Transferring to or from another pension plan

The Plan has Reciprocal Transfer Agreements with a limited number of pension plans. These agreements allow you – under certain conditions – to transfer benefits from the pension plan of your former employer into the Plan. Agreements work the other way, too, if you are moving to another employer. (Show me a list of agreements currently in place.)

Even if there is no Reciprocal Transfer Agreement that applies to your situation, the NSAHO Pension Plan may accept an inward transfer of funds (i.e., your termination benefits) from the pension plan of your previous employer. This is possible through an inward “portability provision” in our Plan. (Again, the same provisions apply to outward transfers from the NSAHO Pension Plan, provided the pension plan of your new employer permits an inward transfer from another plan.)

Any transfers into the NSAHO Pension Plan through the “portability provision” mentioned above, must be completed within one year of the date you join the Plan.

The main difference between transfers done through the “portability provision” versus a Reciprocal Transfer Agreement is the method the plans use to calculate the service and the funds that are transferred.

Keep in mind that special rules apply if you leave one employer that is a member of the NSAHO Pension Plan and join another that is a member. All inter-plan transfers are subject to the Income Tax Act and its regulations.

If you have any questions about transferring pension benefits between plans, please contact us.