The Road to Retirement: Beginning your journey

Size: px
Start display at page:

Download "The Road to Retirement: Beginning your journey"

Transcription

1 The Road to Retirement: Beginning your journey 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 see underlined text in the prsentation, your can click on these links to take you to a site with more information] In this presentation, you ll learn about key features of the Co operative Superannuation Society Pension Plan. By its end, you ll have a better understanding of defined contribution pension plans, like ours, what makes our Plan unique, and your responsibilities as a member. The road to retirement is often spoken of as a journey on which you travel until you reach your destination. In a sense, there are many similarities between actual travel and moving toward retirement 1 1

2 Beginning your journey CSS Pension Plan overview Planning for your retirement The Plan at a glance Pension contributions Investment funds Retirement income options What happens If you leave, become disabled, or periods of weak investment markets Guides and resources 2 Just like planning a trip, you ll need to decide on your destination and itinerary. When do you plan to retire, and what might retirement look like? In many ways, a pension plan acts like a passport giving you the option of going to more destinations. So it s important to understand just how far your pension plan can take you. You ll also need money to pay for your trip. So we ll look at the contributions and investments required to get you to your retirement destination, and how to access that money once there. You may encounter detours and diversions, such as leaving your employer, being disabled for a period of time or periods when investment markets are weak. And finally, as with any planned journey, there are guidebooks and experts that can help you along your way. We encourage you to review the next two presentations in this road to retirement series. Let s begin your journey 2

3 Planning your retirement What do you plan to do when you retire: Travel to a new place every year? Spend more time with friends and family? Focus on hobbies or charity work? Start a part-time business? Spend part of the year in another location? Other? What will it cost? Talk to a financial advisor Review resources and map your route! 3 Your first step is to choose a destination. When do you want to retire and what kind of a retirement would you like to have? Whether you want to travel, focus on hobbies, start a new career or do charity work, there are probably as many retirement destinations as there are people. What will it cost? Now is the time to do some research to get a general idea of how much money you will need every year when you retire. Talk to a financial advisor. He or she can act as your travel agent on your road to retirement. For information on finding a financial advisor, see the next presentation in this series, or review the Investment Choice guide on the CSS Pension Plan website. Once you have your retirement destination in mind, you ll be in a better position to know what resources you ll need. 3

4 Paying for your retirement Personal savings Government plans Employment pension plans Personal Registered Retirement Savings Plans (RRSPs) Tax Free Savings Accounts (TFSAs) Proceeds from other assets and non-registered savings Canada Pension Plan (CPP) Old Age Security (OAS) The CSS Pension Plan (Defined Contribution) Other employer pension plans, if any Contributions defined as a percent of salary Members choose how to invest contributions Retirement income depends on accumulated contributions and investment earnings 4 Your retirement income will come from three sources: your personal savings (such as Registered Retirement Savings Plans, Tax Free Savings Accounts, other non registered bank accounts or from selling property or other assets), government plans (such as the Canada Pension Plan and Old Age Security), and your employment pension plan. If you have had previous employers, you may also have a pension plan from them. (note you may pause this presentation now and select the links for more information on CPP and OAS) Your employer is a member of the Co operative Superannuation Society, so you are a member of the CSS Pension Plan. It is a defined contribution, or DC, plan and all DC plans have several things in common: First, contributions from members and their employers are defined, or set, usually as a percentage of salary. Next, members choose how to invest all contributions in funds offered through their plan, to save and grow their money. Like all registered pension plans, contributions and investment income are not taxed until the money is used for retirement income. Finally, the amount of retirement income can t be calculated until retirement. That s because it will depend on how much was contributed and how much investment income was earned over time. Now, let s take a look at the Co operative Superannuation Society and your CSS Pension Plan 4

5 The Co-operative Superannuation Society Purpose: provide retirement benefits to and for its members Administers the CSS Pension Plan Non-profit Member owned and controlled Structures own investment funds 5 When a pension plan covers employees for more than one employer, like this one, it s called a multi employer pension plan. Your Plan is administered by the Co operative Superannuation Society The CSS was incorporated in 1943 as a non profit organization to administer the pension plan for cooperatives, credit unions, and their employees. It is a non profit organization and it is member owned and controlled. It also sets up its own investment funds. These are the things that make your plan unique from other pension plans. 5

