Getting Close.Retirement Income Options

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Getting Close.Retirement Income Options"

Transcription

1 Getting Close.Retirement Income Options

2 Today s meeting How much do I need to retire? Sources of retirement income Retirement planning tools Countdown to retirement

3 How much do I need to retire?

4 How much income will you need? Your hopes and dreams?

5 Why Plan?

6 Sources of retirement income

7 Sources of retirement income 1.Government Old Age Security (OAS) Canada Pension Plan (CPP) 2. Employer Pension Plan 3. Personal Individual RSP Plans Non Registered Plans Other Savings or Assets

8 1. Government Benefits Maximum yearly amount for 2010 Old Age Security = $ 6,204 CPP/QPP* = $11,210 at age 65* = $ 7,847 at age 60* For more information visit the Service Canada web site at *Payout varies depending on years of service, salary, amount of contributions, etc.

9 1. Government Benefits Average yearly amounts for 2008* Old Age Security = $ 5,874 CPP/QPP** = $ 6,018 at age 65 = $ 4,212 at age 60 *March 2009 stats from

10 2. OCAD Pension Plan Annuity Registered Pension Plan (RPP) Life Income Fund

11 Annuity Life Term Certain Joint + Last Survivor Trading Lump Sum for Regular Income Lose Control of Your Investments Factors = Age + Current Interest Rates Life Expectancy4: Males = 77.4 Females = 82.2

12 Types of Annuities Single Life Annuity Monthly payments are payable for annuitant s life and cease upon death Highest payout

13 Types of Annuities Term Certain Payments are made to the annuitant for their lifetime If annuitant dies before the end of the guaranteed period, the payments continue to their beneficiary until the end of the guaranteed period Guarantee periods can be 5, 10, or 15 years

14 Types of Annuities Joint and last survivor After the death of the annuitant, the annuity payments continue to their spouse until the spouse s death Payments to surviving spouse can range from 60% to 100% of annuitant s payout

15 Sample annuity quotes - $100,000 premium N o Annuity Type Age 60 Age 65 Age Single life annuity with 120 payments guaranteed Joint life annuity, reducing to 60% upon death of primary annuitant, with 120 payments guaranteed Joint life annuity, continuing in full until the death of the surviving spouse, with 120 payments guaranteed $ $ $ $ $ $ $ $ $ Payment frequency: monthly Annuitant : male Co-Annuitant: female Source of funds: Registered Pension Plan (Ontario)

16 2. OCAD Pension Plan Annuity Registered Pension Plan (RPP) Life Income Fund

17 Life Income Fund (LIF) Withdraw % of Account Annually % Varies According to Age Continue to Control Investment Decisions Example: $100,000 AGE MINIMUM MAXIMUM (Annual Payments) 55 $ 2,857 $ 6, $ 3,333 $ 7, $ 4,000 $ 8, $ 5,000 $ 9, $ 7,850 $12,820

18 Life Income Fund (LIF) Date of birth: March 1, 1941 Amount invested: $100, First payment date: 15 April 2006 Type of income payment: MAXIMUM PAYMENTS 4% ROR 5% ROR 6% ROR Monthly Monthly Monthly Year Age Payments Payments Payments $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Approximate value (28/12/2021): $43, $50, $59,250.88

19 Pension legislation change for Ontario Effective January 1, 2010 You may unlock 50% of the value of your pension plan upon conversion to a Life Income Fund

20 3. Personal Savings Personal Individual RSP Plans Non Registered Plans Other Savings or Assets

21 Personal savings - RRSP Annuity RRSP Retirement Income Fund Cash

22 Retirement Income Fund (RIF) Mandatory RSP Age 71 Prescribed Minimum Payment Based on Age < 71 Years = 1/(90-Age) > 71 Years = Formula* (7.38% - 20%) Continue to Control Your Investments Example: $100,000 AGE MINIMUM (Annual Payments) 55 $ 2, $ 3, $ 4, $ 5, $ 7,850

23 Retirement Income Fund (RIF) Date of birth: 1 November 1944 Amount invested: $50, Issue date: 4 October 2004 Expected rate of return: 5.000% First payment date: 15 January 2005 Type of income payment: EQUAL PAYMENTS Year Age Monthly payments Jan 1st Value $ $50, $ $46, $ $43, $ $39, $ $34, $ $30, $ $25, $ $21, $ $16, $ $10, $ $5, The account will be exhausted with a final payment of $ on 15 November 2015

24 Retirement planning tools

25 GRS Access Account balances Provide or change investment instructions Process inter-fund transfers Retirement planning tool On-demand statements

26

27

28

29

30

31

32

33

34 Retirement Income Illustrations You have not used our online retirement calculator to save your assumptions or preferences. Chart created using the basic information we have for you based on the previous calendar year.

