a Our data indicate that the Pop proteins are important to stabilize the binding of Est1 (and hence Est3) (and to a lesser extent Est2) to TLC1 RNA. As the cell progresses into late S phase, reduced levels of Pop1 or Pop6 result in lower amounts of stable holoenzyme. We propose that the import factors that promote the re-entry of TLC1 and its associated proteins to the nucleus recognize only the holoenzyme. As a result, TLC1 accumulates in the cytoplasm in pop cells. b In WT cells, during G1 phase, TLC1 RNA binds to telomeric chromatin via a TLC1-Yku/Sir4/Rap1 interaction3,18. The G1 phase binding of telomerase to telomeres is less stable than its association in late S/G2 phase20. Chromatin bound G1 telomerase is unable to lengthen telomeres as it lacks two essential subunits, Est1 and Est32,4, and is not engaged at the chromosome end19. The abundance of core telomerase subunits is fairly constant throughout the cell cycle except for Est1, whose abundance is low in G1 and peaks in late S/G2 phase2,4,6 owing to ubiquitin mediated proteolysis5,6. Est1 is required to recruit Est3 and form the telomerase holoenzyme4,6. Therefore, the telomerase holoenzyme, which assembles in the cytoplasm, is present only in late S/G2 phase. The holoenzyme is transported to the nucleus with the help of import factors such as Mtr10 and Kap12213,14. In late S/G2 phase, telomerase engages the single-strand G-tails via a Cdc13-Est1 interaction. Either the G1 or the late S/G2 recruitment pathway is sufficient to maintain telomeric DNA, but the Cdc13/Est1 interaction is essential for telomerase activation18. In both WT and pop cells, the TLC1-Ku/Sir4/Rap1 interactions brings Est2 to telomeres during G1 phase. In late S/G2 phase, reduced levels and/or activity of Pop proteins, lead to instability of the telomerase holoenzyme. The unstable holoenzyme is less likely to be bound by import factors which results in its cytoplasmic accumulation. Images were made in ©BioRender (biorender.com).