November marks Financial Literacy Month in Canada.
This year’s theme, “Money on Your Mind. Talk About It,” is aimed at empowering Canadians to discuss finances openly to ultimately build financial confidence and achieve better outcomes.
At Provident10, we’re dedicated to securing your retirement future. While you can trust that you’re in good hands, we want you to engage with your financial future as well.
Overwhelmed with retirement planning? Let’s talk.
To support our members this November, we’ve compiled resources designed to help you think (and talk) about your retirement, the Plan, and how to maximize your pension benefit.
Get to know your pension plan
The decisions you make today can have a big impact on your financial future.
Feeling lost in the process? We want to help! Get to know your plan to help get the most out of it.
The Plan
The Public Service Pension Plan (PSPP) is a defined benefit (or DB) pension plan. Meaning, you’re eligible to enjoy your pension benefits from the time you retire for the rest of your life—without having to worry if your benefits will run out or be terminated. Unlike defined contribution (or DC) plans, you’ll know exactly what your monthly benefit payment is, and it will be there for you for life.
Learn about the plan and what it means for you with Plan at a Glance, our Member Handbook, and the Impact of Your Plan.
Support for members
When you have questions, we have answers. Our team of local experts, working right here in Newfoundland and Labrador, are here to support you through all life’s changes, answer your questions and ensure you’re maximizing your benefit.
The Plan is also here to support your family. As a member of the PSPP, you’re not only securing your financial future, but your families as well with survivor and disability benefits that are there to support through the toughest times.
Provident10
At Provident10, we administer the Plan, investing globally and supporting our over 60,000 members across the province, and beyond, with care. See how the process works to ensure the benefits you are entitled to are here now and well into the future:
What will retirement look like?
We know retirement planning can be overwhelming. That’s why we want to get you talking about it – not only help you feel better about what lies ahead, but to help lead you to making better decisions in the process. And early planning is a helpful way of ensuring the best retirement future.
Retirement income
Are you wondering what you’ll earn in retirement? Great question!
In addition to your Provident10 pension, your lifetime retirement income will consist of other sources, including Canada Pension Plan (CPP) and potentially Old Age security (OAS). Additional savings tools like Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) may also play a role after you retire and will vary depending on your personal circumstances and planning efforts. It’s important to consider all of these when calculating your overall retirement income.
Your Provident10 pension is integrated with the CPP, meaning the amount of pensionable earnings that you are required to pay contributes to both the PSPP and CPP.
It also means that when you retire, the amount of pension that you receive from the PSPP will be integrated with CPP. If retiring from the PSPP before you’re entitled to receive an unreduced CPP benefit at the age of 65, members will receive what we call the Bridge Benefit until that time.
Members can use our Pension Calculator to get an estimate of their pension benefit. The Government of Canada has a Canadian Retirement Income Calculator to give you an idea of what you’ll need when planning for retirement.
Enhancing your pension
Did you know that as a current member of the PSPP there might also be opportunities for you to enhance your pension benefit? If you’ve been previously employed and contributed to another registered pension plan, you might be eligible to transfer service to the PSPP. There are also possibilities for purchasing eligible service after authorized leaves of absence without pay, and more. See Purchasing and Transferring Service for more.
Retirement planning
You can also enhance your retirement planning knowledge by taking the Retirement Savings Course offered by ACPM or by attending one of our Retirement Ready Information Sessions.
Our Retirement Ready Hub is also a great resource with all things retirement from the Plan, including our:
- Retirement Ready Quick Reference Guide
- Pension Eligibility Criteria
- Retirement Checklist, and more.
Your retirement future
There is so much to look forward to in retirement!
With the freedom and flexibility of a Provident10 pension and retirement planning efforts, our pensioners are living full lives – they’re giving back to their communities, spending time with their families, and doing what they love.
Don’t take it from us! Hear directly from our pensioners: Impact | Provident10
Your future is all we think about. At Provident10, we aim to help our members feel secure in their retirement plans.
Whether you’re just starting your career, experiencing life changes, or preparing for retirement, we’re here to offer the support and resources you need to approach your future with confidence. Let’s talk!
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