Additional Voluntary Contributions

You may elect to make additional voluntary contributions (AVCs) to the Carleton University Retirement Plan for the purpose of increasing your pension benefits.

Your contribution may take the form of:

• an RRSP (Registered Retirement Savings Plan) transfer
• a lump sum deposit or payroll deduction

Unless you are transferring funds from an RRSP account, your AVCs are subject to the Income Tax Act maximums.

You may make a one-time withdrawal of your AVCs if not locked-in but you will not be permitted to make any further AVCs to the plan.

At retirement, the accumulated assets can be withdrawn or converted into a life annuity and added to your pension.

Buying Back Pension Service

If you have continuous service with the University during which you were eligible to participate in the Plan, but did not, you may purchase all or part of your eligible past service subject to Income Tax Act limits (example: If you did not join the retirement plan prior to age 30, you may be eligible to ‘buy back’ service and contributions)

The actual cost will depend on your salary and age at the time the service is purchased.

The Human Resources Pension Officer can advise you of your service eligible for buyback and the corresponding cost.

To Request a Buyback Cost Estimate

• Send your request, stating your name, Banner ID and the period in question, to the Pension Officer, Jean Ouellette.
• The Pension Officer will send you a summary verifying the cost, the buyback period and income tax implications.
• Consult a financial advisor prior to making an election.

To Purchase Past Service

Confirm in writing the amount to be deducted per pay or to be deposited by cheque and include your name and Banner ID.

If you are transferring an RRSP to purchase the service:

• Complete “Area 1″ of the T2033 form.
• Arrange to meet the Pension Officer to complete “Area II” of the form.
• Send the T2033 to the Financial Institution holding the RRSP funds. Advise your Financial Institution that Carleton University must receive the T2033 with original signatures (no copies).
• You will receive confirmation from Pension Services when the funds have been received and deposited.