Advisory Services. Introducing

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1 Introducing Your Pension. Our Promise. Advisory Services A new level of service There will come a point when you will face a major pension decision: you have past service you are considering purchasing, or you are choosing a retirement date, or leaving your employment. At times like these, you want to talk to someone who is both a pension expert and has a strong understanding of financial wealth management practices and service offerings. Someone who will take the time to understand your personal financial situation and your goals so that you make the best decision for you about your pension. Advisors won t make the decision for you; they will provide counsel to support you in making a good decision about your pension. We are the only pension plan in Canada, that we know of, that offers this level of Advisory Services. OPB is pleased to introduce Advisory Services! Our Client Service Advisors are trained to speak to you about your pension within the context of your full financial picture. They are available to you, in person or over the phone, as part of the services provided to our clients. Client Service Advisors are qualified to help! Showing a commitment to excellence, OPB s Client Service Advisors have either completed, or are in the midst of completing, the Certified Financial Planners designation; this designation is the gold standard for financial planning in Canada. They are also all licensed as Registered Retirement Consultants (RRC) and have completed the Pension Plan Administration Certificate (PPAC) program. You and your Client Service Advisor Advisors will guide you through your significant pension-related decisions and help you understand how your PSPP pension fits into your broader financial picture. You ll get the information and guidance you need to make decisions about your PSPP pension confidently. Our Advisors are there to provide support to our clients, whenever they have a pension decision to make. The kinds of topics you ll want to discuss with your Advisor include: purchasing pension credit, transferring pension credit, leaving the PSPP, retirement and retirement planning, when to start your Canada Pension Plan pension, and survivor pension options. To contact an OPB Client Service Advisor for more specialized conversations about your pension and your personal situation, log into e-services and use the new Book my 1-on-1 feature. See page 2 to learn more about this feature and OPB s web decision support tools. You can also call or us to set up an appointment. Your Client Care Centre Remember, OPB s Client Care Centre is your best first point of contact! The Client Care Centre is available for general inquiries, to provide information on plan provisions, and for regular dayto-day business. Our Client Care Centre can also refer you to a Client Service Advisor when your situation requires more in depth conversation. OPB s Client Care Centre is open Monday through Friday, 8:00 a.m. to 5:00 p.m., and can be reached at , toll-free at , or by at clientservice@opb.ca. Introducing Advisory Services April 2015 p.1

2 Introducing... Advisory Services We re excited to tell you about the next level in client service Advisory Services In our commitment to provide you with access to personalized, easy-to-access pension and financial expertise when making important pension decisions, OPB offers Advisory Services for our clients. Read on to learn about the advisory services available now! Web decision support tools We have a number of online support tools to help you learn about your options and prepare for a conversation with an Advisor. Log in to e-services to access these decision support tools, such as: Buyback Calculator to create personal estimates to purchase pension credit Pension Estimator to forecast your PSPP pension Retirement Planner to help you understand your overall retirement picture not just how much you ll receive but also to get a better understanding of your expenses and after tax income in retirement. It s now more important than ever to register for online services. In addition to the decision support tools, you can also complete simple transactions quickly and on your own time using online transaction services. After you ve used these tools to create estimates to better understand your overall financial picture, it s a great point to speak to an Advisor you can request an advisory meeting using the new Book my 1-on-1 feature, by calling us, or by sending us an . Book my 1-on-1 OPB s new online feature, Book my 1-on-1, lets you request a one on one advisory meeting with a Client Service Advisor. To book a session, log into e-services and click Book my 1-on-1. As you book a session, you select the topic you would like to discuss, enter your contact information, and then we ll send you confirmation that we ve received your request. An OPB Client Service Advisor will contact you within the next business day to introduce themselves and to schedule an appointment at a time and place convenient for you. Advisory packages and conversations A Comparison of Your Buyback/Transfer Options OPB offers an advisory conversation for members looking to purchase pension credit and/or transfer in pension credit. Your Advisor compares the costs and benefits of purchasing pension credit, compared to other financial scenarios and options, and analyzes your buyback and transfer options to help you decide on the option that best fits your personal situation and financial goals. A Comparison of Your PSPP Termination Options* For members terminating from the PSPP, OPB offers an advisory package that shows the benefits you can expect to receive from the PSPP compared to other investment options. A Comparison of Your Survivor Income Options* OPB offers an advisory package to clients interested in exploring survivor pension options from the PSPP. Your Advisor will compare the costs and benefits of the joint and survivor pension to other financial options. *Once you have had an advisory session with your Client Service Advisor, your personalized advisory package prepared by your Advisor is available for viewing once you log in to e-services. p.2 Introducing Advisory Services April 2015

