How to transfer service between public sector plans
You may be able to transfer your eligible service if you are joining or leaving the plan.
Transferring service between public sector plans
The WorkSafeBC Pension Plan has transfer agreements with many public sector pension plans in Canada under the National Public Service Transfer Agreement (NTA). The NTA allows pension plan members to transfer their service from one plan to another.
This means that if you leave your job at WorkSafeBC and begin working for another employer that is also an NTA member, you may be able to transfer your eligible service from WorkSafeBC to the new plan.
Similarly, if you were working for an employer that is an NTA member and you begin working for WorkSafeBC, you may be able to transfer your eligible service from your previous plan to the WorkSafeBC Pension Plan.
It can be to your advantage to transfer your service to your new employer's pension plan, as you may be able to:
- Increase your pensionable service and in turn increase your pension
- Increase your contributory service , which may allow you to qualify for an unreduced pension earlier
However, it's not always to your financial advantage to transfer service. You may want to collect two separate pensions if either:
- The total of the two separate pensions is more than a single pension after a transfer
- You can collect a pension earlier under your former plan
It is a good idea to talk with an independent financial adviser to learn about your options before transferring service.