Harvest Your Savings Retirement income options using your University of Manitoba Group LIF/RRIF/PRIF
|
|
- Isaac Baldwin
- 5 years ago
- Views:
Transcription
1 Harvest Your Savings Retirement income options using your University of Manitoba Group LIF/RRIF/PRIF
2 Agenda 1. Your retirement income needs 2. Where will your retirement money come from? 3. Retirement accounts and products 4. Sun Life Financial s retirement services
3 Income at retirement
4 What percentage of your working income will you need at retirement?
5 Your expenses in your retirement years Stay the same Decrease Increase Groceries Property taxes Homeowner s Insurance Utility bills Rent Mortgage Cost of Education Work-related expenses Personal Taxes Downsize home No RRSP Contributions Drug Costs Dental Care Hobbies Entertainment Travel Elder or dependent care
6 Determining your retirement income needs Use the Annual Expenses Worksheet to help you determine your needs Adjust this to reflect your needs AND wants at retirement Remember to include the effects of inflation
7 How will life expectancy impact my savings?
8 Life expectancy Life expectancy at birth Year Born Males Females Sources: Statistics Canada, CANSIM tables , and Catalogue no XIE. Life expectancy at age 65 Age 65 in Males Females Sources: Statistics Canada, CANSIM tables , and Health Canada, Canada s Seniors
9 Earlier and active in retirement Year Avg Age of Cdn Retirees** Average 63 year old can live free of activity limitation until* Males (Years) 75 Females (Years) 78 ** Statistics Canada CANSIM II SERIES V *Policy Research Initiative, Horizons, Vol. 6 No. 2, 2003
10 What does all of this mean? On Average: You re going to live longer than previous generations You re going to have a longer retirement (retire early, and live longer) You re going to spend more of those years with your quality of life unchanged until your mid to late 70 s More retirement savings needed to sustain you in retirement
11 Government Retirement Programs
12 Where will my retirement money come from? Primary Secondary Government University of Manitoba Retirement Program Personal RRSP Home/Rental Property Other Savings CPP/QPP/OAS/GIS/Allowance For more information CPP/OAS/GIS/Allowance or QPP or
13 Canada Pension Plan (CPP) - Overview Designed to replace 25% of the earnings on which you contributed over your working life Retirement pension paid to people who are at least 60 years of age Conditions apply in order to draw an early pension Pension is reduced if taken before age 65 and increased if taken after age 65 Need to apply (6 months in advance)
14 CPP - Eligibility to apply from ages 60 to 64 Stop working Not working by the end of the month before the pension begins and during the month that it begins OR Have low earnings Earn less than the current maximum retirement pension amount in the month prior to starting to collect and during the month that it begins
15 Old Age Security (OAS) - Overview Payable to anyone who has lived in Canada for a minimum of 10 years between the age of 18 and 65 Maximum pension paid if you lived in Canada for more than 40 years between the age of 18 and 65 Eligible at age 65 (must apply) Clawback provisions exist based on your other income
16 OAS Clawback income threshold If your net income is above $66,733 there is an OAS clawback (repayment) to part or all of your OAS payments Full OAS is eliminated when your net income is $108,090 or above
17 How much might I get from the government? 2010 CPP/QPP OAS Maximum Monthly Survivor Benefit Average $934.17/mth $ ($11,210/yr) $560.50/mth $ ($6,726/yr) $502.57/mth ($6,031/yr) $516.96/mth ($6,204/yr) $489.25/mth ($5,871/yr)
18 Retirement income options
19 Retirement income options for University of Manitoba Your Account Balance Annuity (for locked-in) Life Income Fund (LIF) (for locked-in) One time unlocking of 50% of the locked-in account balance Registered Retirement Income Fund (RRIF) (for non-locked) PRRIF
20 Prescribed Registered Retirement Income Fund (PRRIF) - Overview Retirement income program where you invest your DC pension plan and draw retirement income Your pension funds cannot be transferred to a PRRIF before the age of 55 Your spouse s consent is required
21 Prescribed Registered Retirement Income Fund (PRRIF) - Overview Your money maintains its tax deferred status Minimum withdrawal amount prescribed by CRA No annual maximum withdrawal limit Can close anytime and take cash (less tax) An annuity can be purchased at any time
22 Retirement income options for University of Manitoba Your Account Balance Annuity (for locked-in) Life Income Fund (LIF) (for locked-in) One time unlocking of 50% of the locked-in account balance Registered Retirement Income Fund (RRIF) (for non-locked) PRRIF
23 Annuities - Overview Series of future payments in exchange for a lump sum today Irrevocable once established Sensitive to interest rates at time of purchase Once your annuitant passes on, payments will cease under most circumstances Does not require active management Is not affected by financial markets
24 Annuity - Features Life annuity - Annuity continues for your entire life Joint life or last survivor - Includes your spouse and only ends once the last person dies Guarantee period - provides payments for your life and guarantees payments for a minimum period of time whether you are alive or not Inflation protection flat indexing (between 2%-4%) to protect your purchasing power throughout retirement Call the SLF Customer Care Centre for a quote
25 What s $100K worth? Single Life Annuity These rates are shown for illustration purposes. They are subject to change without notice and current as of the time of writing. Guaranteed None 5 years 10 years 15 years $607 $603 $588 $565 Joint Life Annuity Guaranteed 60% 100% None $519 None $ years $ years $480
26 Retirement income options for University of Manitoba Your Account Balance Annuity (for locked-in) Life Income Fund (LIF) (for locked-in) One time unlocking of 50% of the locked-in account balance Registered Retirement Income Fund (RRIF) (for non-locked) PRRIF
