Pensions and Benefits

There are two main types of pension plans in Canada: Defined Contribution and Defined Benefit.

A defined contribution plan is where the employee and the employer both make regular contributions based upon an agreed upon matching formula. These contributions are typically made in an investment fund that the employee directs and are not accessible until retirement at age 65. The amount to be paid at retirement depends on the types of investments made. No payment amounts are guaranteed.

A defined benefit plan is where contributions can be made by the employee and employer, or by the employer only. These funds are held in a pension trust fund until the employee's retirement. At retirement, the employee receives a predetermined monthly amount. Typically, the monthly pension payment is derived from a calculation of length of service and eligible earning.

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