35 You're not on track You've established a retirement budget. You've saved your information in the online retirement calculator. You are not on track and so you need to make adjustments to your retirement plan.

36 You are on track! You've established a retirement budget You've saved your information in the online retirement calculator. You are on track to achieving your retirement income goal!

37 So, how much do I need? Smart tools your retirement tool kit Library of articles Flexible retirement calculators Glossary of terms

38 Client Service Centre Ask to speak to one of our retirement planning specialist Provide or change investment instructions Process inter-fund transfers Update information 8:00 am to 8:00 pm (ET)

39 Statements Mailed semi-annually Personalized net rates of return Custom messages Also available on GRS Access

40 Countdown to retirement..

41 Countdown to retirement.. 3 to 5 years before retirement Will you have enough to retire? Review your investment portfolio. Know your retirement savings. Re-evaluate your lifestyle and residence needs. Estimate your living expenses. Find out what your house is worth. Estimate your retirement income.

42 Countdown to retirement.. 1 year to go Get your affairs in order. Verify your retirement milestones. Review your insurance needs. Think about estate planning.

43 Countdown to retirement.. 6 months to go The home stretch. Update beneficiary information. Apply for government pensions. Apply for company pensions. Look to available resources for help.

44 Why plan? Someone is sitting in the shade today because someone planted a tree Warren Buffet

Retirement Planning Information Session. March 2012

Retirement Planning Information Session. March 2012 Retirement Planning Information Session March 2012 Today s meeting The Retirement Savings Program Why Save for retirement Benefits of a group plan Investment Options Managing investment risk Retirement

More information

Life s brighter under the sun (and so is your retirement)

Life s brighter under the sun (and so is your retirement) Life s brighter under the sun (and so is your retirement) Key topics Your retirement options Understanding your plan Choosing your investments Managing your account Take action 2 YOUR RETIREMENT OPTIONS

More information

Planning Retirement. Information for BCGEU Pension Plan Members

Planning Retirement. Information for BCGEU Pension Plan Members Planning Retirement Information for BCGEU Pension Plan Members January 2012 PAGE ONE PAGE TWO PAGE THREE PAGE FOUR PAGE FIVE PAGE SIX PAGE SEVEN PAGE EIGHT PAGE NINE PAGE TWELVE TABLE OF CONTENTS Preparing

More information

For advisor use only Advisor Guide

For advisor use only Advisor Guide For advisor use only Advisor Guide RBC Payout Annuities 2 RBC Payout Annuities: Advisor guide What you and your clients need to know about payout annuities In an uncertain financial world where guarantees

More information

Reuter Benefits Group Plan Member Newsletter September 2009

Reuter Benefits Group Plan Member Newsletter September 2009 Reuter Benefits Group Plan Member Newsletter September 2009 Accessing Your Retirement Savings As you approach retirement, you will need to turn your Pension and RRSP, as well as any nonregistered savings,

More information

MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams

MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams MEMBER RETIREMENT INCOME OPTIONS Achieve Your Retirement Dreams Achieve Your Retirement Dreams With a Registered Retirement Income Fund (RRIF) Wise Ways to Make the Most of Your Money Now that you re getting

More information

Your Payout Annuity policy

Your Payout Annuity policy 64075528 Your Payout Annuity policy In this document, "you" and "your" means the owner of this policy, or the policyholder. "We", "our", "us" and the "Company" means Sun Life Assurance Company of Canada.

More information

Pension Options. In Alberta, the money that is held for you in a pension plan must be used to provide you with a lifetime income when you retire.

Pension Options. In Alberta, the money that is held for you in a pension plan must be used to provide you with a lifetime income when you retire. RON GRAHAM AND ASSOCIATES 100, 10585-111 Street,Edmonton, Alberta T5H 3E8 Telephone (780) 429-6775 Facsimile (780) 424-0004 rgraham@rgafinancial.com Pension Options In Alberta, the money that is held for

More information

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET

LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET LAKEHEAD UNIVERSITY EMPLOYEE PENSION PLAN MEMBER BOOKLET 2011 1 TABLE OF CONTENTS Introduction... 3 Eligibility... 4 Contributions... 5 Individual Account... 8 Short Term Account... 8 Retirement Dates...

More information

Preparing for Retirement. A Guide for Employees. Human Resources

Preparing for Retirement. A Guide for Employees. Human Resources Preparing for Retirement A Guide for Employees 010 Human Resources Contents Introduction... 3 Canada Pension Plan Retirement Benefits... 4 Old Age Security... 6 Employment Insurance Benefits at Retirement...

More information

Immediate Annuity Quotation

Immediate Annuity Quotation Immediate Annuity Quotation Personalized for: Prepared by: Ivon T Hughes Tel: 514-842-9001 Email: info@trustco.ca Fax: 514-842-1085 Reference #: 186078.1 Date Prepared: November 1, 2012 Date Prepared:

More information

1999 Academic Pension Plan

1999 Academic Pension Plan 1999 Academic Pension Plan TABLE OF CONTENTS Introduction... 3 Eligibility... 3 Enrolling in the Plan... 3 Contributions... 3 Defined Benefit Component:... 3 Defined Contribution Component:... 4 Other

More information

Should I Buy an Income Annuity?

Should I Buy an Income Annuity? Prepared For: Fred & Wilma FLINT Prepared By: Don Maycock The purchase of any financial product involves a trade off. For example when saving for retirement, you are often faced with making a trade off

More information

Pre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant

Pre-retirement workshop March 2014. Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Pre-retirement workshop March 2014 Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Key Topics What retirement looks like today What does retirement mean to you? Next steps : how to prepare

More information

Single Premium Immediate Annuity (SPIA) Application

Single Premium Immediate Annuity (SPIA) Application Single Premium Immediate Annuity (SPIA) Application Cheques must be made payable to Transamerica Life Canada Highlighted sections must be completed to avoid delay Not available for corporate ownership

More information

Application for a. Single Premium Immediate Annuity

Application for a. Single Premium Immediate Annuity Application for a Single Premium Immediate Annuity BMO Life Assurance Company 60 Yonge Street, Toronto, Ontario, Canada M5E 1H5 Tel 416-596-3900 Fax 416-596-4143 Toll Free 1-877-742-5244 348E (2010/11/18)

More information

GROUP RETIREMENT SAVINGS PLAN

GROUP RETIREMENT SAVINGS PLAN GROUP RETIREMENT SAVINGS PLAN (the "Group Plan") The individual Retirement Savings Plans (the "Plans") established under the Group Plan will be issued by Sun Life Assurance Company of Canada ("Sun Life")

More information

Protection Solutions. This is all about. Insured Annuities. with Standard Life

Protection Solutions. This is all about. Insured Annuities. with Standard Life Protection Solutions This is all about Insured Annuities with Standard Life Hello. What is an Insured Annuity? The insured annuity uses two products: a prescribed annuity and life insurance. The prescribed

More information

Should I Buy an Income Annuity?

Should I Buy an Income Annuity? The purchase of any financial product involves a trade off. For example when saving for retirement, you are often faced with making a trade off between how much you want to protect your investments from

More information

Payouts. Protection. In One Place.

Payouts. Protection. In One Place. Payouts. Protection. In One Place. ING Single Premium Immediate Annuity issued by ING USA Annuity and Life Insurance Company Your future. Made easier. Payouts. Protection. In today s financial world, some

More information

Payouts. Protection. In One Place.

Payouts. Protection. In One Place. Payouts. Protection. In One Place. ING Single Premium Immediate Annuity ANNUITIES Your future. Made easier. Payouts. Protection. In today s financial world, some products provide payout options. Others

More information

Voya Single Premium Immediate Annuity

Voya Single Premium Immediate Annuity Voya Single Premium Immediate Annuity issued by Voya Insurance and Annuity Company Payouts. Protection. In One Place. Payouts. Protection. In One Place. In today s financial world, some products provide

More information

Palladium. Immediate Annuity - NY. Income For Now... Income For Life! A Single Premium Immediate Fixed Annuity Product of

Palladium. Immediate Annuity - NY. Income For Now... Income For Life! A Single Premium Immediate Fixed Annuity Product of Palladium Immediate Annuity - NY Income For Now... Income For Life! A Single Premium Immediate Fixed Annuity Product of Income A Guaranteed Income for as Long as You Need It One of the major fears we face

More information

1.1 How can I plan for my retirement income?... 1. 1.2 Your retirement income needs... 1. 1.3 Converting your RSP... 1

1.1 How can I plan for my retirement income?... 1. 1.2 Your retirement income needs... 1. 1.3 Converting your RSP... 1 R e t i r e m e n t I n c o m e F u n d s I n f o r m a t i o n B o o k l e t. This booklet is intended to address questions commonly asked about Retirement Income Funds (RIFs). The booklet is not intended

More information

Voya Single Premium Immediate Annuity

Voya Single Premium Immediate Annuity Voya Single Premium Immediate Annuity issued by Voya Insurance and Annuity Company Payouts. Protection. In One Place. Payouts. Protection. In One Place. In today s financial world, some products provide

More information

Retirement Income Options

Retirement Income Options Retirement Income Options How will you spend your retirement? Table of Contents Introduction...4 Retirement Considerations...5 Other Considerations...8 Entering Retirement...9 Retirement Income Options...10