6 The Plan at a glance DC Plan Full-time must join after waiting period Part-time eligible to join after waiting period (check with Pension Plan office for details) Required contributions are set Employer matches them Immediate vesting Additional voluntary contributions (not matched) 4 investment funds to choose from Normal retirement is age 60 Early retirement possible Several retirement income options 6 The CSS Pension Plan will help you get to your retirement destination more easily so you need to understand what your Plan can do for you, and what your responsibilities are as a Plan member. Your Plan operates under set rules and pension laws in the province or territory in which you work (or last made contributions). Full time employees who work for a participating co op or credit union automatically join after the waiting period set by their employer. Part time employees with a minimum level of earnings, or minimum number of hours worked are eligible to join after the waiting period, but rules differ for each province, so contact the Pension Plan office for more details. Once you join, you make required contributions through payroll deduction to a pension account in your name. Your employer sets your required contributions and matches them, dollar for dollar. Immediate vesting means you own all employer contributions right away. You may also make additional voluntary contributions, though these are not matched by your employer. You invest all contributions in any or all of four investment funds. So how long is your journey? Normally, retirement starts at age 60 although early retirement is also possible. You can work longer, as well. And when you finally retire, you can choose from several payout options. 6

7 Pension contributions Required contributions 1% to 9% of salary set by your employer 100% match on every dollar you contribute Locked-in for retirement income only Additional voluntary contributions Up to maximum allowed by Canada Revenue Agency Not matched Not locked-in Not accessible until employment terminates Maximum annual contributions Yours and your employer s combined 18% of current pay up to Canada Revenue Agency annual maximum dollar limit 7 How you save for your retirement depends on the money contributed to your pension plan, and how you invest it and make it grow. Your required contributions are set by your employer, and can be as low as 1% of salary or as high as 9%. Your employer can confirm the amount you are required to contribute and you will also see the amount on your pay stub. By law, registered pension contributions, and any investment income they earn are locked in, usually after two years of service with your employer or two years of Plan membership, with a few exceptions. That means this money can only be used for retirement income. You can also make tax deductible additional voluntary contributions if you want to increase your retirement savings. Voluntary contributions are not locked in, so when you retire or stop working for a member employer, you can transfer them to a non locked in RRSP or you may withdraw them. However, you can t withdraw any voluntary contributions until you stop working for a member employer. You pay income tax on the amount you withdraw, but you don t have to use the money for retirement income. The maximum that can be contributed toward your pension in any year from you and your employer is set by law. It is equal to 18% of your pay up to a maximum annual dollar limit. (You can find this amount on the CSS Pension Plan website.) 7

8 Benefits of saving early Regular early contributions = BIG SAVINGS over time Even small amounts, begun now, can have a big impact Value of $100/month contributions over time ($48,000 invested over 40 years) $250,000 $200,000 $150,000 $100,000 $50, years 30 years 20 years 10 years 5 years $0 2% 3% 4% 5% 6% 7% Rate of Return 8 Voluntary contributions can make a significant difference to your retirement savings. Even small regular amounts, if you start now, can mean a healthy increase in your savings over time, because of the magic of compounding returns. This chart shows how contributions of $100 a month grow over time, at different investment rates of return. For example, if you make contributions of $100 per month, after 40 years those contributions would total $48,000. Even at the low annual rate of return of 2%, those savings will have grown to more than $73,000 during that time. That s an increase of $25,000. And if you had a 5% rate of return, you ll see that the same $48,000 of contributions has grown to more than $148,000. That s an increase of more than $100,000 and more than double what you contributed. The key is to start early. Compounding works its magic over time. Now let s look at how you invest your contributions. 8

9 Investments Four investment funds Money Market Bond Balanced Equity Initial investment (default) = Balanced Fund 9 The CSS Pension Plan offers four funds in which you can invest. They are: a Money Market Fund, a Bond Fund, a Balanced Fund, and an Equity Fund. Unless you provide different instructions, all contributions will be automatically invested in the Balanced fund, as the Plan s investment default. It is chosen as the default because it holds an asset mix expected to be suitable for a long term retirement investor. How you ultimately invest your pension money among the funds is your choice. You can invest everything in one fund, or divide it between different funds. Let s take a quick look at each of your investment options: 9

10 Investments Fund Money Market Fund Bond Fund Balanced Fund Equity Fund Low risk/low return Characteristics Expected return: prevailing short-term interest rate Modest risk/modest return May experience occasional losses due to fluctuating interest rates Moderate risk/moderate return About 60% equities (stocks) and 40% bonds Expected to produce higher average returns than bonds alone Periodic short-term losses Default fund Highest risk/high return Fairly frequent short-term losses Potentially higher average returns over long term 100% in equities (stocks) 10 First the Money Market Fund. It s a low risk/low return fund made up of short term Canadian investments. The fund s returns are typically the same as current short term interest rates in Canada. The Bond Fund is a modest risk/return fund. It mainly holds Canadian fixed income investments, but also has a small amount in foreign bonds and other investments that have the potential to provide higher returns. It may experience occasional losses due to fluctuating interest rates or defaults. The Balanced Fund is a moderate risk/moderate return option. It is made up of about 60% equities and 40% bonds. It is likely to experience periodic short term losses. It is the default fund. Finally, the Equity Fund, consisting entirely of company stocks, is the highest risk option of the four. Average returns are potentially higher than the others over the long term. It typically experiences fairly frequent short term losses. 10

