Buying prior years of service, also know as a buyback, will increase your pensionable service. This means your future MEPP pension will be higher and you could retire with an unreduced MEPP pension sooner.
If your contributions are with another Registered Pension Plan (RPP) that does not have a transfer agreement with MEPP, or the option to transfer has expired, you may be able to take a lump-sum payout of that benefit and purchase a portion or the full amount of service under MEPP.
Before deciding to remove your benefits from an RPP, it is important to check with your financial institution to see if their requirements will allow your funds to be transferred into MEPP.
Before you begin this process, there are many important factors to consider: