Private pension plans

• Private pension plans, of which there are several types, are a complement to public plans. You need to know what type of plan you have in order to find out the income that could be available to you.
• To obtain retirement income from your private plans, consult your information documents or contact the plan administrator to find out the conditions that apply.
• Retirement income is taxable.

Are you a member of a pension plan?

• If you are a member of a pension plan offered by an employer that carries out activities under Québec jursidiction in the private, municipal and university sectors, or some parapublic sectors, your supplemental pension plan is under the supervision of Retraite Québec and is subject to the Supplemental Pension Plans Act.
• If your plan has workers whose rights are subject to the Supplemental Pension Plans Act and workers whose rights are subject to another provincial or federal law, it may be under the supervision of another agency, having a mandate similar to that of Retraite Québec. In such a case, the other agency must ensure, on behalf of Retraite Québec, that your rights are in conformity with the Supplemental Pension Plans Act.
• If your plan is offered by an employer in the Québec public or parapublic sectors, (Québec public service, education and health sectors, Sûreté du Québec, peace officers, etc.), it is administered by Retraite Québec. The plan is subject to a Québec law specific to the category of employees affected.
• If your plan is offered by an employer in the federal private sector, whose activities are under federal jurisdiction (banks, interprovincial transportation companies, telecommunications, etc.), it is supervised by the Office of the Superintendent of Financial Institutions  and is subject to the federal Pension Benefits Standards Act, 1985.
• If your plan is offered by an employer in the federal public sector (federal public service, the Canadian Forces, the RCMP, etc.), it is administered by a specific agency and subject to a specific federal law. For more information, contact the Government of Canada .

Do you have an LIRA or LIF?

• Locked-in retirement accounts (LIRAs) and life income funds (LIFs) are transfer instruments used to transfer amounts that have been accumulated in supplemental pension plans. An LIRA is a retirement savings plan, while an LIF allows you to withdraw a retirement income (disbursement).
• The Supplemental Pension Plans Act applies to your LIRA or LIF if the pension plan from which the amounts are transferred is subject to the Act or if we administer the plan.

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