{"id":1340,"date":"2024-02-29T23:53:51","date_gmt":"2024-02-29T23:53:51","guid":{"rendered":"https:\/\/financeify.ca\/?p=1340"},"modified":"2024-02-29T23:53:51","modified_gmt":"2024-02-29T23:53:51","slug":"do-you-trust-your-employer-with-your-pension","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/02\/29\/do-you-trust-your-employer-with-your-pension\/","title":{"rendered":"Do you trust your employer with your pension?"},"content":{"rendered":"<p><\/p>\n<div data-id=\"848c544\" data-element_type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<div class=\"elementor-widget-container\">\n<p>Whether you&#8217;re retiring by choice, you&#8217;ve been terminated, or you&#8217;ve been laid off&#8230; if you&#8217;re like most people, you probably don&#8217;t think much about your retirement until you&#8217;re getting ready to retire.  Before that time comes, consider answering the following questions:<\/p>\n<ul>\n<li>How much do you trust your employer with your retirement funds?<\/li>\n<li>Is the company you work for in a stable industry and in a strong financial position?<\/li>\n<li>Do you expect your company to go bankrupt in the next 10, 20 or more than 30 years?<\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><strong>Example<\/strong>: Sears Canadian Pension Fund <span style=\"text-decoration: underline;\"><a style=\"color: #000000; text-decoration: underline;\" href=\"http:\/\/cfcanada.fticonsulting.com\/searscanada\/docs\/Retirees%20Motion%20Record%20(Deemed%20Trust%20and%20Pension%20Plan%20Distribution)%20-%2020Jul2018.pdf\" target=\"_blank\" rel=\"noopener\">$267 million short<\/a><\/span>and retirees, according to court documents <span style=\"text-decoration: underline;\"><a style=\"color: #000000; text-decoration: underline;\" href=\"https:\/\/www.cbc.ca\/news\/business\/sears-canada-pension-retirees-1.4773283\" target=\"_blank\" rel=\"noopener\">their pensions were reduced by 30%<\/a><\/span>  after the retailer resigned and left its pension plan underfunded.<\/span><\/p>\n<p>When you retire, you may want to consider transferring yours <span style=\"color: #000000;\"><span style=\"text-decoration: underline;\"><strong>defined benefit<\/strong><\/span>  Or <span style=\"text-decoration: underline;\"><strong>defined contribution<\/strong><\/span><\/span>  pension <em>away<\/em> from your employer to a safe financial institution over which your employer has no control.<\/p>\n<p>Few reasons:<\/p>\n<ul>\n<li>Transferring your pension to a company you no longer trust or that you think may go bankrupt.<\/li>\n<li>Some employers offer limited opportunities to invest in their pensions.  By transferring your pension to a new provider, you may have access to a wider range of investments.<\/li>\n<li>Some employers outsource the management of their retirement plans to large financial institutions.  This can make it difficult to get the information and help you need.  Moving to a smaller institution may provide a more personalized service.<\/li>\n<\/ul>\n<p>When moving a pension out of employer control, we recommend two strategies:<\/p>\n<p>1. <strong><span style=\"text-decoration: underline; color: #000000;\">imitator<\/span> pension<\/strong> is a popular choice among workers leaving a defined benefit pension plan.  It allows you to receive the same pension your employer promised you, but it is paid by a safe Canadian insurer (such as Sun Life, Canada Life or Desjardins) instead of the company you worked for.  The Canadian insurance company you choose will pay you the amount <em>accurate<\/em> <em>Same<\/em> pension, <em>Same<\/em> bridge i <em>Same<\/em> spousal pension.  Plus, sometimes you may qualify for it <strong>bonus excess cash<\/strong>.  We have seen bonus cash payouts of up to $30,000!  Maybe you&#8217;ll qualify.<\/p>\n<p>2. Taking cash is the so-called <strong><span style=\"text-decoration: underline; color: #000000;\">commutated value<\/span><\/strong>.  You can transfer money from your company retirement plan, so it will happen <em>self-managed<\/em> by you.  Your employer has issued you two checks, one in retirement money and one in cash.  Beware of government tax collection, but other than that that is it <em>your<\/em> money.  Use it for retirement, to pay off your mortgage, or to buy a boat or RV.  Take a trip.  The rest is your wealth.<\/p>\n<p>Before making any moves, always consult a financial advisor to understand the nuances involved.<\/p>\n<p>We will be happy to talk to you about it, <a href=\"https:\/\/pensionsolutionscanada.msnd24.com\/tracking\/lc\/cf8c710f-abfa-4e20-b312-c2819fc9b858\/0f9663ce-2b1c-4e46-9974-b56ce8301b26\/00000000-0000-0000-0000-000000000000\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">schedule a free virtual Zoom call with a Certified Financial Planner.<\/span><\/a><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whether you&#8217;re retiring by choice, you&#8217;ve been terminated, or you&#8217;ve been laid off&#8230; if you&#8217;re like most people, you probably don&#8217;t think much about your retirement until you&#8217;re getting ready to retire. Before that time comes, consider answering the following questions: How much do you trust your employer with your retirement funds? Is the company [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[21],"tags":[546,308,585],"class_list":{"0":"post-1340","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"tag-employer","9":"tag-pension","10":"tag-trust"},"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do you trust your employer with your pension? - Financeify<\/title>\n<meta name=\"description\" content=\"Whether you&#039;re retiring by choice, you&#039;ve been terminated, or you&#039;ve been laid off... if you&#039;re like most people, you probably don&#039;t think much about your\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2024\/02\/29\/do-you-trust-your-employer-with-your-pension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do you trust your employer with your pension? 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