27 Life Income Fund (LIF) - Overview Money in a LIF continues to grow tax deferred as long as there is money in the plan Money can be invested in various options (eg. mutual funds, stocks, bonds, GICs) Begin to draw a retirement income from the account Annual minimum amount applies (from Income Tax Act) Annual maximum amount applies (from Pension Acts)
28 Life Income Fund (LIF) - Features A beneficiary can be designated Upon death, the balance of your account is transferred to your beneficiary on a locked in basis An annuity can be purchased at any time Call the Customer Solutions Centre at to understand your options
29 What s $100K worth? Minimum withdrawal required at age 65 it is 4% of the market value on January 1 st Maximum withdrawal restriction at age 65 it is 7.20% of the market value on January 1 st Minimum = $4,000 Maximum = $7,200
30 Retirement income options for University of Manitoba Your Account Balance Annuity (for locked-in) Life Income Fund (LIF) (for locked-in) One time unlocking of 50% of the locked-in account balance Registered Retirement Income Fund (RRIF) (for non-locked) PRRIF
31 Registered Retirement Income Fund (RRIF) - Overview Money in a RRIF continues to grow tax deferred as long as there is money in the plan Money can be invested in various options (eg. mutual funds, stocks, bonds, GICs) Begin to draw a retirement income from the account Annual minimum amount applies (from Income Tax Act) Annual maximum does not apply!
32 Registered Retirement Income Fund (RRIF) - Features Can close anytime and take cash (less tax) A beneficiary can be designated An annuity can be purchased at any time Call the Customer Solutions Centre at to understand your options
33 How Sun Life Financial can help in retirement
34 The University of Manitoba Group RRIF/LIF/PRIF Due to your participation in your group plan, you can join the University of Manitoba Group LIF/RRIF/PRIF Benefits: Investment fees are substantially lower than retail products (like you re used to with your current group plan) Same great investment options Continued access to the Customer Care Centre and Plan Member website Fees: No annual fee!
35 Fee advantages One of the greatest benefits of transferring your retirement savings into a RRIF/LIF/PRIF through the University of Manitoba plan is the low fund management fees you pay for your investment funds You ll pay fund management fees that are significantly lower than those you would pay as an individual investor at a mutual fund company or other financial institution That s the benefit of belonging to a group plan- more bargaining power than you would have on your own. That fee difference can have a large impact on the growth of your retirement income
36 SLF Granite Funds- How they work Each Granite Fund is linked to one of the five risk tolerance categories of the Sun Life Financial s my money Investment Risk Profiler You choose the fund that s right for your investment goals and comfort level with risk Each Granite fund is automatically re-balanced every month and professionally monitored to ensure it maintains its target mix
37 Sun Life Financial Granite Funds 191 points for more Granite Aggressive Fund 146 to 190 points Granite Growth Fund 86 to 145 points Granite Balanced Fund 36 to 85 points Granite Moderate Fund 35 points or less Granite Conservative
38 Sun Life Financial Granite Funds 191 points or more 146 to 190 points 86 to 145 points Cash equivalents 36 to 85 points Fixed Income Canadian Equity 35 points of less Allocations for illustrative purposes only Source: Sun Life Assurance Company of Canada 2009 U.S. Equity International Equity
39 SFU Group LIF/RRIF Fees Fee advantages Asset Class FMF Range Money Market 0.19% Bond/Fixed Income 0.42% % Asset Allocation 0.53% % Canadian Equity 0.46% % U.S Equity 0.46% % International Equity 1.10%
40 Retirement Savings and Benefit Specialists They can help you: Use the retirement tools available to help decide if it s the right time for you to enter the next stage of your life Understand your retirement income products and options Learn about your available investment options Arrange a retirement income payment schedule Make an appointment with a Retirement Specialist to understand your options
41 Online Information and Tools
42 Retirement news and information Retiring soon Newsletter Stay up to date and informed about the news and views of retiring in Canada Quarterly newsletter delivered right to your inbox Diverse content like government programs, tax planning, lifestyle considerations and more! Sign up by sending an to Harvest Your Savings Resource Centre Website containing much of the information and illustrations discussed throughout the presentation Available to current group plan members
43 Retirement planning tools my Retirement Planner Determine the amount of money you need to save to reach your retirement goals Annuity Calculator Estimate the monthly annuity income you will receive from your portfolio RRIF Calculator Calculate the minimum payments required by the CRA - payments are based on your age OAS Clawback Calculator Find out at what income level you can expect a clawback and the reduction in OAS
44 Advice and ongoing support Customer Solutions Centre s Retirement Savings and Benefit Specialists Dedicated to serving group plan members approaching and entering retirement Licensed to provide advice on the Group Choices products Knowledgeable on all income and savings products (RRSP, NREG, TFSA, RRIF, LIF,) and life and health coverage options) Available toll free
45 Are you retirement ready? 1. Determine your retirement income needs and desired retirement date 2. Determine if you are on track (use the Retirement Planner) 3. Make an appointment with a Retirement and Benefit Specialist if you are close to your retirement date to discuss your transition options 4. Assess when you need to draw your government benefits as you approach your retirement date 5. Make the most out of the next phase of your life!
