Contribution Options

Two Ways to Contribute to an AVC Account

Fund Transfers to an AVC Account

The lump-sum fund transfer to an AVC account is an option available to all OMERS members, including active members, members with a deferred pension and retired members to the end of the year they turn age 70. Members can transfer funds to an AVC account from registered retirement vehicles such as an RRSP, a locked-in retirement account (LIRA) or another registered pension plan. OMERS does not impose a minimum or maximum amount that can be transferred from another registered retirement vehicle.

Fund transfers are permitted during the first four months of the year—from the beginning of January to the end of April. Amounts transferred begin to earn the OMERS Fund rate of return, less investment management expenses, from the date they are received.

If you transfer funds from a registered pension plan to an AVC account, there may be limits applied by the transferring institution, so be sure to ask the pension plan administrator prior to the transfer.

AVC Automatic Contribution Limits Estimated by OMERS

If you're an active member, you can make regular contributions to your AVC account, using pre-authorized debit, either every two weeks or monthly.

There are pension adjustment (PA) reporting rules under the federal Income Tax Act that affect the amount of automatic contributions that can be made. OMERS has set contribution limits based on contributory earnings and credited service, and which take into account the PA reporting rules of the Income Tax Act.

We have built controls in the automatic contribution process to reduce the likelihood that members will over-contribute. However, there are factors we cannot predict, such as an unexpected change to your contributory earnings or a leave of absence. After year end, based on membership information provided by your employer, OMERS will confirm that your AVC contributions are appropriate given your actual contributory earnings, credited service and PA record. If your AVC contributions for the year exceed the Income Tax Act limits, your automatic contributions will be stopped and OMERS will refund the excess as a lump sum, less the withholding tax. You may resume automatic contributions at any time and your new maximum contribution limit will be based on the most recent membership information we have on file.

Under the AVC provision, a minimum contribution amount of $20 every two weeks or $40 monthly is required.

The limits were calculated using the 2012 CPP earnings limit.

Your automatic contributions begin to earn the OMERS Fund rate of return, less investment management expenses, from the date they are received.