In seeking to create its own police department, the City of Surrey, B.C. has worked out the pension portability problem for its future officers.

A formalized agreement between the city’s municipal pension plan and the Royal Canadian Mounted Police plan will allow officers moving to a job at the city to fully transfer their RCMP pensions. As of Aug. 9, 2019, eligible RCMP plan members can move their contributory and pensionable service into the municipal plan.

Read: How can Canada’s retirement system better address pension portability?

“Not only is this agreement a major milestone in the creation of our own city police department, but it more importantly answers a significant and legitimate concern expressed by RCMP members and their families about pension portability,” said Surrey Mayor Doug McCallum in a press release.

“I would like to thank the B.C. Pension Corp. and the RCMP for their leadership and quick work on resolving this issue. Now that the question of pension portability has been put to rest, I sincerely hope that the members of the RCMP who wish to continue to serve in Surrey will take the opportunity to be part of our new city police department.”

Read: Judge rules RCMP pension doesn’t discriminate against parents

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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