You are eligible to retire within 10 years of your normal retirement age (NRA) if you have stopped working for an OMERS employer. The earliest date that you can retire is called your early retirement birthday. If you are:
NRA 65 – you can retire as early as age 55
NRA 60 – you can retire as early as age 50
If you are not within 10 years of your NRA when you leave your OMERS employer, you are not eligible to retire and some of your options are time-sensitive.
Step 1: When you stop working for your OMERS employer, your employer will notify us.
Step 2: OMERS will provide you with your Pension Options Form either through your myOMERS account or by mail. Your Pension Options Form explains what you can do with your pension.
Step 3: Once you’ve made your decision, submit your selection to OMERS. Make sure to note the deadline for your decision because some options are time-limited and unavailable after the deadline.
We encourage you to carefully read the options and information on your Pension Options form. To help inform your decision, you may want to speak with an independent financial planner who can explain how your pension fits into your financial, retirement and estate plans.
If you have not yet reached your NRA and do not want to start an early retirement pension, your pension will stay in the OMERS Plan until you’re ready to retire. Unless you go back to work with an OMERS employer, you must start your pension by your NRA.
If you’ve reached your early retirement birthday by the date you stop working for your OMERS employer, you are eligible to begin receiving your pension.
If you are leaving your OMERS employer to work for another OMERS employer, you may be eligible to combine your OMERS memberships from your former and new employers if certain conditions are met.
If your new non-OMERS employer has a registered pension plan, you may be able to transfer all, or part, of your OMERS credited service to your new employer’s plan.
If you have a small pension, you have the option to take the commuted value (CV) refund of your pension in cash, less tax or as a transfer to an RRSP. Your CV is the present-day value of a future pension benefit.
If you choose this option and later rejoin the Plan, you will have to wait five years from when you received your CV before you can buy back the associated service.
This is the year’s maximum pensionable earnings (YMPE) for 2024. The small pension test is based on the YMPE in the year you leave employment. For example, in 2024, 4% of $68,500 is $2,740. This means that if you left employment with your OMERS employer in 2024, your annual pension must be less than this amount in order for you to be offered a cash refund.
You can keep your pension in the OMERS Plan where it will stay safe and secure until you choose to start receiving your retirement income. If you do not return to work with an OMERS employer, you will have the option to start your OMERS pension between your early retirement birthday and your NRA. Early retirement pensions are usually subject to a reduction but can also be unreduced.
As of January 1, 2013, benefit calculation changes affect you if you leave your OMERS employer before your early retirement birthday.
Learn more about reduced and unreduced pensions and benefit calculation changes
Your commuted value (CV) is the present-day value of a future pension benefit. This means it’s the estimated amount of money you would have to put aside today, to grow with tax-sheltered investment earnings, to provide you with a future benefit like the OMERS pension you’ve earned. You may choose to transfer your CV to a locked-in retirement savings vehicle such as a locked-in retirement account (LIRA) or for the purchase of an annuity from a licensed annuity provider.
Transferring your CV is a one-time option with an expiry date
If you do not select the CV option by the expiry date, this option will no longer be available to you, unless you have a small pension.
If you choose this option and later rejoin the Plan, you will have to wait five years from when you received your CV before you can buy back the associated service.
Learn more about buying service
If you are leaving your OMERS employer to work for another OMERS employer, you may be eligible to combine your OMERS memberships from your former and new employers.
If your new non-OMERS employer has a registered pension plan, you may be able to transfer all, or part, of your OMERS credited service to your new employer’s plan.
Guaranteed source of retirement income for life
Survivor benefits if you pass away
Inflation protection that increases pensions in pay each year following an annual assessment of the financial health of the Plan
Early retirement options are available to you
Continue to participate in OMERS Additional Voluntary Contributions (AVCs)
Do your career plans include returning to work with an OMERS employer and will you have the option of combining your OMERS membership records?
How much future retirement income will you need for your lifetime and what are your sources of income? Will you be able to generate it through your investments?
When you look at your retirement and financial plans, will there be money left over for your spouse or loved ones if you die?
If you are considering the CV option, are you comfortable with taking on investment earning fluctuations? What are the investment fees and expenses you will be paying?
Will your CV be subject to any taxes in the year that you transfer it?
If you’ve already left your OMERS employer and you have a myOMERS account, you’ll be able to make your selection online.
Speak to our Member Experience team to get further insight into your specific situation.
Learn how to start preparing for this next chapter in life.
Get more information about NRA 60, NRA 65 and NRA conversion.
Learn how you can buy service in the Plan.