McGill University Pension Plan

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1 The presentation can be accessed in online at: McGill University Pension Plan PENSION PLAN SETTLEMENT OPTIONS INFORMATION SESSION Human Resources

2 This presentation is intended to inform you about the McGill Pension Plan & the importance of integrating pension investment decisions to your financial management. This is not financial advice & should not be taken as such. It is meant to alert you to the matters to look into. Your individual needs & circumstances may not be adequately addressed by the info contained in this presentation.

3 McGill University Pension Plan

4 McGill University Pension Plan Hybrid Pension Plan Defined Benefit Defined Contribution

5 Account Access To view your account balances: Login using your McGill username & password If you forget your McGill Username or McGill Password, try logging into Minerva with your 9-digit McGill ID number and PIN. Once you have logged in successfully, go to the Personal Menu > Password for McGill Username. Here, you can view your McGill Username, and choose a new McGill Password. If you have forgotten both your McGill Password and Minerva PIN, please contact the ICS Service Desk ( ) assistance.

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9 Defined Benefit (DB) Minimum Supplement = transfer value relative performance of the Balanced Account (Part A hybrid plan only) If not in Defined Benefit supplement position at cessation, DB minimum ends Subject to: Maximum DB Limit Maximum Transfer Limit - part or all of payment may be subject to taxation Member contributions if > 50% of DB pension value will be refunded at the time of settlement

10 Resources Retirement vs. Settlement You can retire from the University without having to settle your MUPP holdings = defer settlement Ability to settle MUPP holdings: Earliest of termination, retirement or Normal Retirement Date (no longer active member) Latest: December 31 st of the year in which you turn 71. Subject to notice period to allow for processing.

11 Processing Timelines New Retirement/Termination Notice of status change/termination Morneau Shepell notified via interface (2 x month) Final contribution remittance (add 2 week lag, if applicable) Account values established, settlement package prepared and forwarded to member Member returns completed settlement forms Settlement transactions: posted on 15 th or last business day of the month CIBC Mellon issues payment within 2-5 business days following receipt of payment file Start early, plan accordingly!

12 Resources Processing Timelines Previous Retirement/Termination or Members > age 65: Request a settlement package Contact Call Centre for the McGill University Savings Programs at Monday Friday: 8 a.m. 6 p.m. (EST) View your account balance(s) on-line

13 Processing Sample: No Lag Receive payment > $100,000 (courier) November 21, 2014 Retirement Date September 30, 2014 Receive payment < $100,000 (regular mail) November 25, September October November 2014 Interface with MS (contributions & status changes) Processing of Contributions by MS Account values determined by MS Settlement Package sent to Member Settlement Package received by Member Completion/Return of forms to MS by Member Oct 8 Oct 15 Oct 17 Oct 20 Oct 23 Oct 24 Oct 28 Oct 29 Nov 10 Settlement Processing Nov 11 Nov 14 Payment file sent to custodian (CIBC) Payments made by custodian Nov 18 Nov 20

14 Settlement Options

15 Resources Can I cash out my Plan? Subject to locking-in provisions! Lump-Sum Cash Payment is available if: a) Value < 20% of YMPE in year or termination, or b) If over age 65 and total value in DC, LIF, LIRA < 40% of YMPE, or c) Non-Resident (Canada) for at least 2 years.

16 Resources Purchase an annuity Settlement Options Locked-In Retirement Account (LIRA) or Life-Income Fund (LIF) McGill University Pension Plan Defer Settlement Combination of annuity/lif or LIRA

17 Retirement Income Variable income streams Life Income Funds Registered Retirement Income Funds Pension income streams QPP + other Gov t programs Annuities Defined benefit pensions Variable income streams with guarantees 17

18 Resources What is an annuity? Exchange a fixed amount of $ for a future stream of payments Income amount is fixed at the onset Offers protection from outliving capital

19 Resources Annuity - Features Single-Life Annuity Highest Payments Payments cease upon death Joint & Last Survivor Annuity Payments continue to surviving spouse >= 60% of payment to continue unless spouse waives entitlement Guaranteed Period: 5-15 years Indexation

20 Income Security? What does it cost to buy a pension of $38,000 per year? A. $650,000 B. $600,000 C. $680,000 D. age 65 female, annuity rate 0.5% age 65 age 60 age 60 age 60 survivor pension 60%

21 Annuities MALE (monthly payment (life-only annuity) based on a premium of $500,000 of registered age 65

22 Age: 65 Single Life 22

23 Impact of Indexation Gender 0% 2% 3% 4% FEMALE $1,305 $1,048 $931 $822 MALE $1,452 $1,190 $1,070 $959 Assumptions: $250,000, 65 year old, life only annuity, no guarantee Source: CANNEX October 16, 2014 this information is current as of the date posted and is subject to change.