46 Thank you
Harvest Your Savings
Harvest Your Savings Agenda 1. Your retirement income needs 2. Where will your retirement money come from? 3. Retirement accounts and products 4. Sun Life Financial s retirement services Income at Retirement
More informationPre-retirement workshop March 2016
It s my time to retire Pre-retirement workshop March 2016 Shafique Pirani, BA, CRM, EPC, CFP Senior Education Consultant Sun Life Financial is proud to sponsor the Association of Canadian Pension Management
More informationKEY TOPICS. What retirement looks like today What does retirement mean to you? Next steps: how to prepare today for tomorrow
KEY TOPICS What retirement looks like today What does retirement mean to you? Next steps: how to prepare today for tomorrow WHAT RETIREMENT LOOKS LIKE TODAY LIFE IN RETIREMENT Source: Sun Life Financial
More informationRegistered Retirement Savings Plan for Harris Computer Systems
Registered Retirement Savings Plan for Harris Computer Systems Setting Sail For The Future Defining Your Financial Needs A detailed budget or Pre-retirement income The 70% rule $35,000 The 70% rule x
More informationTO COLLECT A PENSION FROM THE CANADA PENSION PLAN (CPP), YOU MUST CONTRIBUTE TO CPP DURING YOUR WORKING YEARS.
TO COLLECT A PENSION FROM THE CANADA PENSION PLAN (CPP), YOU MUST CONTRIBUTE TO CPP DURING YOUR WORKING YEARS. Sun Life Financial is proud to sponsor the Association of Canadian Pension Management (ACPM)
More informationSeptember 05, Dear John,
Pascal Leo, CIM Knowledge Specialist Sun Life Financial - Client Solutions Centre 1 York St, 27th Floor Toronto, ON M5J 0B6 1-877-504-8031 432-7724 pascal.leo@sunlife.com September 05, 2017 Dear John,
More informationmy money after work It s m y tim e to retire
my money after work It s m y tim e to retire There s a lot to do when you re preparing to retire. Whether you re a few years away or retirement is just around the corner, this guide can help you understand
More informationPlanning for a Secure Retirement-how does your LCC plan fit in? October 2013
Planning for a Secure Retirement-how does your LCC plan fit in? October 2013 When to Start Saving Jill at age 19 puts $1000 into an RRSP for eight years and then stops and doesn t contribute anymore. Jack
More informationLife s brighter under the sun (and so is your retirement) The Sun Life Retirement & Savings Plan for Western Retirees
Life s brighter under the sun (and so is your retirement) The Sun Life Retirement & Savings Plan for Western Retirees Table of contents Sun Life Retirement & Savings Plan for Western Retirees: Plan at
More informationGETTING THE MOST FROM GOVERNMENT SOURCES OF INCOME ADVISOR GUIDE. *Advisor USE ONLY
GETTING THE MOST FROM GOVERNMENT SOURCES OF INCOME ADVISOR GUIDE *Advisor USE ONLY TABLE OF CONTENTS Getting the most from government sources of income......................................1 When should
More informationTotal Compensation Pension Pay and Incentives Benefits Health and Well-being. Your information booklet Defined contribution (DC)
Total Compensation Pension Pay and Incentives Benefits Health and Well-being Your information booklet Defined contribution (DC) March 2018 17718 Welcome to the Canada Post pension plan Defined Contribution
More informationOn the Horizon: Your Retirement Choices. Presented by: Janet Gray, CFP Money Coaches Canada June 2018
On the Horizon: Your Retirement Choices Presented by: Janet Gray, CFP Money Coaches Canada June 2018 Disclaimer This presentation was prepared for general informational purposes only. The opinions expressed
More informationYour Retirement Pension Plan
Your Retirement Pension Plan This booklet describes the highlights of the Simplified Money Purchase Pension Plan provided by CUMIS for MANITOBA CHILD CARE ORGANIZATIONS CUMIS Life Insurance Company July
More informationPage A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND
Table of Contents Page A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND NON-LOCKED-IN FUNDS? 3 WHAT ARE THE OPTIONS FOR MY LOCKED-IN FUNDS? 4 WHAT ARE THE OPTIONS FOR MY NON-LOCKED-IN
More informationPage A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND
Table of Contents Page A. PREPARING TO CHOOSE 3 WHAT IS THE DIFFERENCE BETWEEN LOCKED-IN AND NON-LOCKED-IN FUNDS? 3 WHAT ARE THE OPTIONS FOR MY LOCKED-IN FUNDS? 4 WHAT ARE THE OPTIONS FOR MY NON-LOCKED-IN
More informationARE YOU RETIREMENT READY? my money after work
ARE YOU RETIREMENT READY? my money after work Retirement may seem a long way off, but now is the time to make sure your retirement plans will be achievable. This guide can help you define what your retirement
More informationThe Christian and Missionary Alliance. Transition into Retirement Information Session
The Christian and Missionary Alliance Transition into Retirement Information Session Introducing Lorna Stewart Certified Financial Planner, Elder Planning Counselor, Retirement & Investment Consultant
