You can purchase your pensionable time back with a loan and place the funds into an RRSP and then transfer to Vestcor.  You can take up to 5 years to pay back the loan.  The first year is at prime rate with the option of interest only payments. When it comes up for renewal it will change to the posted loan rate at that time for the remaining 4 years. Typically, we see members use their income tax refund to lower the balance owing prior to renewal.  RRSPs help you reduce your taxable income and save more for retirement. 

All of our loans are open loans meaning you can put extra payments on or pay them off early without penalty.  There is a $100 administrative fee from the Credit Union for this loan.  

You’ll need to speak with Mike Butler, your wealth advisor, and Vestcor before applying with us as we will need to know the amount you’re eligible to buy back.