The Ontario Pension Board (OPB), the administrator of the Public Service Pension Plan (PSPP), has entered into the pension divestment transfer agreement previously signed by OPTrust, the Healthcare of Ontario Pension Plan (HOOPP) and OMERS.
When OPTrust, HOOPP and OMERS entered into the agreement earlier in the year, OPB was not able to sign as specific government approvals, through an order-in-council (OIC), were required.
OPB has obtained the required OIC and signed the agreement. As a result, the agreement now covers divestment transfers between the OPSEU Pension Plan, HOOPP, the OMERS Primary Pension Plan and the PSPP.
Eligible OPTrust members with service in the PSPP will receive the same information as eligible OPTrust members with service in HOOPP and/or the OMERS Primary Pension Plan.
They will also receive an advance notice and a one-time opportunity to make a transfer election. A personalized information package, containing their transfer details and election form, will be sent to this group of eligible members later this year.
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