Pensions
How to Structure Your Pension
Choosing how to structure your pension is one of the most important financial decisions you’ll make for your retirement. Understanding your options ensures that your income supports your lifestyle and long-term goals.
Once your election is made, it often cannot be changed — which makes it essential to understand the terms, options, and implications before deciding.
Our team is here to help you navigate your options. If you're ready to discuss pension planning, we welcome you to contact us.
Understanding the Jargon
Pays you an income for as long as you are alive.
Pays an income as long as you and/or your spouse are alive.
Provide a minimum time that your pension will continue. In the event that either you and/or your spouse die before the end of the guarantee period, the income would be payable for the balance of the guarantee period elected (for example 10 or 15 years from the date the pension income started).
The amount of money that represents your pension benefit that could be transferred in a lump-sum, in most cases, to a locked-in retirement account. If you are not going to immediately start drawing income from the plan and you do not take the commuted value, you will be leaving your pension to a later date as a Deferred Pension.
These are used to provide short-term higher payments until other benefits start, such as Canada Pension Plan (CPP) or Old Age Security (OAS) and they help to smooth out the income stream by integrating payment from your pension and government benefits.
VAC Planning
If you are a veteran or currently serving member of the Canadian Armed Forces or RCMP, estate planning should also include a review of your Veterans Affairs Canada (VAC) benefits. These benefits may include disability awards, survivor pensions, income replacement, and health care support.
Integrating VAC planning into your estate ensures:
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You and your family are receiving all benefits to which you are entitled;
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Survivor and dependent benefits are clearly documented and coordinated with your will;
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Any lump-sum payments, pensions, or tax-free awards are properly incorporated into your financial and tax planning; and
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Your designated beneficiaries and executors are aware of available VAC resources
If you are unsure what benefits apply to your situation, please contact us — we can connect you with a professional who specializes in Veterans Affairs Canada planning.
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75+ years of combined experience, 3 professionals holding the CFP® designation, and 5 committed team members, our mission is to help clients make the most of their money by simplifying the complexities of your financial life.
Through thoughtful planning, proven strategies, and a collaborative approach, we help you make the most of your wealth today.