More informationTHE UNIVERSITY OF MANITOBA PENSION PLAN (1993) PENSION PLAN BENEFITS ON RETIREMENT
THE UNIVERSITY OF MANITOBA PENSION PLAN (1993) PENSION PLAN BENEFITS ON RETIREMENT DECEMBER 2017 What is inside How is Your Pension Benefit Determined? Assumptions used in Preparing a Pension Estimate...
More informationPENSION PROGRAM GUIDE
PENSION PROGRAM GUIDE October 2012 Pension Program Guide for Members of the Saskatchewan Retail, Wholesale and Department Store Union Pension Plan (SRWDSU) October 2012 This Guide contains an overview
More informationRetirement income solutions
Retirement income solutions Income options for a financially healthy retirement When you retire, it s time to put your savings to work. Understanding the income options available to you will help you live
More information10 Strategies to Pay Less Tax and Invest Wisely in Retirement
10 Strategies to Pay Less Tax and Invest Wisely in Retirement Agenda Overview, background 10 key strategies to minimize taxes and invest wisely in retirement 1. Spousal RRSPs 2. Tax-preferred investment
More informationRRSP Contribution Limits Pension Adjustment (PA)... 9 RRSP Contribution Room... 9
Pension Plan for the Eligible Employees at the University of Saskatchewan (Research Pension Plan) Contents Introduction... 2 Eligibility... 2 Enrolling in the Plan... 2 Contributions... 2 Other Contributions...
More informationRetirement Income Options
Retirement Income Options How will you spend your retirement? Disclaimer This document is provided for informational purposes only. You should not rely only on this information for your retirement planning
More informationSecuring your future with your group plan. Your group plan at work
Securing your future with your group plan Your group plan at work Sources of Retirement Income Your responsibilities under this plan As a member of a group retirement savings plan with more than one investment
More informationFuture PREPARING FOR THE INTRODUCING YOUR UNIVERSITY OF MANITOBA PENSION PLAN (1993) What is inside. May 2012
May 2012 PREPARING FOR THE Future INTRODUCING YOUR UNIVERSITY OF MANITOBA PENSION PLAN (1993) What is inside Your Pension at a Glance...2 Welcome to Your Plan...3 Joining the Plan...4 Contributions...5
More informationRetirement Planning. July 30, 2014
Retirement Planning July 30, 2014 Retirement Planning Retirement planning involves long-term estimates of future consumption and the basis of those estimates needs to understood (nominal $ / real $ / before
More informationRetiring Right: Understanding the Taxation of Retirement Income
January 2019 Retiring Right: Understanding the Taxation of Retirement Income Jamie Golombek & Tess Francis Tax & Estate Planning, CIBC Financial Planning and Advice The question isn't at what age I want
More informationwhat s what you need to know USASK PENSION the plan? Overview of the Research Pension Plan
what s USASK PENSION the plan? what you need to know Overview of the Research Pension Plan Retirement is an important milestone We want you to enjoy your retirement years to the fullest. That s why we
More informationFrequently Asked Questions
Frequently Asked Questions About a Tax-Free Savings Account (TFSA) What is a TFSA? What does it offer? What are the advantages of the Shaw TFSA? Are contributions to a TFSA tax deductible? What are the
More informationPension Plan Summary JANUARY 2017
Pension Plan Summary JANUARY 2017 » 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 informationUNDERSTAND YOUR WESTERN RETIREMENT PLAN...1
Last Updated: January 2017 TABLLE OF CONTENTS UNDERSTAND YOUR WESTERN RETIREMENT PLAN...1 PLANNING FOR RETIREMENT Retirement Counselling... 2 Retirement Workshop and Information Sessions... 3 Online Financial
More informationSunAdvantage. my savings. Securing your future with your group plan. Employee Enrolment Guide RRSP/TFSA. I don t plan
SunAdvantage my savings Securing your future with your group plan Employee Enrolment Guide I don t plan r my o f g n i Plann important. future is be in control. I want to RRSP/TFSA Table of Contents A
More informationPermitting Direct Payments from Defined Contribution Pension Plans to Retirees: Description of Proposed Regulations for Variable Benefits
Permitting Direct Payments from Defined Contribution Pension Plans to Retirees: Description of Proposed Regulations for Variable Benefits In the 2017 Ontario Budget, the government announced its intention
More informationEMPLOYEES PENSION PLAN
Effective 8 July 2019 Your Pension Plan was established on 1 January 1969 by Her Majesty in Right of Canada through the Minister of National Defence, pursuant to his authority and responsibility with respect
More informationManaging For Retirement Income
Managing For Retirement Income David Gorveatte CFP CPCA Financial Advisor Certified Financial Planner 318 Main Street Fredericton, New Brunswick E3A 1E5 (506) 474-0010 TERMINOLOGY If the terms don t make