11 Your risk tolerance How adventurous are you? Are you comfortable with pension and investment risk? Can you afford to take some risk? Can you afford not to? The greater the potential return, the greater the risk 11 You probably noticed that the expected return on each of the investment funds is related to its risk level. For the chance of the highest average returns, you have to take the greatest risk of losses, and vice versa. You can keep your risk of investment losses to a minimum but then you run the risk of not saving enough money to reach your retirement destination. What kind of investment returns do you need to reach your goals? Can you reach them without taking some risk? Would you be less stressed by working longer, saving more or scaling back your retirement lifestyle? These decisions are individual; and your personal risk tolerance is an important factor. A financial advisor can help you find the best investment strategy to meet your goals or suggest ways to adjust your retirement plan. For more detailed information about the funds and investing, review the Investment Choice booklet, and the next Road to Retirement presentation, called Making your journey count. 11

12 Retirement ages DC plan Normal retirement: Age 60 Early retirement earliest of: Age 50 or Age + years of service = 75 Phased retirement: Age 55 or later - requires employer s consent Convert pension funds to retirement income by end of year: Age So, when do you reach your retirement destination, and how exactly do you recognize it? The Plan s normal retirement age is 60. That means that most members convert their pension funds into retirement income then, or later. Early retirement is age 50. But, depending on your age and how long you ve worked for employer members, you may be able to retire sooner than that. If your age plus years of service with employer members total 75, you may retire. Your annual statement will tell you if you re eligible. There s one other possibility. Generally, you have to stop working for your employer before turning pension funds into retirement income. In some cases, you may be able to phase into retirement and draw on your pension funds while you continue to work for an employer member. There are some requirements: you must be at least 55 years old and have the written consent of your employer; your employer may require you to reduce your working hours; your spouse, if you have one, must also consent, and; as long as you re working, you must continue to contribute to the Plan. Not all provinces allow phased retirement to the same extent, so contact the CSS Pension Plan office if you want more information. Regardless of how long you choose to work, under federal law you must convert your pension funds to retirement income by the end of the year that you turn age

13 Retirement income options Guaranteed lifetime income Variable income based on investment returns Directly from Plan Monthly pension Variable Benefit* (VB) payments Transferred out of Plan Annuity Registered retirement vehicles (e.g., LIF, PRRIF) * Check the CSS Pension Plan office for availability 13 When you re close to retirement, it will be time to choose how to access the money in your pension account. You can choose from two categories of retirement income for some, or all, of your CSS Pension Plan money. You can select from guaranteed lifetime income options that provide a fixed amount of income, or variable income options that are based on investment performance where you continue to invest your pension funds after retirement. These options are available from the Plan and from your credit union or bank. If you have pension money that is not locked in, you can combine it with your locked in funds, or transfer it out of the Plan or withdraw it less applicable income taxes. Depending on the pension legislation that applies to your account, you may also be able to unlock some or all of your pension funds. 13

14 Retirement income options and spousal rights Spouse includes married and common-law couples entitled to lifetime pension if you die (can be waived) Relationship breakdown pension funds can be divided before and after retiring 14 When it comes to pensions, spouses have legal rights. Who qualifies as a spouse is defined by the pension legislation that governs your pension funds. Typically your spouse includes a person to whom you are legally married, or with whom you are in a common law relationship. Pension legislation protects your spouse s rights to receive retirement income from your pension funds. If your relationship with your spouse ends, your pension funds or retirement income can be divided. The Plan office will make the calculations at your request if this happens before retirement. If the relationship ends after retirement, contact the Plan office or the financial institution that you are receiving payments from. 14

15 Leaving your employer Leave all funds in Plan (send Pension Plan office your home address) Transfer locked-in funds to Locked-In Retirement Account or locked-in RRSP Transfer non-locked-in funds to RRSP or take as cash (taxable) Transfer funds to new employer s pension plan if allowed 15 If you leave your job and no longer work for any employer member of the Plan, you can deal with your pension funds in a number of ways. You can leave them in the Plan, managing your investments as you did while contributing. Please tell the Plan office if your address changes so you continue to get your statement and the annual report each year. You can always transfer or withdraw your funds later, unless you take a new job with an employer member then you re back in the Plan again! You can also transfer your funds to a locked In Retirement Account or a locked In RRSP. If you wish, you can withdraw any non locked in funds in cash, less taxes, or transfer them to an RRSP. Finally, you can transfer your pension funds to your new employer s registered Pension Plan, if it is set up to accept transfers. If it is, contact the Plan office for your next steps. 15

