Option 1 - Monthly Pension Income

Features:

This option guarantees you an income for life usually starting between the ages of 55 and 65. This option is designed specifically to give you a monthly pension based on your years of service and salary.

Your pension consists of two parts: Basic Pension (Payable for Life) and a Bridge Pension
(Payable to age 65)

Benefits:

  • Guarantees you a steady monthly income for life
  • Indexed to Inflation
  • Minimal Survivor Guarantees
  • Ability to income split for tax purposes

 

Drawbacks:

  • Your spouse may only receive a portion of your pension upon death (normally 66.67%)
  • In the event of premature death, any surplus goes back into the Pension Plan

 

Who Should Consider this Option?

  • Someone looking for guaranteed income
  • Someone not concerned about survivor options

 

For Option 2

Disclaimer: The information contained herein is for ON residents only and does not constitute an offer to sell or solicit sales in any other Canadian or foreign jurisdictions.