Understanding Your Pension Plan

posted Mar 26, 2012, 10:58 AM by Janelle deRocquigny   [ updated Mar 26, 2012, 11:22 AM ]
If you are fortunate enough to have an employer sponsored pension plan count yourself lucky. Over the 
last several years we have seen the private sector move away from the Cadillac of pension plans which are referred to as Defined Benefit (DB) or formula plans. Over the last number of years we have seen a general movement toward defined contribution pension plans and group RRSP plans. In the public sector we continue to see a high percentage of workers covered by Defined Benefit pension plans.  However, in an era of fiscal restraint, an aging population and less generous pensions in the private sector, over time, we will likely see a movement away from DB pensions in the public sector. In this document, we will discuss how these pension plans work, and some of the main questions you need to answer in order to know how to integrate your pension plan into your overall retirement income plan.




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