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What happens to my pension when I retire?

Posted by on Oct 2, 2014 in Retirement, Sun Life | 0 comments

October 2, 2014

By Sheryl Smolkin

Brighterlife.ca

For most of your working life you’ve saved for retirement. But as that date nears, your focus shifts to using your savings to pay for life after work.

If you belong to an employer-sponsored defined-benefit (DB) or defined-contribution (DC) registered pension plan, your savings are locked in by law until retirement.

If yours is a DB plan, on retirement you will be entitled to an annual pension based on the plan formula, your income at retirement and your years of service. You can retire up to 10 years earlier than the plan’s normal retirement date (i.e., as early as age 55), but your benefits will typically be reduced if you start collecting your pension prematurely. READ MORE

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