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Vesting period for RPP

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  • Jul 24th, 2020 3:39 pm
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[OP]
Deal Addict
Jun 18, 2018
1481 posts
933 upvotes
Toronto

Vesting period for RPP

I have DC pension plan with my employer where they contribute a % of my pensionable earnings and I am not allowed to contribute.

I am thinking of leaving the company, but noticed that I have not yet reached the 2 year vesting period that I read on the HR portal. However, by reading online, I noticed there is no vesting period on RPP's for some provinces, including Ontario.

Can anyone confirm this? I'll definitely reach out to HR but would be nice to get further confirmation.

https://www.fsco.gov.on.ca/en/pensions/ ... sting.aspx
4 replies
Deal Addict
Jan 1, 2017
1809 posts
1822 upvotes
Electrah wrote: I have DC pension plan with my employer where they contribute a % of my pensionable earnings and I am not allowed to contribute.

I am thinking of leaving the company, but noticed that I have not yet reached the 2 year vesting period that I read on the HR portal. However, by reading online, I noticed there is no vesting period on RPP's for some provinces, including Ontario.

Can anyone confirm this? I'll definitely reach out to HR but would be nice to get further confirmation.

https://www.fsco.gov.on.ca/en/pensions/ ... sting.aspx
These are company specific vesting policies which apply regardless of provincial legislation. You have to wait for the 2 year vesting period in order to best. Sounds like you are working for one of the banks?
Deal Addict
Apr 7, 2011
2016 posts
511 upvotes
Hamilton
You need to know what legal jurisdiction you're under. Lot's of companies are federal jurisdiction for pensions.
Deal Addict
Oct 24, 2010
2441 posts
2292 upvotes
Ottawa
If your pension admin says it's 2 years, then it's 2 years.

Do they deduct some of your pay and contribute that, and then match it with some percentage of contribution above your gross pay?

If they deduct from your gross pay for the contribution, then you're entitled to those contributions without interest. What you're not entitled to, until it vests, is what the employer contributed over and above your salary.
[OP]
Deal Addict
Jun 18, 2018
1481 posts
933 upvotes
Toronto
ProductGuy wrote: These are company specific vesting policies which apply regardless of provincial legislation. You have to wait for the 2 year vesting period in order to best. Sounds like you are working for one of the banks?
Sum_guy wrote: You need to know what legal jurisdiction you're under. Lot's of companies are federal jurisdiction for pensions.
Dynatos wrote: If your pension admin says it's 2 years, then it's 2 years.

Do they deduct some of your pay and contribute that, and then match it with some percentage of contribution above your gross pay?

If they deduct from your gross pay for the contribution, then you're entitled to those contributions without interest. What you're not entitled to, until it vests, is what the employer contributed over and above your salary.
No worries, got confirmation that it is immediate vesting in Ontario and that my company follows that.

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