Termination of employment | Nova Scotia Teacher's Pension Plan

As a TPP member, if you terminate employment you are entitled to a pension benefit and your options will depend on whether you are vested at the time of your termination of employment and/or your age.

You are vested if:

You have at least two years of pensionable service, any part of which was for employment on or after January 1, 1988, or
You have not taught in NS since 1987 but have at least 10 years of pensionable service.

If you terminate employment, you will be entitled to the following pension benefit:

If you are…	Your options are…
Not Vested	Receive a refund of your contributions plus interest A refund can be taken as cash less applicable taxes or transferred to a RRSP
Vested and under 55:	You may choose to defer starting the pension you earned until you are retirement age You may transfer* the value of your deferred pension to a locked-in RRSP, or another pension plan (if permitted)
Vested and over 55:	You may choose to start your pension immediately or defer it until your unreduced retirement date Since you have reached retirement age, you can no longer transfer out the value of your pension
Under all scenarios: You can do a reciprocal transfer to a teachers’ pension plan recognized under the National Reciprocal Agreement; or to the NS Public Service Superannuation Plan.

*The total value of your deferred pension may exceed the maximum transfer limits under the Income Tax Act. The amount that exceeds the maximum transfer limit can be taken as cash (less applicable taxes), or transferred to a personal RRSP provided you have the contribution room.

Note: Your termination options may be different for benefits earned prior to January 1, 1988. Please contact the Nova Scotia Pension Services Corporation for more details.

Applying for a Refund or Transfer

If you have terminated employment and have not contributed to the TPP for at least 90 days, you can apply for a refund or transfer by contacting the Nova Scotia Pension Services Corporation.

Repayment of a Refund or Transfer

If you are returning to your teaching career in Nova Scotia after previously receiving a refund or transfer from the TPP, you may decide to buy back your previously refunded service in the TPP.

To do so, you must have worked for a minimum of 50 pensionable teaching days before you can apply to have your previously refunded service reinstated. Canada Revenue Agency (CRA) has two rules regarding the repayment of refunds or transfers.

If you were vested at the time of the original transfer, the funds for repayment must come from an RRSP or another tax-sheltered vehicle.
If you were not vested at the time of the original refund, the funds can come from any source (including cash).

You will be required to pay the original amount of refund or transfer plus interest from the refund/transfer date to the end of the month in which the cost is calculated.