Pension buyback

Personal Finance Canada Forum
1

i have a small amount in a HOOPP pension (0.28yr, worth about $3,600). i recently joined another organization (OPSEU) and am considering pension buyback options. pensions are unfamiliar to me, so it’s all a bit confusing.

they’re offering $5,100 for the buyback, which would increase my monthly retirement payments by $30. wondering if it’s worth it or if i’d be better off putting that amount into my RRSP.

any insights?

2

your pension is currently $3600/year – is it inflation-indexed?

3

$5100 for an extra $30/month doesn’t seem like the best deal. investing the $5,100 in your RRSP or TFSA might be more beneficial long-term.

4

$30/month is $360/year.