More information2000 Academic Money Purchase Pension Plan
2000 Academic Money Purchase Pension Plan TABLE OF CONTENTS Introduction... 2 Eligibility... 2 Enrolling in the Plan... 2 Contributions... 2 Other Contributions... 3 Retirement Benefits... 4 Retirement
More informationwhat s what you need to know USASK PENSION the plan? Overview of the 2000 Academic Money Purchase Pension Plan
what s USASK PENSION the plan? what you need to know Overview of the 2000 Academic Money Purchase Pension Plan Retirement is an important milestone We want you to enjoy your retirement years to the fullest.
More informationRetirement Checklist. Making the most of your retirement
Retirement Checklist Making the most of your retirement 2 Making the most of your retirement RBC Wealth Management RBC Wealth Management provides comprehensive services designed to address your multi-faceted
More informationChanges to the Rules governing the Pension Benefits Act. Affecting Ontario Locked-in Accounts
Changes to the Rules governing the Pension Benefits Act Affecting Ontario Locked-in Accounts Ontario Regulation 416/07 Ontario Regulation 416/07 makes numerous changes to the rules governing locked-in
More informationProposed Regulation: Pension Payments from Pension Plans which provide Defined Contribution Benefits
A. Background Proposed Regulation: Pension Payments from Pension Plans which provide Defined Contribution Benefits In December 2010, Bill 120 amended the Pension Benefits Act (PBA) to allow pension plans
More informationUniversity of Saskatchewan
At a glance: Group Retirement > Prescribed Retirement Income PRIF > Registered Retirement Income RRIF The Group Retirement is a custom product available exclusively to members such as yourself, who participate
More informationManaging For Retirement Income
Managing For Retirement Income David Gorveatte CFP CPCA Financial Advisor Certified Financial Planner 318 Main Street Fredericton, New Brunswick E3A 1E5 (506) 474-0010 TERMINOLOGY If the terms don t make
More informationADVISOR 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 Overcoming objections Overview > > Payout annuities are a powerful retirement tool and have been an important product
More informationThe Navigator. RBC Wealth Management Services. Maximizing Your After-Tax Retirement Income
RBC Wealth Management Services The Navigator Ten Strategies to Pay Less Tax in Retirement Maximizing Your After-Tax Retirement Income Are you approaching retirement or have you recently retired? Maximizing
More informationManitoba Multiple Trades
Manitoba Multiple Trades pension trust fund JUNE 2012 Important note The purpose of this outline is to explain briefly the main features of this pension plan. This outline does not create or confer any
More informationChanges To The Rules For Ontario Locked- In Accounts
Page 1 of 6 Advanced Search Home Sitemap Forms Online Services Français Contact Insurance Pensions Hearings & Decisions Licensing & Registration Who We Regulate About FSCO Publications Home > Pensions
More informationPension Plan for Faculty, Librarians and Senior Administrative Officers of Mount Allison University
Pension Plan for Faculty, Librarians and Senior Administrative Officers of Mount Allison University DEC, 2014 CONTENTS INTRODUCTION... i YOUR RESPONSIBILITIES... ii 1. Am I eligible to join the Pension
More informationRetirement Checklist. Making the most of your retirement
Retirement Checklist Making the most of your retirement RBC Wealth Management RBC Wealth Management provides comprehensive services designed to address your multi-faceted financial concerns, simplify your
More informationInformation for Plan Members
Information for Plan Members This brochure highlights key provisions of the new PBSA, and will assist you in understanding how these provisions may affect your pension plan. As you read through the information
More informationYour Group Retirement Savings Plan Booklet
Total Compensation Pension Benefits Pay and Incentives Health and Well-Being Your Group Retirement Savings Plan Booklet Welcome to your Group Retirement Savings Plan (Group RSP) The Group RSP is an important
More informationINSIGHTS WEST Survey of Canadians on Retirement - December 14, 2016
At what age did you retire? Canadian Gender Work with planner? Female Male Yes No Before I turned 65 76% 78% 75% 71% 79% At age 65 9% 12% 8% 6% 11% At age 66 or older 14% 12% 17% 24% 11% Not sure 0% 0%
More informationMcGill University Pension Plan for Members of the Service Employees Union. Sylvie Gamache, Senior Education Consultant January 20, 2017
McGill University Pension Plan for Members of the Service Employees Union Sylvie Gamache, Senior Education Consultant January 20, 2017 2 Key topics Understanding your plan Choosing your funds Sun Life
More informationFinancial Planning For Retirement
