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Retirement
Voluntary Retirement Savings Plans (VRSPs)
Retiring as a couple
Information sessions concerning retirement
Financial planning for retirement
Income from a supplemental pension plan
Defined contribution plans
Plan basics
When you retire
Other events
Defined benefit plans
Simplified pension plan
Income from an LIRA or LIF
Sources of income at retirement
The retirement pension under the Québec Pension Plan
Transition toward retirement
Your situation changes
Retirement
Voluntary Retirement Savings Plans (VRSPs)
Retiring as a couple
Information sessions concerning retirement
Financial planning for retirement
Income from a supplemental pension plan
Defined contribution plans
Plan basics
When you retire
Other events
Defined benefit plans
Simplified pension plan
Income from an LIRA or LIF
Sources of income at retirement
The retirement pension under the Québec Pension Plan
Transition toward retirement
Your situation changes
Home
Retirement
Income from a supplemental pension plan
Defined contribution plans
When you retire
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When you retire
A
defined contribution pension plan
does not usually "pay a retirement pension". Generally the amount credited to you is transferred to a
life income fund (LIF)
from which retirement income can be drawn or to an insurer for the purchase of a life annuity. In the case of an annuity, you can begin receiving payments immediately or at a latter date, as you wish.
At retirement if 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 apply to the plan administrator for payment of a pension based on the amount credited to your account, the 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.
Other useful links
Defined Contribution Pensions Plans – Member Guide of the Canadian Association of Pension Supervisory Authorities (CAPSA)
Flash Retirement
plhFlashRetraite
The Challenges of Retirement
Plans Private Pension Plans: What are you entitled to?
Which Should You Cash In First When You Retire?
Pension benefits and other savings: What's "seizable" and what's not!
Using Your Money Wisely During Retirement
Draw a Pension or Transfer its Value?
Retirement: When and How?
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