When you retire

If you have exercised your transfer right, you may have used a life income fund (LIF) to draw a retirement income or to purchase a life annuity from an insurer. In the case of an annuity, you can begin receiving payments immediately or at a latter date, as you wish.
If you have exercised your transfer right and you prefer to use other sources of income before drawing your retirement income, you can leave your retirement savings in a locked-in retirement account (LIRA) where they will continue to grow.
To find out more about the terms and conditions for transfers from your defined benefit pension plan, consult the section You want to transfer the value of your benefits.

Payment of a pension or another benefit by your pension plan

If you have not exercised your transfer right, you can obtain the payment of your pension by applying to the plan administrator.
Under a defined benefit plan, the amount of your pension is determined according to a precise formula. The pension usually corresponds to a percentage of your salary multiplied by the number of years of credited service under the plan.
The pension payment options available to you depend mainly on your age, your conjugal status and your financial situation. Those factors may affect the amount of your pension.
Your pension plan must provide various types of pensions (early pension, deferred pension, etc.) depending on your age and the normal retirement age under the plan.
Your plan provides various forms of pensions (60% joint and survivor pension, pension with a 10-year guarantee, etc..). Some of these forms provide protection for your spouse if you die, others may take increases in the cost of living into account, etc.
In certain situations, you may be entitled to a un cash payment from your plan.