16 Unplanned life events Disability pension Termination due to illness, injury or disability May be able to access funds before early retirement date Income is based on your pension funds Survivor benefits If you die before retiring: go to spouse if single (or if spouse waives), to beneficiary or estate If you die after retiring: depends on your retirement income option 16 Unfortunately, illness, injury and disability are some of life s realities. If you stop working for your employer for any of these reasons, you may be able to use your pension funds as income before you reach early retirement age. Your income will be based on the pension funds you have saved to that point. If you find yourself in this situation, contact the CSS Pension Plan office for information on what you need to do. If you die before you retire, your spouse has the first claim to your locked in funds, even if you name a different beneficiary. Some provinces let a spouse waive this right. (Contact the Pension Plan office if you want details.) Voluntary contributions, and their investment earnings, will go to your named beneficiary, or if you didn t name one, to your estate. If don t have a spouse, all pension funds will go to your beneficiary or estate. If you die after you retire, survivor benefits depend on the retirement income option you chose. 16

17 What if? Can your pension funds be accessed? Pension funds cannot be withdrawn while you work for a member employer Required contributions are protected from creditors Voluntary contributions protected by most legislation Delinquent maintenance payments can be paid from Required and Voluntary contributions (most legislation) Pension funds cannot be used as loan collateral, Home Buyers Plan or Life Long Learning Plan Can your retirement income be accessed? Pension and Variable Benefit payments are usually not protected from creditors 17 Finally, just as you can t use your locked in pension funds for anything but retirement income, in most cases, creditors can t seize them to recover any debts you have incurred. There is an exception: most legislation allows unpaid child maintenance to be paid from pension funds. Some legislation doesn t protect voluntary contributions from creditors. And one last thing because you must use your pension funds for retirement income, you can t use them as collateral for a loan. Pension funds also don t qualify for the Home Buyers and Life Long Learning plans the way personal RRSPs do. After you retire, however, your monthly pension and variable benefit payments are usually not protected from creditors. 17

18 Guides and resources Publications Website: Annual statements Individual consultations & pension projections 18 This Road to Retirement presentation is only one resource to help you with your retirement journey. The Co operative Superannuation Society web site at and Pension Plan office provide many resources to help you. Select the link here ( note you may want to pause this presentation first ) to go to our site. Go to the Funds tab for information on each of the funds offered by the Pension Plan. Along with estimators and tools, the site offers many helpful publications and guides. A few you ll want to review include: The Plan a guide with a detailed description of the CSS Pension Plan. Future Financial Freedom, which is a workbook that takes you through the key elements of financial planning. Investment Choice gives detailed information on the investment funds. TimeWise is the Plan's news magazine, published each spring and fall. It contains articles and information about the Plan and related topics. Quarterly Updates provide recent performance information on the funds and markets. Plus, you'll also want to regularly review your annual statements, which are distributed early each year. You can ask for an individual consultation or pension projections from the staff at the Pension Plan office when you are closer to retirement. You can also do pension projections yourself on the website. The Pension Plan also offers retirement planning seminars and workshops for those approaching retirement. 18

19 Viewing your account online On the home page of the CSS Pension Plan website Click on Access your CSS Account Scroll down to How to get your Personal Access Number (PAN) and follow directions 19 Finally, you can view your pension information on the CSS Pension Plan website. To get a Personal Access Number, just go to the home page and click on Access your CSS Account. Scroll down on the page and follow the instructions under How to get your Personal Access Number (PAN). 19

20 What s next Beginning of your real retirement journey with the CSS Pension Plan Continue planning your retirement journey Road to Retirement: # 2: Making your journey count # 3: Reaching your destination Tell us what you think! 20 So your journey has begun: the ship s sailing out of the harbour, your plane is taking off from the airport you choose the metaphor. You ve reached the end of this presentation. We hope it has given you an idea of the importance of your journey toward retirement and how to prepare for it, what to expect along the way and the resources you can draw upon. Check out our other presentations, Making your journey count, which talks about how to make investment choices and Reaching your destination, which talks about how to prepare to retire. They provide more detailed information for different stages of your retirement journey. We hope you enjoy the trip and remember: it takes sustained work over a long period of time to reach your retirement destination stay on the road! 20 20

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

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

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

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

Investor Guide. RRIF Investing. Managing your money in retirement

Investor Guide. RRIF Investing. Managing your money in retirement Investor Guide RRIF Investing Managing your money in retirement 1 What s inside It s almost time to roll over your RRSP...3 RRIFs...4 Frequently asked questions...5 Manage your RRIF...8 Your advisor...10

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

Your Guide to Retirement Income Planning

Your Guide to Retirement Income Planning Your Guide to Retirement Income Planning Your Guide to Retirement Income Planning 3 Your retirement income plan How to create secure income in retirement Your retirement will be as unique as you are. Travel,

