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- Defined benefit pensions
Ontario Teachers’ is a defined benefit pension plan. This...
- Defined benefit pensions
Ontario Teachers’ is a defined benefit pension plan. This means your pension is defined by a formula that takes into account your average salary and credit. You automatically become a member of Ontario Teachers’ and begin to build credit when your employer deducts pension contributions from your pay.
There are two key factors in determining how much pension you’ll receive – your average salary and years of service in the Plan. If you retire before you reach age 65 (the normal retirement age), your pension will be calculated using the formula below.
To get an overview of your pension, you should visit the Ontario Teachers’ Pension Plan (OTPP) web site. In order to understand the various terms related to your pension, visit the OTPP Glossary. As well, you should speak with a pension specialist at the OTPP regarding the specifics of your pension.
Tell me about my pension. Have questions about your pension? Want to know about more about how it works? This is the place to have those questions answered. A major mandate for OTF is members’ pensions. We represent Ontario’s teachers in the negotiation and daily operation of the pension plan.
What kind of a pension plan is the Ontario Teachers’ Pension Plan (OTPP)? The OTPP is a defined benefit pension plan. This means that your pension is based on a formula: 2% X your years of service X your best five years’ average salary.
THE BASICS. Obtain information on the nuts and bolts of the Ontario Teachers’ Pension Plan. CONTRIBUTIONS. Retrieve essential information on pension contributions. FUNDING ARCHIVE. Get historical funding information: Valuation decisions, member funding announcements, and past discount rate reviews.
