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Additional Voluntary Contributions to Pension Accounts

The deadline to make Additional Voluntary Contributions to your plan is November 8, 2013.

Members of the Queen’s Pension Plan (QPP) with pensionable earnings under $160,000 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 year.

Under the monthly contribution program, which is open for enrolment each February, QPP members make contributions by payroll deduction subject to a monthly limit based on annual pensionable salary. Contributions are deducted every month of the year and continue indefinitely, so there is no need to renew. The next opportunity to enrol will occur in February 2014, at which time existing AVC contributors will also be able to either increase their deductions (subject to the monthly limit) or decrease the deduction by writing to the Pensions unit of Human Resources. Participants may also stop the deduction at any time during the year (subject only to re-enrolment restrictions).

Alternatively, members can make a single lump sum payment (or a top up payment if enrolled in the payroll deduction program) in November to maximize their contributions for 2013:

  • 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 contacting the Department of Human Resources (533-2070).

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 completed forms and a cheque to the Pensions unit of Human Resources is November 8, 2013 (cheques must be dated no later than November 8, 2013 and cannot be postdated). Contributions received after November 8 will not be accepted. For more information, please contact the Pensions unit of Human Resources.