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Planning to Retire 

It is never too late, or too early, to start planning for your retirement from U of T. The University offers a variety of information and services for those for whom retirement is years away or just around the corner. The goal is to enable employees and retirees to make informed choices when planning for your life after retirement.

Retirement Provisions

A copy of your pension brochure, outlining all of your retirement provisions can be found online.

Information Session on Retirement Options

If you are within ten years of NRD, you are invited to an information session on retirement options. These sessions are usually offered in the spring each year to provide information on the following provisions:

  • Phased retirement;
  • Postponed retirement;
  • Early retirement 60+10 provision; and,
  • Research and study leave and pension

Representatives from the Provost's Office, Human Resources, and the University of Toronto Pension Services will be on-hand to provide you with information and respond to your questions.

Other retirement related and financial planning seminars are held throughout the year. Details are available on the ODLC website.

Personal Data

Please review the following information on Employee Self Service for greater accuracy on the retirement package:

  • mailing address;
  • email;
  • telephone number;
  • marital status; and,
  • spouse's name and date of birth

Contact your Divisional HR Office to make any required updates Note: If you have a spouse on file, he or she will automatically become your beneficiary and will receive a spousal pension package.

You should also review your personal and pension details sent in your most recent Annual Pension Statement.

Financial Counseling

The University of Toronto provides a unique opportunity to assist Faculty & Librarians in reaching your retirement goal by providing up to three hours lifetime independent financial counseling, related to retirement planning. Counseling is available from your choice of one of two providers. To book your independent financial counselling, please contact:

Three-year Phased Retirement Program

If you are considering the phased retirement program, you will need to complete an application form and receive approval at least one year before the start date of your phased retirement. Please remember your cumulative appointment over the three year phased retirement period should be at least 150% (but not more than 200%) of a full-time appointment and no less than 25% in any one year.

  • Workload must include the full range of normal duties held before entering the phased retirement period. (E.g. Teaching, Research, Service);
  • If you have earned and would like to take a research and study leave you must apply when giving notice of entering the phased retirement period.
  • You will be expected to elect how you want to receive your retiring allowance (equal to 75% of your nominal salary as of June 30 immediately prior to your phased retirement begin date.  

Formal Notice of Intent to Retire

The agreement between UTFA and the University requires one year's notice of intention to retire, so departments can engage in academic planning. Your retirement date shall be a June 30th or December 31st of any given year.

If you plan to retire, you must notify your unit head in writing. In multi-departmental Faculties, this is the Chair; in non-departmental Faculties, this is the Dean. The notice of intention is irrevocable, once it has been accepted.

You cannot retire and draw your pension and also receive a salary from the University at the same time; however, you can continue to teach on a stipend basis. Note that under the Income Tax Act, you are required to start your pension on the December 1 of the calendar year in which you turn age 71 - even if you continue to be employed by the University and receive a salary. In that case, you would not continue contributing to the Pension Plan.

First Pension Payment

To receive your first pension payment on time, normally the first of the month following your retirement date, the University of Toronto Pension Services must receive your completed forms at least 30 days prior to your retirement date.

Please use the return envelope provided. Completed forms should be submitted directly to the University of Toronto Pension Services at:

University of Toronto Pension Services
Box 7650 Station B
Toronto Ontario M2K 3B5

Group Benefits at Retirement

As a retiree who could receive an immediate monthly pension, you can participate in the retiree health & dental plans at the time of your retirement. Additional information is provided within your retirement package.

Should you reject any or all of the Green Shield coverage's at the time of retirement, there is one enrollment date each year on July 1. University of Toronto Pension Services must be notified in writing by May 31 of the year in which you wish to be enrolled for coverage effective July 1.

Retirement Benefits from Government Plans

When you retire, you may receive a pension from the Canada Pension Plan. You may also qualify for an Old Age Security benefit. This income is in addition to the income you receive from the University Pension Plan. Under current income tax rules, Old Age Security benefits start to be "clawed back" if a retiree's net income exceeds ~$67,000.

The Canada Pension Plan normally provides a pension at age 65, but could start as early as age 60 (with reduction) or as late as age 70. The pension payable is dependent upon your length of participation and your salary/wages during the years you were a member of the Canada Pension Plan. Old Age Security may provide you with an additional retirement income at age 65, based upon residency in Canada prior to age 65, and your level of income after age 65. Please remember that a spouse or partner who is not employed may also be eligible to apply for OAS.

Your CPP and OAS benefits do not begin automatically. It is best to apply for these programs six months before you expect to start receiving benefits. To learn more about your entitlement to CPP and OAS and how to apply for these benefits contact Service Canada at 1-800-277-9914 or go to www.servicecanada.gc.ca.

Obtaining Pension Estimates 

You can obtain a pension estimate by:

  • Calling University of Toronto Pension Services at 1.888.852.2559 between 8:30
    a.m. and 5 p.m., Monday to Friday.
  • Accessing the Your Benefits Resource website at: www.resources.hewitt.com/utps

You will need a PIN to be able to request an estimate or run an estimate on the website. If you don't already have a PIN, you can request one by calling the University of Toronto Pension Services (UTPS) or through the website. Please note that it will take 5 to 7 days to receive your PIN in the mail.

Early Retirement

The unreduced early retirement provision for retirement on any December 31st (with the pension starting on January 1st) or June 30th (with the pension starting on July 1st) following the attainment of age 60 and the completion of 10 years of pensionable service.   

Postponed Retirement

If you are planning to continue in employment past your normal retirement date, you can request/run a pension estimate for retirement on any December 31st (with the pension starting on January 1st) or June 30th (with the pension starting on July 1st) following your normal retirement date. Under the Income Tax Act, your pension must start no later than the December 1st of the year in which you turn age 71, even if you retire from the University after that date. You are responsible for ensuring that you do not enter a date beyond this required pension start date (on the website, you would enter "your last date of employment" as the November 30th of the year in which you turn age 71 and for the "date you begin receiving benefits", you would enter the December 1st date.  

Phased Retirement

There is no specific pension estimate for phased retirement. From a pension perspective, you earn full pension accrual during the phased retirement period, Therefore, if you want to estimate your pension at the end of the phased retirement period, you should request/run a pension estimate under the new unreduced early retirement provision as of the June 30th retirement date at the end of your three-year phased retirement period. You are responsible for ensuring that you are eligible for phased retirement on the dates you have selected.

If you have any questions regarding your pension estimates, please contact the UTPS at 1.888.852.2559

Staying Connected After Retirement

Retirement doesn't mean that your relationship with U of T has to end as there are a number of ways to stay connected to life on campus, such as the: e-Bulletin, U of T magazine, library and joint-membership.