More information

Life insurance. Shedding light on. a practical guide to helping you achieve a lifetime of financial security

Life insurance. Shedding light on. a practical guide to helping you achieve a lifetime of financial security Shedding light on Life insurance a practical guide to helping you achieve a lifetime of financial security Learn more about: Safeguarding your loved ones Protecting your future Ensuring your dreams live

More information

pensions backgrounder #4

pensions backgrounder #4 pensions backgrounder #4 Private Retirement Savings Part 4 in a Series The full series of pension backgrounders are contained in the National Union s Pensions Manual, Fourth Edition available from the

More information

Local 804 Pension Plan

Local 804 Pension Plan Local 804 Pension Plan A guide to your pension plan benefits Union Benefit Plans Services Contact Contact us If you have any questions about the plan, please contact the plan administrator: Union Benefit

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

TO HELP YOU MAKE THE MOST OF YOUR RETIREMENT DAYS

TO HELP YOU MAKE THE MOST OF YOUR RETIREMENT DAYS RETIREMENT GUIDE TO HELP YOU MAKE THE MOST OF YOUR RETIREMENT DAYS Whether it s a long-term project or a dream that s about to come true, you likely have no shortage of ideas to fill up this exciting period

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

Preparing for the retirement you want

Preparing for the retirement you want Preparing for the retirement you want You deserve an enjoyable retirement Retirement is one of life s most significant events. It marks the transition to a new and very wonderful stage of life. You will

More information

Lifetime income benefit

Lifetime income benefit London Life segregated policies Lifetime income benefit Guarantee your income for life GUARANTEES PROTECTION STRENGTH Financial strength and stability London Life, together with Great-West Life and Canada

More information

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement

GUIDE TO RETIREMENT PLANNING FINANCIAL GUIDE. Making the most of the new pension rules to enjoy freedom and choice in your retirement GUIDE TO RETIREMENT PLANNING Making the most of the new pension rules to enjoy freedom and choice in your retirement FINANCIAL GUIDE WELCOME Making the most of the new pension rules to enjoy freedom and

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

Retirement Planning Workshop

Retirement Planning Workshop Retirement Planning Workshop Agenda What is Retirement Planning? Why Plan for Retirement? 5 Key Risks to secure income Goal Setting Retirement Income Considerations Asset Accumulation Considerations Tom

More information

plain talk about life insurance

plain talk about life insurance plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love. It can mean the difference between leaving your loved ones well positioned

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

Lifetime income benefit

Lifetime income benefit Canada life segregated Funds Lifetime income benefit Guarantee your income for life Grow income don t allow it to decrease Financial strength and stability Canada Life, founded in 1847, was Canada s first

More information

Invest. Tax-Free (It will make you smile) Tax-Free Savings Account

Invest. Tax-Free (It will make you smile) Tax-Free Savings Account Invest. Tax-Free (It will make you smile) Tax-Free Savings Account A Saving & Investing Revolution The Tax-Free Savings Account (TFSA) is considered to be the most important personal savings plan introduced

More information

my plan Husky Oil Operations Limited Retirement Program Defined Contribution Pension Plan Group Registered Retirement Savings Plan Member Booklet

my plan Husky Oil Operations Limited Retirement Program Defined Contribution Pension Plan Group Registered Retirement Savings Plan Member Booklet my plan Husky Oil Operations Limited Retirement Program Defined Contribution Pension Plan Group Registered Retirement Savings Plan Member Booklet For Manitoba permanent employees Client ID 16R-01 Prepared

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

Participant s Guide to Group RRSPs

Participant s Guide to Group RRSPs Participant s Guide to Group RRSPs Table of Contents What Is a Group Registered Retirement Savings Plan (RRSP)?... 2 How Does It Work? How Do I Get Started? Investment Options... 3 Variable RRSP Guaranteed

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

Derrick Cameron, Financial Planner

Derrick Cameron, Financial Planner Slide 1 Derrick Cameron, Financial Planner Hello and welcome to our presentation on retirement transition. My name is Derrick Cameron and I m Financial Planner (title) at RBC Financial Planning. I ll be

More information

Fixed Deferred Annuities

Fixed Deferred Annuities Buyer s Guide to: Fixed Deferred Annuities with Appendix for Equity-Indexed Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999,

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

Retirement Income System

Retirement Income System ISPB-319-03-01E March 2001 Canada s Retirement Income System Old Age Security Canada Pension Plan Private Pensions and Savings What s in it for you? PRODUCED BY: Human Resources Development Canada Income

