days to complete your buyback purchase.

In both scenarios, if you don't complete the purchase, you'll be credited only for the amount of service for which you have paid.