Human Resources

Human Resources

Human Resources

site header

Pension Lump Sum AVCs due November 9

Members of the Queen’s Pension Plan (QPP) can make Additional Voluntary Contributions (AVCs) to their pension accounts in one of two ways, either by monthly payroll deduction or by a single lump sum payment at the end of the calendar year – this year’s deadline for lump sum contributions is November 9, 2017.

The procedure is unchanged from prior years:

  • members who are currently making monthly Additional Voluntary Contributions will receive a customized quotation indicating the maximum lump sum payment that they are entitled to make (which is in addition to their current monthly contributions); in order to avoid over contribution problems, only members whose estimate is in excess of $200 will be notified;
     
  • members who do not make monthly Additional Voluntary Contributions can obtain an individualized calculation of the lump sum amount that may be deposited as an AVC by sending an email request to Pension Services (hrpension@queensu.ca).

In considering whether to make a voluntary contribution, remember that AVCs made in the current calendar year will be taken into account in the determination of your RRSP contribution limit for the following year. The deadline for returning the completed form and a cheque to Pension Services is November 9, 2017 (cheques payable to Queen’s University must be dated no later than November 9, 2017 and cannot be postdated). Contributions received after November 9 will not be accepted. For more information, please contact Pension Services.