For Your Information

How your pension is calculated

Ever wonder how your pension is calculated? Well there are two major components to the OMERS pension formula — earnings and service. Essentially, the more years of service in the OMERS Plan you have, the larger your pension in the OMERS Plan will be. OMERS defined benefit formula takes into account your best five consecutive years of earnings and service in the OMERS Plan.

Having a defined benefit pension means you can expect a predictable monthly income for life. Together with government benefits and your savings, your OMERS Plan can grow into an important financial asset and play a key role in your financial and retirement security.

Not sure when is the best time to retire? See the Retirement section in the Member Handbook to learn more.

If your pension starts before age 65, you may be entitled to the OMERS bridge benefit. This temporary benefit helps “bridge” your OMERS pension until age 65, when your Canada Pension Plan (CPP) payments are expected to begin.

If you have previous service with an OMERS employer that is not credited service with OMERS, you may be able to transfer or buy back that service and convert it to OMERS Plan credited service, potentially helping you retire earlier or with a smaller reduction. See Retire With a Bigger OMERS Plan Pension in the Member Handbook for more details.

Get answers to your pension questions

Your OMERS defined benefit pension can be one of your greatest assets, and it’s never too early or too late to start learning more about your pension. Our Pension Education & Relationship Management team is here to help with webinars that will allow you to ask any questions you may have as you prepare for this important journey. Click the links below to register for an upcoming session. Secure your spot now because space is limited!