I'm leaving my job

When you quit your job at Desjardins, your active participation to the Desjardins Group Pension Plan (DGPP) stops. You do not need to notify us.

Make sure your address, email and phone number are up to date in Workday (accessible only when you are connected to the Desjardins network).

A benefits statement is automatically produced. It is sent via mail and your secure file about 8 weeks after your termination of employment. This document presents you the options available. You must make a choice, fill the required documents, and return them to us within 90 days.

Available options

The available options depend on your acquired pension value compared to the Maximum Pensionable Earnings (MPE), on your age and on your province of employment when your employment ends.

Here are the available options in the following situations:

Your pension's value is under 20% of the MPE ($13,700 in 2024)

Options:

1. Refund by cheque or direct deposit of the acquired pension value, minus the applicable tax withholding amounts.

2. Transfer (not taxable) to a Registered Retirement Savings Plan (RRSP) or another authorized vehicle (e.g., the pension plan offered by your new employer if it is allowed).

Moreover, a taxable refund could be offered if there is an exceeding amount as set by law. This amount can be deposited in an RRSP under certain conditions.

You are less than 55 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

Options:

1. Transfer of the deferred pension and exceeding contributions to a Locked-In Retirement Account (LIRA) or another authorized vehicle (e.g., the pension plan offered by your new employer if it is allowed).

Moreover, a taxable refund could be offered if there is an exceeding amount as set by law. This amount can be deposited in an RRSP under certain conditions.

IMPORTANT: For employees working in Quebec, the refund of the pension value is done according to the DGPP’s solvency ratio (up to 100%), without residual rights.

As of January 1, 2023, upon the termination of Plan membership, benefits for Quebec members are paid according to the Plan's solvency ratio as determined on a monthly basis. More precisely, the solvency ratio used is the one in effect on the last day of the month prior to the month of termination of Plan membership. For example, if your participation to the Plan ends on February 14, the applicable solvency ratio is the one calculated on January 31.

The solvency ratio in effect in the case of a termination of membership in April 2024 is 102.7%. Thus, if, for example, the value of your pension is $100,000 and you opt to transfer it out of the DGPP, $100,000 will be transferred.

Month of termination of Plan membership	Applicable solvency ratio
January 2024	104.0%
February 2024	101.3%
March 2024	102.8%
April 2024	102.7%

2. Deferred pension: The pension's payment is delayed. The pension is indexed on an annual basis according to applicable rules.

Starting at age 55, it is possible to retire early with an applicable reduction if applicable. It is, however, mandatory to start taking your pension starting at age 65.

Before you turn 55, if you wish, you can request a transfer again. An update of the value of the rights will then have to be made.

Leaving Canada

After your two years of non-residency in Canada, you have the option of transferring the value of your rights to a non-locked-in account. Proof must be provided, and certain tax rules apply.

You are between 55 and 65 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

Options:

1. Immediate pension: The pension's payment starts immediately. To choose this option, you must contact us.

To reduce delays, if you are in this situation and want to start receiving your pension, before the termination of employment, fill an official retirement notice in your secure file. Read the Steps toward retirement to know more about this.

2. Deferred pension : The pension's payment is delayed. The pension is indexed on an annual basis according to applicable rules.

Since you are over age 55, it is possible to retire early with an applicable reduction if applicable. It is, however, mandatory to start taking your pension starting at age 65.

You are over 65 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

Option:

Immediate pension: The pension's payment starts immediately. To choose this option, you must contact us.

Rehired in the Desjardins Group

If your active participation to the DGPP ends and you become a participant again in the following 6 months, the years of service and the salaries from your previous participation will be considered in the calculation of your pension amount. In order to do so, the associated rights to this past participation must not have been transferred outside the pension plan in the meantime. If, however, you return as an active participant to the DGPP more than 6 months after the end of your previous participation, you will be considered as a new participant to the DGPP and as such will start a new participation.

Desjardins Group Pension Plan

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I'm leaving my job

Your pension's value is under 20% of the MPE ($13,700 in 2024)

You are less than 55 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

You are between 55 and 65 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

You are over 65 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

I'm leaving my job

Your pension's value is​ under 20% of the MPE ($13,700​ in 2024)

You are less​ th​an 55 ​yea​rs ​o​​l​​d and your pension'​s value is over 20% of the MPE ($13,700 in 2024)​​​​​​

You are between 55 and 65 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

You are over 65 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)

Your pension's value is under 20% of the MPE ($13,700 in 2024)

You are less than 55 years old and your pension's value is over 20% of the MPE ($13,700 in 2024)