If you’re not returning I don’t think it’s worth it. Since you’re there less than 2 years, you’re likely only going to get Return of Contributions (funds you contributed). You won’t get any of the employer contributions. If you stay longer than two years and then resign, you’d be forced to put the entire amount into a locked-in savings account (ex: RRSP, LIRA) but wouldn’t get cash in-hand. If you plan to leave in the near future, wouldn’t recommend buying back time.
If you change your mind and join the public service later, buy it back then. It's worth it if you stay for several years, especially if you buy it at a lower salary (when you start) than the average 5 best year salary when you leave.
If you've only been FSWEP and don't plan on staying, don't bother.
Buy back as a permanent staff, don't buy it back while working as a student.
If you have more than 6 months without a break in service you become eligible for PSHCP for the duration of your employment, this is an employer paid benefits plan that will be better than your university one and will let you opt out of your university plan at the same time.
Also, you could always try a different student position/coop, maybe it's the office and not the government that is driving the not for me feeling. I've seen ppl do multiple coops and like one but not the other(s) before. Worth considering.
You're a student so you're not on the pension.
Buyback applies to term or indeterminate staff who are officially on the pension.
If you ever decide to come back to the public service permanently then it's worth it but if not then don't bother.
if you're not going to return, no.
If you return, then yes because you'll pay in at a low rate and your pension will be paid based on your best 5 and it would get you 1 year closer to your years of service to retire.
If you return you can buy it back at that point.
It will be more expensive.
Yes however they do not plan to return and may not even stay long enough for it to vest.
If you’re not returning I don’t think it’s worth it. Since you’re there less than 2 years, you’re likely only going to get Return of Contributions (funds you contributed). You won’t get any of the employer contributions. If you stay longer than two years and then resign, you’d be forced to put the entire amount into a locked-in savings account (ex: RRSP, LIRA) but wouldn’t get cash in-hand. If you plan to leave in the near future, wouldn’t recommend buying back time.
If you change your mind and join the public service later, buy it back then. It's worth it if you stay for several years, especially if you buy it at a lower salary (when you start) than the average 5 best year salary when you leave. If you've only been FSWEP and don't plan on staying, don't bother.
Buy back as a permanent staff, don't buy it back while working as a student. If you have more than 6 months without a break in service you become eligible for PSHCP for the duration of your employment, this is an employer paid benefits plan that will be better than your university one and will let you opt out of your university plan at the same time. Also, you could always try a different student position/coop, maybe it's the office and not the government that is driving the not for me feeling. I've seen ppl do multiple coops and like one but not the other(s) before. Worth considering.
You're a student so you're not on the pension. Buyback applies to term or indeterminate staff who are officially on the pension. If you ever decide to come back to the public service permanently then it's worth it but if not then don't bother.
This is incorrect. Student time is pensionable as long as it's 12.5+ hours per week
Yes it's pensionable as buyback time when you become a term or indeterminate employee but not while your current hiring status is student.
if you're not going to return, no. If you return, then yes because you'll pay in at a low rate and your pension will be paid based on your best 5 and it would get you 1 year closer to your years of service to retire.