Withdrawal Options

While an Active Member

PARTIAL WITHDRAWAL	Maximum 20% of the prior year-end AVC accountbalance subject to a minimum of $500.
FULL WITHDRAWAL	If partial withdrawals are made in each of four consecutive years, the 20% limit does not apply in the fifth consecutive year. In the fifth year, you can withdraw up to your entire account balance (excluding current year contributions).
WITHDRAWAL WINDOW	March 1 to April 30
NON-LOCKED-IN FUNDS IN AN AVC ACCOUNT	Can be taken as cash, less withholding tax, or transferred tax-deferred to an RRSP, a registered retirement income fund (RRIF) or another registered pension plan.
LOCKED-IN FUNDS IN AN AVC ACCOUNT	Can be transferred only to a locked-in arrangement, such as a LIRA or a locked-in provision under a registered pension plan.

When You Retire or Leave Your OMERS Employer 

OPTION 1: Withdraw all or some of the funds in your AVC account

You may withdraw all or some of the funds in your AVC account at any time within the first 6 months after retirement, or upon leaving your OMERS employer if you keep your pension with OMERS*. After that, you can withdraw all or some of the funds during the March/April window. Non-locked-in funds in your AVC account may be withdrawn as cash, less withholding tax. Non-locked-in and locked-in funds in your AVC account may be transferred to another registered retirement savings vehicle, tax-deferred,or used to purchase an annuity.

OPTION 2: Keep your AVC account (if you keep your pension with OMERS)

You can keep the funds in your AVC account until October of the year you turn 71.

*If you leave your OMERS employer and transfer your defined benefit pension out of OMERS, you must withdraw the full balance of your AVC account.

When Full Withdrawal from an AVC Account Is Mandatory

An AVC account cannot continue without an accompanying benefit under the defined benefit provision of the OMERS Plan. You must withdraw or transfer the full balance of your AVC account:

• if you terminate your membership in the defined benefit provision of the OMERS Plan and transfer out the commuted value of your pension
• if you must use the shortened life expectancy provision of the OMERS Plan
• by October of the year you turn 71.

AVCs Upon the Member's Death

In the event of your death (before or after retirement), your surviving spouse is entitled to receive a refund of the balance of your AVC account, provided you were not living separate and apart on the date of your death and your surviving spouse did not waive his or her entitlement. If you do not have an eligible surviving spouse, your designated beneficiary would receive the refund. If you do not have a spouse or a beneficiary, the refund will be paid to your estate. For details concerning your AVC account in the event of death, including a description of surviving spouse, please consult the The Terms of Participation: In English  [675 KB]; En Français  [65 KB].

The beneficiary designation on file with OMERS covers both the defined benefit and AVC provisions of the OMERS Plan. If you change your beneficiary designation on file with OMERS, the change will also apply to your AVC account.

How to Withdraw Funds from Your AVC Account

There are two ways to withdraw funds from your AVC account:

1. The most convenient way is through the myOMERS secure member access site. Your OMERS membership number and AVC account information are provided for you, and for non-locked-in funds, the withdrawal can be completed online.
2. Or, you can complete a paper withdrawal form and return it to OMERS:

• Form 403 – Withdrawing Funds from your AVC Account (Active Members)
  Use this form to withdraw funds from your AVC account if you are an active member.
  View PDF: In English  [325 KB] En Français  [401 KB]
• Form 404 – Withdrawing Funds from your AVC Account (Retired and Deferred Members)
  Use this form to withdraw funds from your AVC account if you are a retired or deferred member.
  View PDF: In English  [412 KB] En Français  [411 KB]