Financial Planning For Retirement Alain Quennec BComm CFP FMA CIM Financial Advisor Portfolio Manager Director aquennec@rogersgroup.com (604)737-6722 Retirement Income Sources Source of income Annual amount
More informationUBC FACULTY PENSION PLAN RETIREMENT GUIDE
UBC FACULTY PENSION PLAN RETIREMENT GUIDE Life s brighter under the sun UBC FACULTY PENSION PLAN AND YOUR RETIREMENT The UBC Faculty Pension Plan (FPP) gives you unique retirement income options. This
More informationGROUP 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 informationIdeally your contribution should be made as soon as possible in the year in order to shelter the investment income from tax.
Maximize RRSP Contributions. You should make your maximum RRSP contribution while you are working. You will get a tax deduction now at your current tax rate and you will be able to take the money out later
More informationFACULTY PENSION PLAN 101
FACULTY PENSION PLAN 101 October 11, 2018 LILY LEE, MEMBER SERVICES ASSOCIATE Agenda 1. Welcome 2. About the Plan 3. Investment Options 4. Your Responsibilities 5. Options at Retirement 2 About the Plan
More informationCreating Retirement Income With Registered Assets
Registered Retirement Savings Plans (RRSPs) represent the most effective way to save for retirement. Subject to contribution rules and limits, you are allowed to defer income taxes each year on the amount
More informationRetirement Income Options for Group Retirement Plan Members
Retirement Income Options for Group Retirement Plan Members Everything you should know about your retirement income options Make the choice that s right for you You ve been enjoying the benefit of saving
More informationDeclaration of Trust. Scotia Capital Inc.
Scotia Self-Directed Retirement Income Fund (RIF) Scotia Self-Directed Life Income Fund (LIF) Scotia Self-Directed Locked-in Retirement Income Fund (LRIF) Scotia Self-Directed Manitoba Prescribed RRIF
More informationEMPIRE LIFE GUARANTEED INVESTMENT FUNDS 75/75, GUARANTEED INVESTMENT FUNDS 75/100, AND GUARANTEED INVESTMENT FUNDS 100/100
THE EMPIRE LIFE INSURANCE COMPANY EMPIRE LIFE GUARANTEED INVESTMENT FUNDS 75/75, GUARANTEED INVESTMENT FUNDS 75/100, AND GUARANTEED INVESTMENT FUNDS 100/100 INFORMATION FOLDER AND CONTRACT PROVISIONS This
More informationGroup Retirement Plan Information Session
Group Retirement Plan Information Session Introducing Lorna Stewart Certified Financial Planner, Elder Planning Counselor, Retirement & Investment Consultant Over 30 years experience in financial services
More informationand how to make it grow Northern British Pension Plan
my money* * and how to make it grow University of Northern British Columbia Defined Contribution Defined Contribution Pension Plan Agenda Sun Life Financial update Your plan Plan member activity Investments
More informationDeclaration of Trust. Scotia Self-Directed Federal Restricted Life Income Fund (RLIF)
Declaration of Trust 1. Terms Used in this Agreement Words and phrases used in this Agreement have the following meanings: Agreement means the Application and this Declaration of Trust; applicable pension
More informationScotia Retirement Savings Plan (RSP) Scotia Locked-in Retirement Savings Plan (LRSP) Scotia Locked-in Retirement Account (LIRA)
Scotia Retirement Savings Plan (RSP) Scotia Locked-in Retirement Savings Plan (LRSP) Scotia Locked-in Retirement Account (LIRA) Declaration of Trust 1. Terms Used in this Agreement Words and phrases used
More informationYour Pension Plan Guide
IWA-Forest Industry Pension Plan Your Pension Plan Guide September 30, 2015 TABLE OF CONTENTS OVERVIEW 1 About this Booklet 1 MEMBERSHIP IN THE PLAN 2 Joining the Plan 2 Changing Jobs 2 Your Pension Record
More informationHow the world s best financial plans are made
How the world s best financial plans are made When you come to Planswell, you answer several questions and then see your plan. What you don t see are the millions of calculations we make in the background
More informationTheir role in retirement income planning
Locked-in Plans Their role in retirement income planning When you leave an employer, you can generally transfer the tax-sheltered portion of the commuted value of your pension to a Locked-in Plan governed
More informationEMPIRE LIFE GUARANTEED INVESTMENT FUNDS 100/100 INFORMATION FOLDER AND CONTRACT PROVISIONS THE EMPIRE LIFE INSURANCE COMPANY
THE EMPIRE LIFE INSURANCE COMPANY EMPIRE LIFE GUARANTEED INVESTMENT FUNDS 100/100 INFORMATION FOLDER AND CONTRACT PROVISIONS This document contains the information folder and the contract provisions for
More informationRETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT
RETIREMENT CHECKLIST MAKING THE MOST OF YOUR RETIREMENT HELPING YOU MAKE THE MOST OF YOUR RETIREMENT If you are getting close to retirement, or have just recently retired, there are many financial details
More informationThis policy replaces L (Schedule 1 Life Income Funds (Old LIFs)) as of the effective date of this policy.
Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: Locked-In Accounts INDEX NO.: L200-305 TITLE: APPROVED BY: Schedule 1 Life Income Funds (Old LIFs) - Regulation
More informationGetting Ready to Retire
How to Prepare for Your Retirement A GUIDE TO: Getting Ready to Retire EDUCATION GUIDE Create a plan now for a more comfortable retirement If you re five years or less from retirement, now is the time
More informationMcGill University Pension Plan Retirement Information Session
The presentation can be accessed online at: http://www.mcgill.ca/hr/pensions/mupp/sessions. McGill University Pension Plan Retirement Information Session 2 This presentation is intended to inform you about
More informationGROUP RETIREMENT SAVINGS. Enrolment guide, your way
GROUP RETIREMENT SAVINGS Enrolment guide, your way Your group number: Your participant number: Table of contents Steps to enrol...1 When should you think about retirement?...2 How much should you save?...3
More informationLIRA/LRSP ADDENDUM. PART A: This Part applies only if your Plan is governed by the Employment Pension Plans Act (Alberta). Otherwise, Part B applies.
PART A: This Part applies only if your Plan is governed by the Employment Pension Plans Act (Alberta). Otherwise, Part B applies. IMPORTANT NOTES: This addendum forms an integral part of the LIRA to which
More informationThis policy replaces L (Locked-In Retirement Income Funds (LRIFs)) as of the effective date of this policy.
Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: Locked-In Accounts INDEX NO.: L200-501 TITLE: APPROVED BY: Schedule 2 Locked-In Retirement Funds (LRIFs)
More informationRetirement Income Options for Group Retirement Savings Plan Members. Understanding Your Retirement Income Choices
Retirement Income Options for Group Retirement Savings Plan Members Understanding Your Retirement Income Choices Everything you should know about Make the choice that s right for you You've been enjoying
More informationGlossary of Terms. A glossary of terms related to pension plan legislation in Saskatchewan. fcaa.gov.sk.ca
Glossary of Terms A glossary of terms related to pension plan legislation in Saskatchewan. fcaa.gov.sk.ca [This page was intentionally left blank] 2 Glossary of Pension Terms ACCRUED PENSION - amount of
More informationThe ScotiaMcLeod Wealth Planning Series. Early Retirement Options Handbook
The ScotiaMcLeod Wealth Planning Series Early Retirement Options Handbook ScotiaMcLeod s Wealth Planning Services Early Retirement Options Handbook Most of us will accumulate assets during our working
More informationRetirement what s your plan?
Retirement what s your plan? Topics covered Lifestyle planning Sources of retirement income Maximizing your retirement income Estate planning Whether you re approaching retirement or already enjoying it,
More informationAddendum. Addendum. For New Ontario LIFs. Scotia Self-Directed Life Income Fund (LIF)
Addendum Addendum For New Ontario LIFs (Opened beginning January 1st, 2008) This Addendum sets out further provisions that apply to LIFs which are subject to the Pension Benefits Act (the Act ) of the
More informationGlossary of Pension Plan Terms
Glossary of Pension Plan Terms ACCRUED PENSION For active members, it is the pension they would be entitled to receive at retirement age, based on current average pensionable earnings and years of service.
More informationCIBC Investor Services Schedule 2 British Columbia Life Income Fund Addendum Pension Benefits Standards Regulation CIBC Investor Services Inc.
