Defined benefit pension plans have the following benefits:
- Retirement income after age 50 or 55
- Lump sum payouts on early termination
- Survivor benefits
- Indexing of retirement income to inflation
- Disability benefits
- Ability to buy-back service during non-contributory periods, such as maternity leave
- Portability if you move to a similar employer
- Assured income at retirement
- Best for older members
- Employees know how much income they will receive
- The payout on termination or retirement is significantly higher than if the member invested their contributions in a personal RRSP
- High contribution rates
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We are adding more and more pension plans as we go so if we don't currently support your pension plan please check back often. We hope to be able to serve you soon!