More information

NEBRASKA ADMINISTRATIVE CODE TITLE 303, NEBRASKA ADMINISTRATIVE CODE, CHAPTER 24

NEBRASKA ADMINISTRATIVE CODE TITLE 303, NEBRASKA ADMINISTRATIVE CODE, CHAPTER 24 TITLE 303, NEBRASKA ADMINISTRATIVE CODE, CHAPTER 24 RETIREMENT SYSTEMS, PUBLIC EMPLOYEES PUBLIC EMPLOYEES RETIREMENT BOARD RULES AND REGULATIONS FOR BENEFIT OPTIONS AND DISTRIBUTION RULES Last Revision:

More information

Locked-in Retirement Income Requirements

Locked-in Retirement Income Requirements Government of Newfoundland and Labrador Department of Government Services Consumer and Corporate Affairs Financial Services Regulation Division DIRECTIVE NO. 17 Issued under the Pension Benefits Act, 1997,

More information

Easy Guide to Retirement Income Options

Easy Guide to Retirement Income Options Easy Guide to Retirement Income Options Contents PAGE 1: Your retirement income choices... 2 1. Convert your RSP into an annuity... 2 a. Life Annuity... 2 b. Term Certain Annuity to Age 90... 2 2. Convert

More information

Retirement. Income. your way

Retirement. Income. your way Retirement. Income. your way YOUR GUIDE TO SUNFLEX RETIREMENT INCOME Life s brighter under the sun Table of contents Introduction... 3 The five retirement risks... 4 Money for Life... 5 Product Overview

More information

Attainment of age 50 when age plus contributory service equals 70 (excluding military service)

Attainment of age 50 when age plus contributory service equals 70 (excluding military service) RETIREMENT BENEFITS: Contributions MPFRS is funded by employee and employer contributions. An active employee currently contributes 8.5% of his or her gross monthly salary, and the employer currently contributes

More information

Payout Annuity. product guide

Payout Annuity. product guide Table of contents What is a Single Premium Annuity?............................................................................. 2 Who will benefit from a Payout Annuity?.......................................................................

More information

Pre-Retirement Seminar. Faculty & Executives

Pre-Retirement Seminar. Faculty & Executives Pre-Retirement Seminar Faculty & Executives Spring 2014 Human Resources, the Retirement Planning Institute and Scotiabank This PowerPoint presentation was designed as the handout for the Pre-retirement

More information

CHAPTER 10 ANNUITIES

CHAPTER 10 ANNUITIES CHAPTER 10 ANNUITIES are contracts sold by life insurance companies that pay monthly, quarterly, semiannual, or annual income benefits for the life of a person (the annuitant), for the lives of two or

More information

Payment Options. Retirement Benefit

Payment Options. Retirement Benefit Payment Options Retirement Benefit Table of contents Choosing your benefit payment option... 2 Life Annuities... 5 Fixed Period Benefit... 7 Installment Benefit... 8 Combination of Benefits... 10 Single

More information

ADVISOR USE ONLY PAYOUT ANNUITY. Overcoming objections. Life s brighter under the sun

ADVISOR USE ONLY PAYOUT ANNUITY. Overcoming objections. Life s brighter under the sun ADVISOR USE ONLY PAYOUT ANNUITY Overcoming objections Life s brighter under the sun Overview Payout annuities are a powerful retirement tool and have been an important product for many years. They re sometimes

More information

YOUR GOVERNMENT OF NEWFOUNDLAND AND LABRADOR MONEY PURCHASE PENSION PLAN (GMPP)

YOUR GOVERNMENT OF NEWFOUNDLAND AND LABRADOR MONEY PURCHASE PENSION PLAN (GMPP) Government of NL Money Purchase Pension Plan for Substitute Teachers YOUR GOVERNMENT OF NEWFOUNDLAND AND LABRADOR MONEY PURCHASE PENSION PLAN (GMPP) General Type of Plan Eligibility You will receive a

More information

Preparing for retirement

Preparing for retirement What s in this fact sheet? This fact sheet explains the basics of retirement planning. For more information, contact the Human Resources Service, Pension Sector: Telephone: (613) 562-5800 ext. 1747 E-mail:

More information

Registered Retirement Income Funds

Registered Retirement Income Funds Registered Retirement Income Funds Registered Retirement Income Funds Most Canadians are familiar with registered retirement savings plans (RSPs). Many spend decades accumulating wealth in these tax deferred

More information

Pension Plan Benefits on Retirement

Pension Plan Benefits on Retirement Pension Plan Benefits on Retirement MARCH 2014 What is inside How is Your Pension Benefit Determined? Assumptions used in Preparing a Pension Estimate... 2 Formula Pension...............................................................................

