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Table of contents
1 - Introduction
  1. About your Plan
2 - Your Plan at a glance
  1. Main features of the Plan
3 - Eligibility to the Plan
  1. Joining the Plan
  2. If you are under 18 years of age
  3. If you are over 18 years of age, but under 65
  4. If you are 65 years of age or older
4 - Contributions
  1. Plan funding
  2. Your contributions
  3. Employer contributions
  4. Tax repercussions of your Plan contributions
  5. Questions and answers about your contributions
5 - Retirement
  1. Your pension under the Plan
  2. Retirement scenarios
  3. Steps to follow for your retirement
  4. Questions and answers about retirement
  5. During my retirement
6 - Termination of employment
  1. Twelve-month waiting period
  2. Past the 12-month waiting period
  3. Steps to follow for termination of employment
  4. Questions and answers about termination of employment
7 - Death
  1. Death benefit under the Plan
  2. Death before retirement
  3. Death during retirement
  4. If you have a spouse when you retire
  5. If you do not have a spouse when you retire (or if your spouse has waived the 60% joint and survivor pension)
  6. Other forms of pension payments
  7. Your beneficiary
  8. Question and answer about death benefit
8 - Relationship breakdown
  1. Division of the amount accrued under the Plan
9 - Absence from work
  1. Temporary leave of absence
  2. If your leave of absence is paid
  3. If your leave of absence is not paid
  4. Eligible earnings used
  5. Unpaid leaves of absence during which you may maintain your active membership
  6. Leave of absence for family or parental reasons
  7. Other unpaid leaves of absence
  8. To make contributions or not to make contributions?
  9. Questions and answers about absence from work
10 - Returning to work for an employer
  1. Following a termination of employment
  2. Following retirement
11 - Plan administration
  1. Plan administrator
  2. Pension committee make-up
  3. Annual meeting
  4. Viewing documents
  5. Date of coming into force and Plan year
  6. Undistrainability of rights
  7. Plan amendments
  8. Should the Plan be in a surplus or deficit position
  9. Investment of contributions
  10. Personalized statement
  11. Plan termination
12 - Mini Dictionary
  1. Mini Dictionary
13 - Appendix - Other sources of retirement income
  1. Retirement planning
  2. Personal savings
  3. Government Plans
14 - Need additional information?
  1. How to contact us
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Members’ Reference Guide
Chapter 13 - Appendix - Other sources of retirement income
←Chapter 12   Chapter 14 →

Retirement planning

Effective retirement planning depends on adequate knowledge of the major sources of retirement income. In addition to your pension under the Plan, personal savings and pensions from government plans are two important sources of income to consider.

Personal savings

You may save in a registered instrument such as an RRSP, or in a non-registered instrument such as a stock purchase plan or real estate. Since you may not save unlimited amounts tax-free, you must know what your available contribution margin is:

Available contribution margin calculation

 

18% of the previous year’s earnings (maximum of $32,490 in 2025).

Less

The previous year’s pension adjustment (PA).
Refer to the Tax repercussions of your Plan contributions sectionfor additional information.

Plus

All the RRSP contributions you could have made, but did not, since 1991.

Equals

Your contribution margin (printed each year on the Notice of Assessment sent by Canada Revenue Agency).

Registered Retirement Savings Plan (RRSP)

An RRSP is a vehicle which allows you to save, tax-free, for retirement. When you make RRSP contributions, you may deduct these savings from your taxable income. The interest earned on these savings also accumulates, tax-free, until you withdraw it from the plan.

RRSP amounts are taxable only when withdrawn. However, you may make tax-free RRSP withdrawals under the Home Buyers’ Plan or an authorized Education Plan.

Upon retirement, you may:

  • use the balance of your RRSP account to purchase an annuity (lifetime or for a given period) from an insurance company, or
  • transfer the balance of your RRSP to a registered retirement income fund (RRIF). A RRIF is an account where your savings earn interest tax-free. However, you are required to make minimum annual withdrawals from the RRIF. This withdrawal is taxable.

Government Plans

Québec Pension Plan (QPP) and Old Age Security (OAS) benefit

In addition to your Pension Plan payment, you may be eligible for government pension benefits. We invite you to learn more on these pension benefits by contacting the organizations below.

Québec Pension Plan

www.retraitequebec.gouv.qc.ca
1 800 463-5185

Old Age Security Program

www.canada.ca
1 800 277-9914

←Chapter 12   Chapter 14 →

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