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

GROUP LIFE INCOME FUND (LIF) FOR MCGILL FACULTY & STAFF

GROUP LIFE INCOME FUND (LIF) FOR MCGILL FACULTY & STAFF GROUP LIFE INCOME FUND (LIF) FOR MCGILL FACULTY & STAFF MY GROUP LIF/RIF PLAN... IN BRIEF At the earlier of your retirement date and attaining age 65, you will be eligible to start receiving a retirement

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

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES. The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows:

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES. The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows: BUYER S GUIDE TO FIXED DEFERRED ANNUITIES The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows: Prepared by the National Association of Insurance Commissioners The National Association

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

Lifetime income benefit

Lifetime income benefit Canada life segregated Funds Lifetime income benefit Guarantee your income for life Grow income don t allow it to decrease Financial strength and stability Founded in 1847, Canada Life TM was Canada s

More information

plaintalk about life insurance

plaintalk about life insurance plaintalk about life insurance The right life insurance protection can have an enormous effect on your life and the lives of those you love. It can mean the difference between leaving your loved ones well

More information

When to retire: Age matters!

When to retire: Age matters! When to retire: Age matters! The BMO Institute provides insights and strategies around wealth planning and financial decisions to better prepare you for a confident financial future. Contact the BMO Institute

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

BEING FINANCIALLY PREPARED FOR RETIREMENT The Scary Facts! $1.00 item in 1972, costs $3.78 today At the average rate of inflation, the price you pay for an item today will be double in 20 years almost

More information

This strategy gives a person the ability to take advantage of the tax-sheltering ability of a life insurance policy.

This strategy gives a person the ability to take advantage of the tax-sheltering ability of a life insurance policy. Insuring the Future In this Newsletter: Supplementing Retirement Income Who should be looking at this strategy? The Registered Savings Problem John Jordan, CFP CERTIFIED FINANCIAL PLANNER Phone: (519)

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

4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must

4Needs your WHAT S AFTER? ELIMINATE DEBT THE FEWER DEBTS, THE BETTER! Wills and Trusts; Reviewing These Are a Must YOUR SOURCE FOR RETIREMENT PLANNING AND POSSIBILITIES e > N xt WHAT S AFTER? But first, some things to think about before 4Needs your retirement income should meet ELIMINATE DEBT THE FEWER DEBTS, THE BETTER!

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information

Understanding (and choosing between)

Understanding (and choosing between) Tangerine guides to personal finance Understanding (and choosing between) RSPs & TFSAs A guide for Canadians While RSPs have been around for a long time, TFSAs are relatively new and not always well understood

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

Your Benefits Under the IMRF. Regular Plan Tier 1. Illinois Municipal Retirement Fund. Helping you build a secure retirement

Your Benefits Under the IMRF. Regular Plan Tier 1. Illinois Municipal Retirement Fund. Helping you build a secure retirement Your Benefits Under the IMRF Regular Plan Tier 1 Illinois Municipal Retirement Fund Helping you build a secure retirement table of contents Your Benefits at a Glance... 2 Why you participate in IMRF...

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

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

Fixed Deferred Annuities

Fixed Deferred Annuities Buyer s Guide to: Fixed Deferred Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999, 2007 National Association of Insurance

More information

Making the right choice

Making the right choice GROUP RETIREMENT SAVINGS SOLUTIONS Simply let our experts guide you Desjardins & Co. Making the right choice Reference Guide for Employers Group Retirement Savings Products At Desjardins Group, we excel

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES IT IS IMPORTANT that you understand the differences among various annuities so you can choose the kind that best fits your needs. This guide focuses on fixed deferred

More information

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits

An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan. How the Plans Work. Contributions. Other Benefits An Easy-to-Understand Introduction to the Retirement Plan and the Savings Plan Annuities How the Plans Work Contributions Eligibility Enrollment Other Benefits November 2015 WELCOME TO THE YMCA RETIREMENT

More information

manitobastudentaid.ca

manitobastudentaid.ca Accessible and Affordable Post-Secondary Education 2015-2016 FINANCE YOUR FUTURE! Manitoba Student Aid manitobastudentaid.ca S E C T I O N O N E PLAN AHEAD Education Costs If you have been looking at post-secondary

More information

financial planning & advice

financial planning & advice financial planning & advice Tips for successful investing. Start early and invest regularly Do your homework take the time to become an informed investor Develop an investment strategy you are comfortable

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

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

Financial Services Commission of Ontario Commission des services financiers de l Ontario. Life Income Fund/Locked-In Retirement Account

Financial Services Commission of Ontario Commission des services financiers de l Ontario. Life Income Fund/Locked-In Retirement Account Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: Life Income Fund/Locked-In Retirement Account INDEX NO.: L050-100 TITLE: APPROVED BY: Requirements of the

More information

JUNE 2016. Great-West Life investment plans Information folder. Program MANAGED-MONEY. This document is not an insurance contract.

