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.

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