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25 Resources Not for profit organization that protects Canadian policyholders Founded in 1990 Canadian citizens or residents Transfer of policy to a solvent company in case of failure/bankruptcy Annuities insured up to $2,000 per month or 85% of the promised Monthly Income benefit, whichever is higher Every life insurance company is required to become a member

26 Resources Pension Income Options (other than annuities) Registered Retirement Savings Plan (RRSP) Locked-In Funds: Registered Retirement Income Fund (RRIF) Locked-In Retirement Account (LIRA) Registered Pension Plan (RPP) Life-Income Fund (LIF)

27 Life-Income Fund (LIF) Subject to minimum and maximum annual withdrawal limits You assume the investment risk You decide how account is to be invested Rate of return is dependent on investment selection May convert to an annuity

28 LIF Annual MIN/MAX withdrawal % (age at Jan. 1/2013) Age MIN MAX Age MIN MAX Age MIN MAX

29 LIF & Annuity Income Streams (annual) $25,000 Assumptions: Initial Value of Account: $250,000 ROR on Investments: 4.5% Start Age: 60 (at beginning of year) Sun Life non-commissioned quotes for life only annuity $20,000 Minimum Payment Stream Maximum Payment Stream $15,000 Annuity Payment (female) Indexed Annuity Payment (2% - Female) Annuity Payment (male) $10,000 $5,000 $

30 What happens to my LIF if I die? Balance of LIF is no longer locked in Annuitant is considered to have received, immediately before death, the value of the account and income is reported unless spouse or common law partner is successor annuitant Your spouse, or your beneficiary if you do not have a spouse, will receive the funds Qualified Beneficiary may transfer funds to RRSP, RRIF, annuity subject to conditions

31 Self directed LIF/LIRA Plan Types Full service brokerage account Financial institution/insurance company Discretionary Management Account Money Management Firms Management Expense Ratio (MER)

32 McGill Group LIRA & Group LIF Effective January 1, 2014, McGill University Group Locked-In Retirement Account (LIRA) 1 st Quarter of Group Life Income Fund (LIF) 32

33 McGill Group LIRA & Group LIF Investment Options: Glide Path Equity Pool TD Asset Management Canadian Equity (30%) US Equity (40%) Non-North American Equity (30%) Fixed Income Pool Philips, Hager & North (PH&N) Bond Fund (100%) 33

34 Other Preferential Arrangements *sample of fund lineup Download information & brochures online at: 34

35 Group LIF Standard Life Advantage Select Program Eligible Participants and Spouses Wide range of investment options ASSETS MER Silver up to $99, % - 2.5% Gold $100,000 - $249, % - 2.2% Platinum $250, % % 35

36 Sun Life Group LIF INVESTMENT FUND/PROGRAM MCGILL RATE LIF/RRIF BlackRock EAFE Equity Index 0.40% BlackRock Moderate *sample Balanced of fund Index lineup 0.35% BlackRock Conservative Balanced Index 0.35% BlackRock Aggressive Balanced Index 0.35% BlackRock S&P/TSX Composite Index 0.35% BlackRock Universe Bond Index 0.35% BlackRock US Equity Index 0.35% Jarislowsky Fraser Canadian Equity 0.40% MFS McLean Budden Global Equity 0.65% Sun Life Financial Money Market 0.15% 36

37 Pension Income Options Annuity LIF Potential to Grow or Lose Value Fixed Income Flexible Payments Convertibility Control of Investments Inflation Protection if indexed Estate Preservation Limited to remaining guaranteed payments

38 Risk in Retirement Longevity Risk (outlive capital) Investment Portfolio Decline Overly aggressive asset allocation Overly conservative asset allocation Inflation Risk

39 Investment Responsibility i. Understand the decisions that you need to make and select investment option(s) which are right for you. ii. Review your investment portfolio & investment strategy iii. Seek independent investment tax advice

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