JUNE 2016. Great-West Life investment plans Information folder. Program MANAGED-MONEY. This document is not an insurance contract. JUNE 2016 Great-West Life investment plans Information folder Program MANAGED-MONEY This document is not an insurance contract. This information folder is not an insurance contract. The information in

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

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners

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

Table of Contents. Page 2 of 10

Table of Contents. Page 2 of 10 Page 1 of 10 Table of Contents What is an RRSP?... 3 Why should you put money into an RRSP?... 3 When should you start an RRSP?... 3 The convenience of regular RRSP deposits... 3 How much can you contribute?...

More information

Life insurance. Shedding light on A PRACTICAL GUIDE TO HELPING YOU ACHIEVE A LIFETIME OF FINANCIAL SECURITY. Life s brighter under the sun

Life insurance. Shedding light on A PRACTICAL GUIDE TO HELPING YOU ACHIEVE A LIFETIME OF FINANCIAL SECURITY. Life s brighter under the sun Shedding light on Life insurance A PRACTICAL GUIDE TO HELPING YOU ACHIEVE A LIFETIME OF FINANCIAL SECURITY LEARN MORE ABOUT: Safeguarding your loved ones Protecting your future Ensuring your dreams live

More information

THE TAX-FREE SAVINGS ACCOUNT

THE TAX-FREE SAVINGS ACCOUNT THE TAX-FREE SAVINGS ACCOUNT The 2008 federal budget introduced the Tax-Free Savings Account (TFSA) for individuals beginning in 2009. The TFSA allows you to set money aside without paying tax on the income

More information

EMPIRE CLASS SEGREGATED FUNDS INFORMATION FOLDER AND POLICY PROVISIONS THE EMPIRE LIFE INSURANCE COMPANY

EMPIRE CLASS SEGREGATED FUNDS INFORMATION FOLDER AND POLICY PROVISIONS THE EMPIRE LIFE INSURANCE COMPANY THE EMPIRE LIFE INSURANCE COMPANY EMPIRE CLASS SEGREGATED FUNDS INFORMATION FOLDER AND POLICY PROVISIONS This document contains the information folder and the contract provisions for the Empire Class Segregated

More information

Consumer s Guide to. Fixed Deferred Annuities

Consumer s Guide to. Fixed Deferred Annuities Consumer s Guide to Fixed Deferred Annuities Louisiana Department of Insurance Jim Donelon, Commissioner CONTENTS What is an Annuity?...3 What are the different kinds of Annuities?...4 How are the interest

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

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Registered Retirement Savings Plan (RRSP) THE FACTS

TAX, RETIREMENT & ESTATE PLANNING SERVICES. Registered Retirement Savings Plan (RRSP) THE FACTS TAX, RETIREMENT & ESTATE PLANNING SERVICES Registered Retirement Savings Plan (RRSP) THE FACTS Table of contents What is an RRSP?... 3 Why should I contribute to an RRSP?... 4 When can I contribute?...

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

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

TAX-EFFICIENT INVESTMENT STRATEGIES FOR EVERY LIFE STAGE: THREE CASE STUDIES

TAX-EFFICIENT INVESTMENT STRATEGIES FOR EVERY LIFE STAGE: THREE CASE STUDIES Page 1 of 5 TAX-EFFICIENT INVESTMENT STRATEGIES FOR EVERY LIFE STAGE: THREE CASE STUDIES March 06, 2012 Jordan Dancey has just started his first full-time job. Bill and DeeDee Williams are in their 50s,

More information

Public Service Pension Plan

Public Service Pension Plan Public Service Pension Plan Guide Booklet The information presented in this publication is premised on the rules and criteria which currently exist under the Public Service Superannuation Plan and which

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

Are you online? Sign up to mypensionplan and get your pension information online, anytime.

Are you online? Sign up to mypensionplan and get your pension information online, anytime. Member Handbook Are you online? Sign up to mypensionplan and get your pension information online, anytime. Go Green! Help the environment and eliminate paper waste by registering on mypensionplan. We ll

More information

Join CalSTRS? Join CalPERS? Decide which retirement system is best for you

Join CalSTRS? Join CalPERS? Decide which retirement system is best for you Join? Join? Decide which retirement system is best for you 2014 15 Contents Choosing Your Retirement System 5 Your Questions Answered 6 Dual Membership 19 This guide is based on the California Teachers

More information

UNIVERSAL LIFE INSURANCE. Flexible permanent protection

UNIVERSAL LIFE INSURANCE. Flexible permanent protection UNIVERSAL LIFE INSURANCE Flexible permanent protection A solution to your financial security needs and goals Universal life insurance from London Life At London Life, we create products to help you meet