More information

Retirement Plan Summary. july 2013

Retirement Plan Summary. july 2013 Retirement Plan Summary july 2013 » Table of Contents Welcome to Your Retirement Journey...3 Important Note...4 Your Plan at a Glance...5 Your Responsibilities...6 Joining the Plan...7 Regular Full-time

More information

Palladium Single Premium Immediate Annuity With

Palladium Single Premium Immediate Annuity With Palladium Single Premium Immediate Annuity With Cost Of Living Adjustment Income For Now... Guaranteed Income For Life! A Single Premium Immediate Annuity Issued By Income for Your Needs Now and in the

More information

Early Retirement Strategies

Early Retirement Strategies If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant

More information

Information Folder and Annuity Policy Client Document Package M.V.P. - RIF. insured by Sun Life Assurance Company of Canada

Information Folder and Annuity Policy Client Document Package M.V.P. - RIF. insured by Sun Life Assurance Company of Canada Information Folder and Annuity Policy Client Document Package Sun Life Assurance Company of Canada M.V.P. - RIF managed by CI Investments Inc. insured by Sun Life Assurance Company of Canada Important

More information

PEPP Talk... on Variable Pension Benefit

PEPP Talk... on Variable Pension Benefit PEPP Talk... on Variable Pension Benefit This PEPP Talk provides members with information about PEPP s Variable Pension Benefit (VPB). When you are retired and ready to begin receiving income, you must

More information

New York Life Insurance and Annuity Corporation NYL Guaranteed Lifetime Income Annuity II - Single Life

New York Life Insurance and Annuity Corporation NYL Guaranteed Lifetime Income Annuity II - Single Life Annuitant & Policy Information New York Life Insurance and Annuity Corporation Summary Name: Valued Client Type of Funds: Non-Qualified Date of Birth: 07/18/1949 Payment Frequency: Monthly Sex: Male Purchase

More information

APPLICATION TO RECEIVE A LUMP SUM PAYMENT FROM THE SHEET METAL WORKERS LOCAL 30 PENSION PLAN Registration Number 345850

APPLICATION TO RECEIVE A LUMP SUM PAYMENT FROM THE SHEET METAL WORKERS LOCAL 30 PENSION PLAN Registration Number 345850 APPLICATION TO RECEIVE A LUMP SUM PAYMENT FROM THE SHEET METAL WORKERS LOCAL 30 PENSION PLAN Registration Number 345850 Administrator's Office: Union Office: Employee Benefit Plan Services Limited Sheet

More information

Income for Life Annuity Program* Immediate Annuities for Retirement Income

Income for Life Annuity Program* Immediate Annuities for Retirement Income Income for Life Annuity Program* Immediate Annuities for Retirement Income *ICMA-RC partners with select insurance companies that make annuities available through the Income for Life Annuity program. Participating

More information

A p p l i c a t i o n f o r a S i n g l e P r e m i u m Pa y o u t A n n u i t y Po l i cy

A p p l i c a t i o n f o r a S i n g l e P r e m i u m Pa y o u t A n n u i t y Po l i cy A p p l i c a t i o n f o r a S i n g l e P r e m i u m Pa y o u t A n n u i t y Po l i cy Registered and Non-Registered In this application, the terms you and your mean the owner of The Canada Life Payout

More information

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/

Sample retirement plan prepared with. The Canadian Retirement Planner s Software. For information visit http://www.gobeil.ca/ RETIREMENT PLAN PROVINCE OF ONTARIO AS AT JANUARY 1, 2012 PREPARED BY DAVID GOBEIL, CA, CFP NOVEMBER 14, 2011 VERSION DRAFT Sample retirement plan prepared with The Canadian Retirement Planner s Software

More information

McGill University Pension Plan

McGill University Pension Plan The presentation can be accessed in online at: www.mcgill.ca/hr/bp/pensions/infosessions. McGill University Pension Plan PENSION PLAN SETTLEMENT OPTIONS INFORMATION SESSION Human Resources This presentation

More information

Financial Services Commission of Ontario Commission des services financiers de l Ontario

Financial Services Commission of Ontario Commission des services financiers de l Ontario Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: Life Income Fund/Locked-In Retirement Account INDEX NO.: L050-500 TITLE: LIF Explanation and Tables for

More information

getting you ready / retirement planning For members within five years of retiring

getting you ready / retirement planning For members within five years of retiring getting you ready / retirement planning For members within five years of retiring Contents 2 / Introduction 3 / HOOPP: More for your money 4 / The pension you ll receive 6 / When you can retire 12 / Survivor

More information

The Road to Retirement: Reaching your destination

The Road to Retirement: Reaching your destination The Road to Retirement: Reaching your destination CSS Pension Plan Welcome! This Road to Retirement series has been designed to help you understand your pension plan, and save for retirement. [When you

More information

CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats)

CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) CANADIAN MERCHANT SERVICE GUILD WESTERN BRANCH PENSION PLAN (Towboats) 2004 Printed April 2005 Table of contents ABOUT THE PENSION PLAN... 5 PERSONAL INFORMATION... 7 FUNDING... 9 Required member contributions...