3 Client Service Advisors and you Client Service Advisors can help! Client information sessions OPB also offers information sessions targeted to specific client needs. See Interactive open house on page 5 for details of a recent session. Client advisory service experiences Here are some examples of questions our Advisors discuss with clients: I would like to buy back the first 14 months of service, but I would like to be certain that it is advantageous. Specifically, how long would I have to make the contributions and how quickly could I do it? How would these contributions impact my RRSP room? A Client Service Advisor can help you with your questions about purchasing pension credit. The Advisor determines service you re eligible to purchase, shows you your purchase options (1-do nothing, 2-buy back all pension credit, 3-buy back some pension credit), explains any tax implications, shows the impact to the value of your PSPP pension, and shows you the payment options available to you so that purchasing pension credit can fit within your financial situation. They ll also explain how it compares to, and fits in with, your other retirement savings (e.g., RRSPs). It s best to apply to purchase pension credit as soon as you can. Talk to us if you think you have past service you may be able to purchase. What are the steps required for retirement? What are the financial implications of a retirement allowance? What can I do with vacation credits? How long from the last working date to receipt of the first pension cheque? Is there anything else that I need to know? A Client Service Advisor can help you with your questions about retirement and retirement planning. The Advisor can explain your retirement options, provide pension estimates for the retirement dates you are considering, discuss benefits from the Canada Pension Plan (CPP) and when to start taking your CPP and Old Age Security (OAS), and explain eligibility for post-retirement insured benefits. Your Advisor can also discuss re-employment earnings, choosing severance pay as a lump-sum versus salary continuance, review any tax considerations, and how different retirement dates impact your pension and qualification for insured benefits. If you re considering retiring within the next two (2) years, contact OPB to arrange a pre-retirement consultation. Introducing Advisory Services April 2015 p.3

4 Your feedback is important to us Results from our most recent Client Survey You told us... Here s what we learned from you in our recent Client Survey: satisfaction levels have never been higher you found OPB to be Trustworthy, Reliable, and Responsive you trust OPB to manage your pension contributions in a responsible and prudent way you are confident that your pension will be there when you need it We re delighted with these results, but we are always looking for ways to improve. If you don t receive a call to participate and you want to give us feedback, we always welcome your feedback about our services at clientservice@opb.ca. Client surveys occur monthly: Our survey partner is Ipsos. Participants are randomly selected from clients who were in contact with OPB the previous month. We value your time and feedback! However, you are under no obligation to participate the choice is always yours. Remember, we never call to ask for financial information over the phone. If you receive a call and are suspicious of the caller s purpose or identity, please let us know immediately. p.4 Introducing Advisory Services April 2015

5 Interactive information sessions OPB hosts our first-ever interactive open house information session Interactive open house, December 2014 Last fall, we hosted our first-ever interactive open house information session. The session was a Retirement Planning Advisory Workshop and attendees were selected from a pool of clients who had already qualified, or were about to qualify, for early retirement. The workshop touched on subjects including the retirement process, choosing a retirement date, post-retirement insured benefits, survivor pension options, life insurance, re-employment earnings, and the Canada Pension Plan. The session was facilitated by OPB s Client Services team and a representative from our Client Relations and Education team. Discussions kicked off with a general overview of the retirement process followed by break-out sessions. Advisors led in depth discussions with groups of 8 members. These breakout sessions provided an opportunity for clients to raise questions in a more intimate setting and to share information with their colleagues. The audience was very engaged and we received excellent feedback from clients. We plan to offer more of these sessions soon. Don t worry if you missed this event, we ll be holding more sessions in the future! Watch our website (see What s New) or sign up for e-alerts to receive information on upcoming events as they become available. You can also book a one-on-one meeting to discuss your personal situation and goals. Representatives from OPB s Client Services and Client Relations & Education were present in full force at our recent Open House held at OPB s offices in December Introducing Advisory Services April 2015 p.5

6 Self service online with e-services. Visit You can do a lot online using OPB s secure e-services. It s fast. It s easy. It s secure. It s easy to update your beneficiaries, marital status, address, telephone, and online using OPB s secure e-services. While you re online, check out other services available to you, such as viewing statements from previous years and tracking activity on your e-services account. Active PSPP members can Initiate Retirement online and take advantage of valuable web decision support tools, such as the Buyback Calculator, Pension Estimator, and the Retirement Planner. Using these tools in combination with your discussions with a Client Service Advisor helps you make confident decisions about your pension. Don t forget that you can use the new Book my 1-on-1 feature to connect with a Client Service Advisor. After meeting with an Advisor, your personalized advisory package will be available for viewing in e-services. If you haven t already registered for e-services, call our Client Care Centre to help you register over the phone and start using OPB s web decision support tools right away! Have a question about your pension? We ll help you find the answer. Write to us at... Phone us at or ONTARIO PENSION BOARD Visit our website at KING STREET WEST Send us a fax at SUITE us at... clientservice@opb.ca Toronto ON M5H 3X6 Book an advisory meeting... Book my 1-on-1 (logged in e-services)