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Main -> Superannuation Plan -> Termination (For Reasons Other Than Retirement) -> Commuted Value
D. Commuted Value
A teacher whose contributions are locked-in and who has not contributed to the Plan for at least 4 months is eligible for a transfer of the commuted value of the deferred allowance subject to a minimum of teacher contributions plus interest. The commuted value must be transferred to a locked-in RRSP or RPP, subject to Revenue Canada maximums. Amounts in excess are paid in cash less income tax.
Note: Reinstatements are not permitted following the transfer of the commuted value.
PROCEDURE:
  Forms:
* Application for Refund
* T2151(E) if transferring to an RRSP

If the refund is to be transferred to an RRSP, the cheque will be made payable and forwarded directly to the recipient's RRSP account. In the case of a cash payment, a cheque will be made payable and forwarded to the teacher less application income taxes. (A T4A will be mailed in February of the next tax year.) A refund of contributions, at any time, may prohibit the transfer of service and funds between the Teachers Superannuation Plan and the Federal Superannuation Plan.
 
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ADMINISTRATION
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FUNDS
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CONTRIBUTION RATE
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TEACHING SERVICE
* Contributory Teaching Service
* Income Continuance Plan Service
* Purchase of Service
* Service on a Part-Time Contract
* Substitute Service
* Accumulation of Partial or Substitute Service
* Qualifying Service
* Procedures
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RECIPROCAL TRANSFER AGREEMENTS
* Procedure
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ELIGIBILITY
* Retirement with an Unreduced Allowance
* Retirement with a Reduced Allowance
* Procedures
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RETIREMENT BENEFITS
* Prior to Age 65
* Age 65
* Minimum Allowance
* Procedures
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INDEXING OF ALLOWANCES
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DEFERRED ALLOWANCES
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SURVIVOR BENEFITS
* Death Before Retirement
* Death After Retirement
* Adjustment at Age 65
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TERMINATION
(For Reasons Other Than Retirement)
* Conditions for a Refund
* Amount of Refund
* Reinstatement of Refund
* Commuted Value
* Spouse of Deceased Teacher
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SUPERANNUATES WHO RETURN TO TEACHING
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PENSION DIVISION ON MARRIAGE BREAKDOWN
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VOLUNTARY CONTRIBUTIONS
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SUMMARY
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PENSION AUTHORITIES' CONTACT
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