More information

Table of Contents. Participant Section

Table of Contents. Participant Section Table of Contents Participant Section Introduction...1 Planning Ahead...1 Distribution Making Your Choice...2 Other Considerations...5 Joint Life and Survivor Expectancy Table...7 Single Life Expectancy

More information

LEAVING YOUR EMPLOYER SHOULD YOU COMMUTE YOUR PENSION PLAN?

LEAVING YOUR EMPLOYER SHOULD YOU COMMUTE YOUR PENSION PLAN? LEAVING YOUR EMPLOYER SHOULD YOU COMMUTE YOUR PENSION PLAN? Mackenzie Tax & Estate Planning In past years when an individual changed employers, it was pretty much an accepted practice to leave their defined

More information

Income annuities. Retirement income guaranteed. Are you looking for stable and guaranteed income you can count on throughout your retirement?

Income annuities. Retirement income guaranteed. Are you looking for stable and guaranteed income you can count on throughout your retirement? Income annuities Retirement income guaranteed Are you looking for stable and guaranteed income you can count on throughout your retirement? A lifetime income annuity can become the cornerstone of your

More information

EMPIRE LIFE GUARANTEED INVESTMENT FUNDS 75/75 AND GUARANTEED INVESTMENT FUNDS 75/100 INFORMATION FOLDER AND CONTRACT PROVISIONS

EMPIRE LIFE GUARANTEED INVESTMENT FUNDS 75/75 AND GUARANTEED INVESTMENT FUNDS 75/100 INFORMATION FOLDER AND CONTRACT PROVISIONS THE EMPIRE LIFE INSURANCE COMPANY EMPIRE LIFE GUARANTEED INVESTMENT FUNDS 75/75 AND GUARANTEED INVESTMENT FUNDS 75/100 INFORMATION FOLDER AND CONTRACT PROVISIONS This document contains the information

More information

The Canadian Retirement Income Guide 2014 Edition. Maximizing your retirement income while minimizing your taxes

The Canadian Retirement Income Guide 2014 Edition. Maximizing your retirement income while minimizing your taxes The Canadian Retirement Income Guide 2014 Edition Maximizing your retirement income while minimizing your taxes Introduction When you retire, not only does your daily routine change, but your pay cheque

More information

Sacramento Metropolitan Fire District Retirement Benefit Options

Sacramento Metropolitan Fire District Retirement Benefit Options Personal Information Sacramento Metropolitan Fire District Retirement Benefit Options If this is an initial request, and not a change in a current distribution, remember to have your former employer complete

More information

Application for Fixed and Life Annuity For registered and non registered contract

Application for Fixed and Life Annuity For registered and non registered contract POU Client Services Tel. 506-853-6040/1-888-577-7337 Fax 506-853-9369/1-855-577-3864 financial.services@assumption.ca Application for Fixed and Life Annuity For registered and non registered contract 1.

More information

Plan at a glance: University of Saskatchewan Group Retirement Fund Prescribed Retirement Income Fund PRIF Registered Retirement Income Fund RRIF

Plan at a glance: University of Saskatchewan Group Retirement Fund Prescribed Retirement Income Fund PRIF Registered Retirement Income Fund RRIF Plan at a glance: Group Retirement Prescribed Retirement Income PRIF Registered Retirement Income RRIF Your plan at a glance We know how hard you have saved for your future. Now it s time for you to make

More information

GUIDELINE NO.X DEFINED CONTRIBUTION PENSION PLANS GUIDELINE

GUIDELINE NO.X DEFINED CONTRIBUTION PENSION PLANS GUIDELINE GUIDELINE NO.X DEFINED CONTRIBUTION PENSION PLANS GUIDELINE JULY 13, 2012 Table of Contents PURPOSE... 3 EXISTING CAPSA GUIDANCE RELATED TO DC PENSION PLANS... 3 APPLICATION OF THE DC PENSION PLANS GUIDELINE...

More information

INVESTMENT APPLICATION

INVESTMENT APPLICATION VERSION DATE: JUNE 2011 INVESTMENT APPLICATION SINGLE PREMIUM IMMEDIATE ANNUITY Policy Number ANY AMOUNT THAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE OWNER AND MAY INCREASE OR

More information

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 Last Updated: April 2016 TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 PLANNING FOR RETIREMENT Retirement Counselling... 2 Retirement Workshop and Information Sessions... 3 Online Financial

More information

The owner is usually the purchaser of the policy. However, the owner may also acquire the policy by gift, sale, exchange, or bequest.

