Released on April 4, 2018
The Financial and Consumer Affairs Authority (FCAA) wants to remind people that not all pension plans are the same and some have a lump sum payment upon retirement, while others provide a monthly pension cheque for life.
“It’s important for people to know if they will receive a lump sum payment or a monthly payment as that can effect retirement budgeting,” FCAA Pension Division Director Leah Fichter said. “It can be stressful figuring out how to make a lump sum last the rest of your life. There are resources available to help you.”
If you receive a lump sum payment, here are some points to consider:
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