More information

retirement planning the retirement you want Heineken UK Flexible Retirement Plan

retirement planning the retirement you want Heineken UK Flexible Retirement Plan my retirement planning the retirement you want Heineken UK Flexible Retirement Plan Contents Get an overview of the Heineken UK Flexible Retirement Plan What is the Flexible Retirement Plan? 4 Your benefits

More information

Your Columbia University Retirement Savings Program

Your Columbia University Retirement Savings Program Your Columbia University Retirement Savings Program For Faculty and other Officers first hired on or after July 1, 2013 Revised May 2014 There s No Time Like the Present to Plan for the Future Whether

More information

Almost there. Your guide to approaching retirement

Almost there. Your guide to approaching retirement Almost there Your guide to approaching retirement Contents 02 Approaching retirement 03 What can get between you and a financially sound retirement? 04 Develop a solid plan Step 1: Set your goals Step

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

Taxation of Retirement Income

Taxation of Retirement Income Taxation of Retirement Income TAXATION OF RETIREMENT INCOME As our population ages, the need to fund a comfortable retirement becomes a priority for more and more Canadians. Many Canadians planning for

More information

Millennium universal life insurance

Millennium universal life insurance Millennium universal life insurance Permanent protection that can change with you Millennium universal life insurance Over the years, you ve worked hard to build the lifestyle you enjoy today. You ve made

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

Draft Instruction Guide

Draft Instruction Guide Draft Instruction Guide Subject: Disclosure Guideline for Defined Contribution Date: September 2009 Introduction This guideline summarizes the disclosure of information to plan members, eligible employees,

More information

Company Pension Plans in Canada

Company Pension Plans in Canada Company Pension Plans in Canada This article provides an introduction to company pension plans as well as a discussion of several issues currently facing company pension plans in Canada. Company pension

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

IT S YOUR PENSION A GUIDE TO THE OPSEU PENSION PLAN

IT S YOUR PENSION A GUIDE TO THE OPSEU PENSION PLAN IT S YOUR PENSION J U N E 2 0 1 5 A GUIDE TO THE OPSEU PENSION PLAN HOW TO CONTACT US Member Services: (416) 681-6100 in the Toronto calling area 1 800 637-0024 toll-free within Canada Fax: (416) 681-6175

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

TOWBOAT SEAMEN PENSION BOOKLET. - Questions and Answers - Illustrations

TOWBOAT SEAMEN PENSION BOOKLET. - Questions and Answers - Illustrations TOWBOAT SEAMEN R E T I R E M E N T P L A N PENSION BOOKLET - Questions and Answers - Illustrations April 2013 MISSION STATEMENT The Trustees of the Towboat Seamen Retirement Plan shall use all their individual

More information

REPLACES: L050-100, L050-200, L050-201, L100-150, L100-200, L100-500, L100-600

REPLACES: L050-100, L050-200, L050-201, L100-150, L100-200, L100-500, L100-600 Financial Services Commission of Ontario Commission des services financiers de l=ontario SECTION: Locked-In Accounts INDEX NO.: L200-200 TITLE: APPROVED BY: Locked-In Retirement Accounts (LIRAs) Superintendent

More information

How to make changes to your annuity income

How to make changes to your annuity income How to make changes to your annuity income What s inside 2 Your annuity income 4 TIAA Traditional annuity income 6 TIAA and CREF variable annuity income 9 Ways to adjust your annuity income 9 Transfer

More information

TAX-FREE SAVINGS ACCOUNT (TFSA)

TAX-FREE SAVINGS ACCOUNT (TFSA) TAX-FREE SAVINGS ACCOUNT () A practical addition to your client s savings portfolio Advisor s document Investment THE TAX-FREE SAVINGS ACCOUNT () The Tax-Free Savings Account () is probably the single

More information

Prepared for the FINRA Foundation by Lightbulb Press, Inc. December 2007 (Updated as of January 2010) Page 1

Prepared for the FINRA Foundation by Lightbulb Press, Inc. December 2007 (Updated as of January 2010) Page 1 Page 1 Table of Contents Table of Contents... 2 Retirement Savings Vehicles... 3 1. Introduction... 3 2. Individual Plans... 5 IRAs... 5 Taking Money Out... 9 Required Withdrawals... 10 IRA Rollovers...

More information

Staff Retirement Plan. Net Plan Highlights. Pension Scheme for Staff Joining the Plan on or after April 15, 1998

Staff Retirement Plan. Net Plan Highlights. Pension Scheme for Staff Joining the Plan on or after April 15, 1998 Staff Retirement Plan Net Plan Highlights Pension Scheme for Staff Joining the Plan on or after April 15, 1998 Includes Plan Amendments through January 1, 2009 Contents Click on applicable link Net Plan

More information