The owner is usually the purchaser of the policy. However, the owner may also acquire the policy by gift, sale, exchange, or bequest. Annuity Ownership Considerations What is an annuity owner? What are the owner's rights? Who should be the owner? What if the owner dies? Is the annuity includable in the owner's estate? What risks does

More information

FG Immediate-Income. Single Premium Immediate Annuity. ADV 1011 (01-2011) Fidelity & Guaranty Life Insurance Company Rev.

FG Immediate-Income. Single Premium Immediate Annuity. ADV 1011 (01-2011) Fidelity & Guaranty Life Insurance Company Rev. Single Premium Immediate Annuity ADV 1011 (01-2011) Fidelity & Guaranty Life Insurance Company Rev. 07-2014 12-715 Single Premium Immediate Annuity Americans are living longer than ever before. Source:

More information

UBC FACULTY PENSION PLAN RETIREMENT OPTIONS

UBC FACULTY PENSION PLAN RETIREMENT OPTIONS UBC FACULTY PENSION PLAN RETIREMENT OPTIONS This brochure will provide you with general information about the options available to you upon your retirement. These options fall into two categories: I. Those

More information

Strategies For Dealing With An Early Retirement Package

Strategies For Dealing With An Early Retirement Package If you or a member of your family is facing a permanent lay-off, voluntary early retirement or forced early retirement, there are many important decisions to be made decisions that can have a significant

More information

Sun Life Assurance Company of Canada

Sun Life Assurance Company of Canada Sun Life Assurance Company of Canada Sun Guaranteed Investment Fund Solutions Income Series supplement Information folder and individual variable annuity contract issued by Sun Life Assurance Company of

More information

The Revised Pension Plan of

The Revised Pension Plan of The Revised Pension Plan of A Guide to the Pension Plan for Queen s Staff and Faculty Prepared by Pension Services, Department of Human Resources Fleming Hall, Stewart-Pollock Wing 78 Fifth Field Company

More information

Investment Solutions Conventional Annuities

Investment Solutions Conventional Annuities Investment Solutions Conventional Annuities with Standard Life Hello. After years of hard work and saving, you want to make the most of your retirement. You shouldn t have to worry about not having enough

More information

MassMutual Single Premium Immediate Annuity

MassMutual Single Premium Immediate Annuity ANNUITIES MassMutual Single Premium Immediate Annuity Retirement Can Be An Exciting Journey INVEST INSURE RETIRE Peter and Gail Doherty will celebrate their 40th wedding anniversary later this year. When

More information

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1

TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 Last Updated: December 2014 TABLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 PLANNING FOR RETIREMENT Retirement Counselling... 2 Retirement Workshop and Information Sessions... 3 Online Financial

More information

GTE SALARIED APPENDIX WINDSTREAM PENSION PLAN SUMMARY PLAN DESCRIPTION

GTE SALARIED APPENDIX WINDSTREAM PENSION PLAN SUMMARY PLAN DESCRIPTION GTE SALARIED APPENDIX WINDSTREAM PENSION PLAN SUMMARY PLAN DESCRIPTION () This document is being provided exclusively by your employer, which retains responsibility for the content. No affiliate of Bank

More information

Make your money last through your retirement

Make your money last through your retirement Make your money last through your retirement symetra advantage income immediate annuity Not a bank or credit union deposit or obligation Not FDIC or NCUA/NCUSIF insured Not insured by any federal government

More information

Single Premium Immediate Annuities (SPIA)

Single Premium Immediate Annuities (SPIA) Transamerica LIFE CANaDA Single Premium Immediate Annuities (SPIA) For Advisor Use only One of the biggest fears your clients can face is outliving their retirement savings. Unlike banks and trust companies

More information

DESJARDINS SECURITIES INC. MANITOBA LIRA

DESJARDINS SECURITIES INC. MANITOBA LIRA Locked-in Retirement Account (LIRA) Addendum To Desjardins Securities Inc. Self-Directed RRSP Contract (RSP 168-066) THIS IS AN ADDENDUM TO AN RRSP CONTRACT BETWEEN: AND Desjardins Trust Inc. (the "Issuer")

More information

Earning Cash Balance Pay Credits

Earning Cash Balance Pay Credits You Have a Choice New Cash Balance Pension You Have a Choice The important thing to understand is this: If you were hired through December 31, 2012 you don t have to change to the new cash balance pension

More information

my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet

my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet my plan Simplified Pension Plan for Employees of Bishop s University Member Booklet Client ID 2RT-01 May 2015 Table of Contents Introduction... 1 What type of plan do I have?... 1 What are my responsibilities?...

More information

Participant Distributions

Participant Distributions City of Los Angeles Deferred Compensation Plan Participant Distributions considering your options living your dreams Severance of Employment Table of Contents Introduction... 1 What Are My Choices?...