Page 1 of 6 CIBC Investor Services Schedule 2 Life Income Fund Addendum Pension Benefits Standards Regulation CIBC Investor Services Inc. Life Income Fund (LIF) Addendum to RRIF Contract LIF Account number
More information*Advisor. case Study david and theresa. Meet David and Theresa
*Advisor use ONLY case Study david and theresa Meet David and Theresa David, age 69, and Theresa, age 67, live in Edmonton, Alberta. Their daughter, age 40, and granddaughter, age 16, live nearby. David
More informationRetirement Checklist Making Sure You Don t Leave Any Stone Unturned in Retirement
Retirement Checklist Making Sure You Don t Leave Any Stone Unturned in Retirement If you are nearing retirement or are recently retired there are a number of financial planning To Do s that you need to
More informationPension income splitting
Tax & Estate In 2006, the federal government introduced a new planning opportunity for Canadian seniors: the ability to split pension income. This Infopage explains what pension income splitting is and
More informationUpdated January
N.D.T. INDUSTRY PENSION PLAN BOOKLET Updated January 2017 www.ndtbenefits.org MISSION STATEMENT The Trustees of the N.D.T. Industry Pension Plan shall use all their individual and combined skills to achieve
More informationing Summary RRIFs: The Basics Down Your RRS
Winding d Down Your RRSP P The Worry Free Retirement Experience TM Choosing how to wind down your RRSP can be a complex task. There are as many different kinds of RRIFs and annuities as there are cars
More informationUnit 8: Pensions and Retirement
Unit 8: Pensions and Retirement Welcome to Pensions and Retirement. In this unit, you will learn about the various types of public and private savings plans. You will learn about the different types and
More informationCongratulations you re a Business Plan Member
Congratulations you re a Business Plan Member Wonder what to do next? Look inside! How to Remit Contributions Employers can decide, with their employees, when contributions will be submitted to SPP. Regular
More informationTax & Retirement Planning Guide
Tax & Retirement Planning Guide TD Asset Management Inc. (TDAM) understands the importance of maximizing the after-tax income for investors since, for most Canadians, paying taxes is their biggest lifetime
More informationInvestments UARANTE GUIDE ADVISOR GUARANTEED. Life s brighter under the sun
un UARANTE Sun GUARANTEED Investments nvestme GUIDE ADVISOR WHAT S INSIDE Superflex/Income Master (Insurance GIC) Sun GIC Max non-redeemable (Trust GIC) SLF Trust GIC redeemable (Trust GIC) Life s brighter
More informationCommunity Agencies Retirement Plan. May 12, 2016
Community Agencies Retirement Plan May 12, 2016 1 Retirement Planning Agenda Health of the DB Pension Plan Governance Regulatory Environment Funding Cash Flow Cash Flow History Membership Statistics Contributions
More informationTWPP TELECOMMUNICATION WORKERS PENSION PLAN
TWPP TELECOMMUNICATION WORKERS PENSION PLAN Effective January 1, 2013 TABLE OF CONTENTS 1 Section Page INTRODUCTION 3 1 ELIGIBILITY AND PLAN PARTICIPATION 4 2 CONTRIBUTIONS 6 3 TERMINATION OF EMPLOYMENT/PARTICIPATION
More information4 Retirement. 4.1 Eligibility for a pension Pension formula Pension options Reduced and unreduced pensions 9
Section Contents 4 Retirement 4.1 Eligibility for a pension 4 4.1.1 Termination of employment 5 4.2 Pension formula 6 4.3 Pension options 7 4.4 Reduced and unreduced pensions 9 4.5 When a member is retiring
More informationInterpretive Guideline #21 Issued: May, 2018 Life Income Type Benefit
Interpretive Guideline #21 Issued: May, 2018 Life Income Type Benefit This guideline is designed to explain what a Life Income Type Benefit (LITB) is and what is required for a pension plan to offer this
More informationThese amendments must be filed before January 1, 2012 with the Office of the Superintendent Pension Commission (OSPC).
Update #11 01 Issue Date: May 26, 2011 Pension Plan Amendment Guide Effective May 31, 2010 amendments to The Pension Benefits Act and Pension Benefits Regulation came into force. As a result, all registered
More informationEFFECTIVE DATE: April 1, 2008 [No longer applicable - replaced by L June 2013]
Financial Services Commission of Ontario Commission des services financiers de l Ontario SECTION: Locked-In Accounts INDEX NO.: L200-301 TITLE: APPROVED BY: Schedule 1 Life Income Funds (Old LIFs) Regulation
More informationTHE ADVISOR December 10, 2008
THE ADVISOR December 10, 2008 Pension Plan Options when you terminate your Employment Tim Susel, BA, CGA, CFP, TEP Financial Advisory Support This article covers the four most common pension options that
More informationProfessional Wealth Management Since 1901
Locked-in RRSPS and YouR options Professional Wealth Management Since 1901 RBC Dominion Securities Inc. Financial Planning Publications At RBC Dominion Securities Inc., we have been helping clients achieve
More information