- Contributions
Teachers who are currently teaching may make voluntary contributions to the Voluntary Contribution Fund. Such contributions may include:- Rollovers from other registered pension plans;
- Rollovers from registered retirement savings plans;
- Rollovers from other tax sheltered plans;
- Lump Sum payments, subject to CRA maximums*; or;
- Payroll deduction, subject to CRA maximums*.
*Contact the Commission for a calculation of the maximum allowed.
- Refund at Retirement, Termination or at Age 71
A teacher is entitled to either:- a lump sum refund of the teacher’s voluntary contributions plus interest; or,
- a transfer of the voluntary contributions plus interest to a registered retirement savings plan or other registered plan approved under the Income Tax Act, provided the full amount of the voluntary contributions and related interest is refunded to the teacher by December 31 of the year in which age 71 is reached
- Benefits to Survivors
When the teacher dies prior to retirement, the voluntary contributions plus interest are paid to the teacher’s nominee or the estate.
