If you were a member of another pension plan before joining us, we have good news for you! The service you earned in that plan may be transferrable into LAPP. We have transfer agreements with a number of public sector pension plans throughout Canada. A list of those plans is below.
We have the information and pension tools you need to get your transfer started. That includes a Pension Estimator where you can see how transferring and buying service might affect your pension.
Why Would I Want to Transfer Service from My Previous Pension Plan into LAPP?
These Rules are Common to All Transfers:
Where Can I Transfer From and What Timelines Apply?
Under the National Transfer Agreement (Pension Plans of Other Provinces Listed Below)
The National Transfer Agreement covers the following pension plans:
Under the Federal Transfer Agreement
The Federal Transfer Agreement covers:
Will it Cost Me Money to Transfer My Service?
Possibly, but not necessarily.
Pension plans use different rules to figure out the relative worth of their members' contributions and benefits. We will calculate the cost of bringing the service you earned in the other plan over to LAPP. Then we will send you a package with the details before you decide whether or not you want to proceed.
All pension plans are "priced" differently. The benefit you earned in your previous plan might not match the cost of buying the same amount of service in LAPP. If your previous plan benefit cost at least as much the LAPP benefit, you will not have to pay anything else, and the full amount of service will be credited to LAPP.
On the other hand, If the cost of buying LAPP service is more than the benefit from your previous plan, this is called a shortfall. You will receive a portion of the service credit you had originally earned, but you will have the option of buying back the difference. Paying for this buyback means you could retire earlier with a larger LAPP pension than if you did not buy the service.
What if I Have Service in a Plan that is Not on the List?
If your former plan is not on the list, you may still be able to buy the service that you earned with them through a process called a buyback.
I'd like more information on Buying Prior Service.