Thursday, December 9, 2021

Preparing for Retirement

There are many things you should consider before you retire, here is a checklist for some (but not all) of the things you should consider

Maintain a personal pension file of your’ Pension Plan if you have one, and Canada Pension. Plan statements and information. Include any collective agreement provisions for retirement gratuities, incentives, and health benefits continuation.

Familiarize yourself with your Pension Plan (if you have one). Attend a pension seminar several times throughout your career.

Attend a pension seminar early in your career, in mid-career, and in the year before your retirement date.

If you have served in any other pension plans for example, the College, Municipal, Public Service, ICBC or WCB pension plans, and did not take a refund, check with that plan as to your accrued benefits and options.

If you have service in a pension plan in another Canadian province/territory and did not take a refund, check with that plan as to your accrued benefits and options.

Update your will, power of attorney, representation agreement and/or medical directive.

Within the timelines of the provisions of your local collective agreement, apply for any retirement gratuity to which you may be entitled.

At age 60, if you are not working, consider applying for your Canada Pension Plan pension. For an application kit, visit the CPP website at: catalogue.servicecanada.gc.ca/apps/EForms/pdf/en/ISP-1000.pdf (This will download the document to your computer to fill out)

At age 65, apply for Old Age Security (OAS). For an application kit, visit the OAS website at: catalogue.servicecanada.gc.ca/apps/EForms/pdf/en/ISP-3550.pdf This will download the document to your computer to fill out)

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