Transfer pension – from another pension plan to CSSB

Note: If you are leaving CSSB and want to transfer out of the plan, see (Leave the plan for any reason).

Transfer agreements let you move your pensionable service between plans. If you had a pension with a previous employer, you may be able to transfer that service to CSSB. We have agreements with many pension plans in Manitoba and across Canada.

IMPORTANT: Deadlines apply! This process that can take over a year. You just need to start the process to ensure you’re within the timelines outlined.

Requirements

• You apply within the timelines (listed below)
• You no longer work for the previous plan employer 
• You are a current CSSB member

Benefits

• Keep your pension in one place
• Increase your pensionable service – More years in one account means a higher pension at retirement.
• Reach the Rule of 80 faster – This allows you to take an unreduced pension sooner. (The Rule of 80 is your age plus your years of service. For example, if you are 55 with 25 years of service, you meet 80.)
• Achieve 10 years of service sooner – This is a key milestone in the plan.

Things to consider

If you are eligible to start your pension in the other plan (i.e., close to retirement), there may be no benefit to transferring the service. If, for example, your previous pension plan does not pay retroactively and the transfer process takes up to a year to complete, you could be missing out on payments.

If you are close to retirement and thinking about combining accounts, call CSSB to discuss your circumstances.   

Process to move plan to CSSB

Request information 

To start the transfer into our plan, ask CSSB for the correct form. This allows the two plans to exchange information about your pension. Completing the form does not mean you have to transfer your pension.

After we receive and assess the information from your previous pension plan, CSSB will send you: 

• The transfer value
• The amount of pensionable service under your old plan
• The amount of pensionable service that can be transferred to CSSB
• The anticipated increase in your monthly pension if you transfer
• If there is a shortfall, we will provide
  • The cost to purchase additional pensionable service
  • The anticipated increase to our monthly pension
• Form to move ahead with the transfer

If you want to move forward with the transfer, you have 60 days to sign and return the form. If it is not received, the transfer is cancelled and you must reapply.

Example of transfer – more pensionable service than needed 

Previous plan:

Years of pensionable service: 10.125 years
Amount available to transfer: $250,125

CSSB:

Amount required to have 10.125 years of service: $210,000

In this example, the amount available is $40,125 ($250,125 – $210,000) more than CSSB needs for the same years of service in our plan. We can only accept the amount we need, as outlined in the transfer agreement. You would have to discuss options for the excess with your previous pension plan.   

Taxes

Transferring your pension may create a pension benefit that is greater than what you would have received if you had kept the plans separate. This improved benefit can create a Past Service Pension Adjustment.  This may reduce your RRSP room.

As a result, Canada Revenue Agency (CRA) approval is usually required for pension transfers. CSSB applies for this on your behalf before requesting the funds from your previous pension plan.  

Pension transfer agreement timelines and conditions

Timeline: With these plans, there are no timelines for transfers.

• Canadian Interagency Forest Fire Centre Retirement Plan
• New Brunswick
• Newfoundland and Labrador: PSPP
• Nova Scotia
• OPSEU Pension Plan
• The Legislative Assembly Pension Plan (Manitoba)
• Prince Edward Island
• Quebec
• The Teachers Retirement Allowances Fund Board (TRAF)
• The University of Manitoba

Timeline: With these plans, you must join CSSB within one year of leaving your previous employer and you must apply to transfer within six months of becoming a CSSB member. 

• The Municipal Employees Benefits Program Board
• The Pension Trustees of the Brandon University Retirement Plan
• The Winnipeg School Division No. 1 Pension Fund for Employees (excluding teachers)
• The Workers’ Compensation Board of Manitoba
• Winnipeg Civic Employees’ Benefits Program (City of Winnipeg) – Includes Winnipeg Police Pension Plan Administrative Staff only – not Officers

Timeline: With these plans, you must apply within 3 years of joining the CSSB.

• British Columbia College Pension Plan
• British Columbia Municipal Pension Plan
• British Columbia Public Service Pension Plan
• British Columbia Teachers’ Pension Plan
• British Columbia WorkSafeBC Pension Plan

Timeline: With these plans, you must apply no later than one year after the first contribution is made to CSSB.

• Alberta Local Authorities Pension Plan
• Alberta Management Pension Plan
• Alberta Public Service Pension Plan
• The Government of Canada (Federal)
• Ontario Pension Board: PSPP

Timeline: With this plan, you must join CSSB within three years of ending employment with your previous employer.

• The Healthcare Employees Pension Plan (Manitoba)

Money Purchase Plan

If you want your pension funds in one place and don’t see your previous pension plan listed here, CSSB has an account called a Money Purchase Plan. This is similar to an RRSP and provides guaranteed interest. You can transfer your funds to the Money Purchase Plan within one year of leaving your old plan. Discover more here.