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Lump Sum Pay at Retirement

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:

  • Talk to a financial planner, a professional who has experience managing people’s retirement money.
  • Make a budget, so you can track your income and expenses.
  • Talk to your current pension plan administrator, so you can learn about retirement planning resources.
For more information on retirement planning, visit www.fcaa.gov.sk.ca/lumpsum. 

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For more information, contact:

Shannon McMillan
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: shannon.mcmillan@gov.sk.ca

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