OPB News for Retired Members
In late 2020, the Supreme Court of Canada ruled in Fraser v. Canada (Attorney General) that members of a federal government pension plan were eligible to buy back full-time pension credit for periods of employment when they temporarily reduced their working hours.
If you temporarily reduced your working hours (e.g., from full-time to part-time) under an arrangement agreed with your employer during a period of active PSPP membership, you may be eligible to buy back full-time pension credit.
Full-time credit can be bought back for a temporary part-time work arrangement only if the following criteria are met:
- Your part-time working arrangement was temporary
- You and your employer agreed to the terms of the temporary part-time work arrangement, including its duration, in advance
- The conditions in the federal Income Tax Act are met, which include:
- 36-month minimum service rule: A member may only accrue full-time credit for a period of reduced pay if the member has been employed with the employer (or a predecessor employer) for at least 36 months at the start of the period. Please note that the 36-month rule has been suspended for periods in 2020 and 2021.
- Five-year limit cumulative limit on eligible periods of temporary absence and/or reduced pay: The maximum amount of post-1990 credited service that a member can accrue for unpaid leaves of absence and periods of reduced pay is five years (plus an additional three years for child rearing). Any credit that is bought back as a temporary part-time work arrangement (i.e., the difference between the part-time hours worked and the hours prior to that arrangement) is included in this maximum limit.
A new buyback window has been established to give retired members the option of purchasing full-time credit for periods of eligible temporary part-time work arrangements that took place during active membership, with employer-matched contributions. This window will close on July 31, 2023, and buyback applications will not be accepted after that date.
Learn more about TPTWA.
We’re thrilled to introduce you to OPB’s new member portal! Designed with feedback from members like you, the new e-services features modernized tools with improved accessibility features and a new, more secure way to login. Enjoy additional benefits like being able to choose whether you’d like to receive your future Retired Member Statements (RMS) exclusively online, or if you would still like to receive a mailed copy by selecting your preferred communication preference.
Even if you previously registered for an OPB e-services account, you still need to activate your new account to take advantage of our services and set-up your multi-factor authentication (MFA) to securely access your information.
Whether you’re registering an account for the first time or activating a new account, visit OPB.ca and click on “e-services” on the top-right corner of the screen and follow the drop-down menu to register online. Have your OPB client number handy. If you’re having difficulty activating your account or using any of the tools in e-services, our knowledgeable staff can assist you. Call our Client Care Centre between 8 a.m. and 5 p.m. Monday to Friday at 1-800-668-6203 or email us at email@example.com.
Planning for your future should continue in your retirement, and that includes keeping OPB updated on any important changes.
Whether you need to update your address, notify us of the appointment of a Power of Attorney, or let us know about any important life events like changes to your marital status or the death of a spouse, we’re here to help.
To update your information, call our Client Care Centre between 8 a.m. and 5 p.m. Monday to Friday at 1-800-668-6203 or 416-364-5035, or email us at firstname.lastname@example.org.
After a rewarding career, retirement gives you the gift of time. How will you choose to spend it? Staying socially and physically active can give you something to look forward to every day.
Studies show that keeping your mind and body active has important benefits. Reducing many health risks, improving your mood and cognition, and maintaining healthy relationships are all great reasons to stay active and connected with your family, friends, and community. Looking for ways to make the most of your retirement? Here are a few ideas.
Vary your Activity
If you have mobility issues, choose an activity that mimics movement in regular life as a preventative measure from slips and falls, which are the most common cause of injury for older adults. Add daily balance to support mobility. Try lifting one leg as you brush your teeth and then the other. Practise getting down on the floor and back up again. Add rotational movement through your torso and reach overhead and back down to mimic reaching in the highest kitchen cupboard.
Pick where you park
Adding cardiovascular movement to your day can be achieved by simply parking further away when you go to a store or appointment. Consider leaving the car at home more often and taking regular walks to explore your neighbourhood.
Exercising with a friend or two will help you be accountable and increase your chance of sticking with a walking or fitness program. Gather a few friends for a regular walk outdoors, Google a slow roll cycling program in your neighbourhood, or enjoy a safe indoor or virtual sweat session over Zoom.
Put it in your calendar
Finding it hard to catch up with your grandchildren? Is it always slipping your mind that you meant to call a friend and you forgot – again? Schedule phone or video calls with your loved ones by putting them into your calendar so you don’t miss an opportunity to socialize. Regular social interactions contribute to happiness and have been proven to reduce depression.
Reach out to community
Local community centres and social clubs have found innovative ways to build connection throughout the pandemic. Take advantage of what they have to offer. Find an in-person or virtual class or event in topics ranging from an introduction to drawing to fitness and dance. It’s a great way to engage in something fun while meeting new people.
No matter how you choose to do it, staying social and active will make your retirement even better. Stay healthy, stay social, and stay safe!
OPB News provides general information relevant to PSPP members. This publication is not to be relied on as legal, financial or tax advice. Please note that if there is any conflict between the contents of OPB News and the legal documents governing the PSPP, the legal documents governing the PSPP will prevail. For detailed and personalized advice about the PSPP, or retirement planning more generally, please contact one of OPB's Client Service Advisors. You can do this by logging into e-services and using the Book my 1-on-1 feature.