You can only withdraw funds during the annual withdrawal window, which is March 1 to April 30.
Maximum 20% of the prior year-end AVC account balance subject to a minimum of $500.
If partial withdrawals are made in each of four consecutive years, the 20% limit does not apply in the fifth consecutive year. In the fifth year, you can withdraw up to your entire account balance (excluding current year contributions).
Can be taken as cash, less withholding tax, or transferred tax-deferred to an RRSP, a registered retirement income fund (RRIF) or another registered pension plan.
Can be transferred only to a locked-in arrangement, such as a LIRA or a locked-in provision under a registered pension plan.
You may withdraw all or some of the funds in your AVC account at any time within the first six months after retirement, or upon leaving your OMERS employer if you keep your pension with OMERS*. After that, you can withdraw all or some of the funds during the March/April window.
Withdrawals are subject to a minimum of $500.
Non-locked-in funds in your AVC account may be withdrawn as cash, less withholding tax.
Up to the year you turn 71, non-locked-in and locked-in funds in your AVC account may be transferred to another registered retirement savings vehicle, tax-deferred, or used to purchase an annuity.
You must withdraw or transfer the full balance of any locked-in funds by October of the year you turn 71.
You can keep the funds in your AVC account.
Non-locked-in funds can remain in your account past the year you turn 71 through the AVC Income Option.
The full balance of locked-in funds must be withdrawn by October 31 of the year your turn 71.
Retired members also have the AVC Income Option available, see below for more information.
*If you leave your OMERS employer and transfer your defined benefit pension out of OMERS, you must withdraw the full balance of your AVC account.
If you no longer have a pension under the Plan, you cannot continue your AVC account. You must withdraw or transfer the full balance of your AVC account:
If you terminate your membership in the defined benefit provision of the Plan and transfer out the commuted value of your pension
If you use the shortened life expectancy provision of the Plan
In addition, you must withdraw or transfer the full balance of any locked-in funds by October of the year you turn 71.
In the event of your death, your surviving spouse is entitled to a refund of your AVC account balance, provided you were not living separate and apart on the date of your death, and your surviving spouse did not waive their entitlement.
If you don’t have a spouse, the refund will be paid to your designated beneficiary(ies) on file with OMERS. If you don’t have a spouse or designated beneficiary(ies), the refund will be paid to your estate.
For more information on this process, see the Terms of Participation below.
You can withdraw funds from your AVC account either through myOMERS or by completing a paper form.
If you choose the paper withdrawal option, be sure to complete the correct form below. In the year you turn 71 and beyond, you will have to use the paper form. You will not be able to initiate your withdrawal using myOMERS.
Use this form to withdraw funds from your AVC account if you are a working member.
Use this form to withdraw funds from your AVC account if you are a retired or deferred member and you have not yet turned 72.
To make an optional withdrawal during the annual March 1 to April 30 withdrawal window, you will need to use the paper form. You will not be able to initiate your withdrawal using myOMERS.
Use this form if you participate in the AVC Income Option and wish to make an optional withdrawal from your AVC account.
With the AVC Income Option, you can keep non-locked-in funds in your AVC account beyond the year in which you turn 71.
The AVC Income Option brings three important changes to AVCs:
You are no longer required to transfer non-locked-in funds out of your AVC account by the end of the year in which you turn 71. Any non-locked-in funds that you have in your AVC account on December 31 of the year you turn 71 will remain in your AVC account, and your participation in OMERS AVCs will continue.
You must withdraw a minimum amount each year starting with the year you turn 72. This withdrawal, which we call the "income amount," is required under the Income Tax Act and must be paid in cash.
All withdrawals during the withdrawal window must be paid in cash after the year you turn 71. Fund transfers to another savings arrangement are no longer available.
Aside from these changes, the same features of OMERS AVCs continue to apply, such as the application of the OMERS Fund rate of return and the ability to make optional withdrawals during the withdrawal window.
If you have non-locked-in funds in your AVC account on December 31 of the year you turn 71, the funds will remain in your AVC account and your participation in OMERS AVCs will continue. With the AVC Income Option, you can keep funds in your AVC account for your lifetime, provided you withdraw at least the minimum each year.
Each year after you turn 71, you must withdraw at least the income amount from your AVC account.
The income amount starts at around 5% of your AVC account balance at 72, and peaks at 20% at age 95 and beyond. The age-based percentage is applied to the balance of your AVC account at the start of the year. The income amount is calculated using the formula set out in the Income Tax Act, and will be shown on your AVC Annual Statement, which is sent to you at the end of February each year.
Your age on January 1 | % of your AVC account that must be withdrawn in that year |
|---|---|
71 | 5.28 |
72 | 5.4 |
73 | 5.53 |
74 | 5.67 |
75 | 5.82 |
76 | 5.98 |
77 | 6.17 |
78 | 6.36 |
Your age on January 1 | % of your AVC account that must be withdrawn in that year |
|---|---|
79 | 6.58 |
80 | 6.82 |
81 | 7.08 |
82 | 7.38 |
83 | 7.71 |
84 | 8.08 |
85 | 8.51 |
86 | 8.99 |
Your age on January 1 | % of your AVC account that must be withdrawn in that year |
|---|---|
87 | 9.55 |
88 | 10.21 |
89 | 10.99 |
90 | 11.92 |
91 | 13.06 |
92 | 14.49 |
93 | 16.34 |
94 | 18.79 |
95 or older | 20 |
Direct deposit is fast, easy and convenient. When the income amount is paid from your AVC account or you make an optional withdrawal, your money will be deposited directly into your bank account. There's no waiting – your cheque will never be delayed or lost in the mail.
Use the form below to set up direct deposit.
Use this form to set up or change the direct deposit for withdrawals from your AVC account, beginning the year in which you turn 72, if you want the direct deposit to go into a different account than the one where your pension is paid. Otherwise, it defaults to the account where your pension is paid.
Explore ways to increase your retirement savings by investing in the OMERS Fund.
Learn how purchasing past service from a previous or current employer can help increase your pension.
If you return from a leave, you may be able to purchase that leave to add to your OMERS credited service.