Welcome to the OPTrust Select page for retirees, intended to help provide you with information you need to know throughout your retirement journey.
Your Guide to OPTrust Select for Retirees
As an OPTrust Select retiree, your defined benefit pension is a secure and stable source of retirement income. This booklet provides information for you to know as an OPTrust Select retiree.
Frequently Asked Questions
Pensions are paid on or before the 26th of each month and are paid for your lifetime. Your first pension payment will be made on the 26th of the month following your date of retirement. For example, if you retire on May 15th your first pension payment for the month of June will be deposited into your bank account on June 26th. You can view a calendar of all pension payment dates here.
After you start receiving your pension, cost of living adjustments (COLAs) may be applied to your pension on an annual basis at the discretion of OPTrust’s Board of Trustees, based on the funded status of the Plan and other factors. These increases for inflation are not guaranteed and may range from 0 to 100% of the increase in the Consumer Price Index (CPI). Read more about the cost of living adjustment for your pension.
If you have retired and started receiving your OPTrust Select pension and return to work with an employer that participates in OPTrust Select or the OPSEU Pension Plan’s primary schedule of benefits your pension will continue to be paid to you, and you will not be able to resume making contributions to the Plan.
Under the Income Tax Act, you must start receiving your pension no later than the end of the year in which you reach age 71.
Before you start your pension, you have the option to increase the survivor pension from 60% of your pension to 65%, 70% or 75%. Your pension will be permanently reduced to pay for the increase and the reduction remains in effect for your lifetime. If you choose to provide your spouse with an increased survivor pension this decision cannot be changed after your pension begins, even if your spouse dies before you.
If your personal or contact information has changed, please notify OPTrust via the Contact Us page or call us at 416-681-3609 or 1-833-678-7528.
Select Info to Know
Forms for Retirees
To complete a fillable form, download a copy, save it on your computer, and open it with Adobe Reader (the latest version is recommended). If you do not have it installed on your computer, you may download the latest version free of charge from http://get.adobe.com/reader/otherversions
Pension Pay Dates
OPTrust Select pensions are paid on a monthly basis, usually on the 26th except for December when the pension is paid by the 20th. However, if the 26th falls on a Saturday or Sunday the pension is paid the previous Friday. For your convenience, pensions are paid via direct deposit to your financial institution.
New retirees receive their first pension payment on the 26th of the month following their retirement date. For example, if you choose a retirement date any time during the month of October, you can expect your first pension payment on November 26th.
About the Plan
OPTrust Select is a schedule of benefits under the OPSEU Pension Plan, one of the top 10 public sector pension funds in Canada.
The fund has almost $25 billion in assets. This is large enough to access investment opportunities that single employer plans like group RRSPs typically cannot. These investment opportunities allow OPTrust to diversify, and lower the risk associated with day-to-day market fluctuations.
In-house investment experts take the guesswork out of managing retirement savings.
As a long-term investor focused on providing pensions for our members now and into the future, we integrate environmental, social and governance issues, such as climate change and gender diversity, into our investment decision-making.
The Plan is fully funded, which means that we can deliver on the retirement promise made to all members: secure, predictable retirement income – for life.