By purchasing your ‘service’ missed due to leaves, you can increase your service in the plan.
-There are deadlines to apply for a purchase of service.
-In some cases, employers share the cost of the purchase (for example, maternity and parental leaves of absence).
-There is no cost to increase contributory service by claiming credit for child-rearing time.
-Plan members can use our online estimators to do a pension or purchase cost estimate to find out if it’s advantageous to purchase service.
-Plan members must apply to purchase service before they terminate their employment with the employer. If you return to work with another school district, you will not be eligible to purchase service from the prior district where you terminated your employment.
Information about purchasing service is available to members on the plan’s website. If you have questions about the information in this bulletin, please contact the plan.
Leave with full pay:
Your leave is with full pay. While you are on leave, your contributions to the pension plan will continue and you will be credited with pensionable service as if you had continued to work.
Leave with partial pay:
Your leave is with partial pay. While you are on leave, your contributions to the plan and pensionable service will be reduced in proportion to your salary. For example, if you receive half your regular pay during a leave, you accumulate half the pensionable service.
You can increase the value of your pension by purchasing the pensionable service you were not credited with. The deadline to purchase this service is the earlier of five years from the end of the leave, or the date you terminate your current employment. See the Purchasing Leaves of Absence fact sheet, available on the plan’s website at tpp.pensionsbc.ca, for more information.
Leave without pay:
Your leave is without pay. While you are on leave, you will not make contributions to the plan and you will not be credited with contributory or pensionable service.
You can increase the value of your pension by purchasing the pensionable service you were not credited with. The deadline to purchase this service is the earlier of five years from the end of the leave, or the date you terminate your current employment. See the Purchasing Leaves of Absence fact sheet, available on the plan’s website at tpp.pensionsbc.ca, for more information.
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