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Service Canada Retirement Income Calculator
Service Canada now has a retirement income calculator available here, to assist those planning for retirement. The calculator will estimate your income from Old Age Security, Canada Pension Plan, RRSPs, and Employer's Pension Plan based on an age that you specify. When inputting information about your Lakehead University Pension Plan, be sure to select "defined contribution" pension, and have your most recent pension statement on hand for the rest.
Short Term Account Now Available
Since 2008, both the Pension Plan for Professional Staff and the LU Employee Pension Plan have had a Short Term Account available for members nearing retirement. As you know, markets can be volatile, so the Short Term Account was developed as a way to make your individual pension entitlement more conservative, in the years immediately prior to retirement. If you're at least 55 years old and nearing retirement, and you feel you'd like to become more conservative with your pension, see the Manager of Pension Services to learn more about taking advantage of the Short Term Account.
Top Up Your Pension with Additional Voluntary Contributions
Did you know you could add more money to your pension plan, much like you do with your RRSP contributions?Up to a total annual contribution limit for 2016 of $26,010 or 18% of your annual wage (whichever is lower) you can top up your annual contributions to your pension plan, and have them deducted regularly from your pay. See the Manager of Pension Services to learn more.