More information

Annuity Principles and Concepts Session Five Lesson Two. Annuity (Benefit) Payment Options

Annuity Principles and Concepts Session Five Lesson Two. Annuity (Benefit) Payment Options Annuity Principles and Concepts Session Five Lesson Two Annuity (Benefit) Payment Options Life Contingency Options - How Income Payments Can Be Made To The Annuitant. Pure Life versus Life with Guaranteed

More information

ADDENDUM TO THE RETIREMENT SAVINGS PLAN DECLARATION OF TRUST ESTABLISHING A LOCKED-IN RETIREMENT ACCOUNT. New Brunswick (LIRA)

ADDENDUM TO THE RETIREMENT SAVINGS PLAN DECLARATION OF TRUST ESTABLISHING A LOCKED-IN RETIREMENT ACCOUNT. New Brunswick (LIRA) ADDENDUM TO THE RETIREMENT SAVINGS PLAN DECLARATION OF TRUST ESTABLISHING A LOCKED-IN RETIREMENT ACCOUNT New Brunswick (LIRA) 1. What the Words Mean: Please remember that in this Addendum, I, me and my

More information

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT

RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT This document has been prepared for use by RBC Dominion Securities Inc.* and RBC DS Financial Services Inc., (collectively, the Companies ). The

More information

Employees Retirement Plan University of Windsor Pre-Retirement Seminar

Employees Retirement Plan University of Windsor Pre-Retirement Seminar Employees Retirement Plan University of Windsor Pre-Retirement Seminar Welcome! April 22, 2014 Presentation Overview Preparing for Retirement Sources of Retirement Income Types of Pension Plans Plan Definitions

More information

Little known facts about the Canada/Quebec Pension Plan (cpp/qpp)

Little known facts about the Canada/Quebec Pension Plan (cpp/qpp) Little known facts about the Canada/Quebec Pension Plan (cpp/qpp) TAX MANAGED STRATEGY 8 For Canadians at or nearing retirement, the Canada/Quebec Pension Plan (CPP/QPP) remains a bit of a mystery. Many

More information

GROUP LIFE INSURANCE

GROUP LIFE INSURANCE GROUP LIFE INSURANCE Public Employees Retirement System (PERS) and Teachers Pension and Annuity Fund (TPAF) CONTRIBUTORY AND NONCONTRIBUTORY GROUP LIFE INSURANCE As an active employee in the PERS or TPAF

More information

F O R Y O U R F A M I L Y

F O R Y O U R F A M I L Y FOR YOUR FAMILY Your partner or loved ones will face many decisions upon your death. We hope this brochure makes it easier for them to make those decisions then and easier for you to talk with them about

More information

Brock University Pension Plan

Brock University Pension Plan Brock University Pension Plan Contents Part 1: Your future is worth the investment 3 For more information 3 Part 2: Welcome to the pension plan 4 A hybrid plan 4 More than a retirement benefit 4 Who pays

More information

Guaranteeing an Income for Life: An Immediate Fixed Income Annuity Review

Guaranteeing an Income for Life: An Immediate Fixed Income Annuity Review Guaranteeing an Income for Life: An Immediate Fixed Income Annuity Review The biggest financial risk that anyone faces during retirement is the risk that savings will be depleted...the risk that income

More information

Group Retirement Savings Plan for Ryerson University CUPE 3904 PT&S

Group Retirement Savings Plan for Ryerson University CUPE 3904 PT&S Group Retirement Savings Plan for Ryerson University CUPE 3904 PT&S Prepared June 2009 Policy/Plan Number 42745 Ryerson Group Retirement Pension Plan Table of Contents An Introduction to your Group Plan,

More information

VIA E-MAIL. All Local Union and Retiree Chapter Presidents Representing Legacy Qwest Employees and Retirees

VIA E-MAIL. All Local Union and Retiree Chapter Presidents Representing Legacy Qwest Employees and Retirees Communications 8085 E. Prentice Avenue Workers of America Greenwood Village, CO 80111-2745 AFL-CIO, CLC 303-770-2822-Phone 303-793-7927-Fax R-009 September 2, 2014 VIA E-MAIL TO: FROM: SUBJECT: All Local

More information

QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM

QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM QUALIFIED RETIREMENT PLAN AND 403(b)(7) DISTRIBUTION REQUEST FORM The Employee Retirement Income Security Act of 1974 (ERISA) requires that you receive the information contained in this form prior to your

More information

Should I Buy an Income Annuity?

Should I Buy an Income Annuity? Prepared For: Valued Client Prepared By: CPS The purchase of any financial product involves a trade off. For example when saving for retirement, you are often faced with making a trade off between how

More information