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Private Pensions

Private Pensions from Jeff Ponting

If you want to enjoy your retirement to the full, you'll need to ensure you have sufficient income to cover your needs and your lifestyle. Pensions are simply savings plans that can be used to fund your retirement.


Public pensions, private pensions and savings plans

If you have worked as an employee for a company, you would have automatically contributed to the Canada Pension Plan (CCP) through your wages. When you reach 65, this pension provides you with an income equivalent to 25% of your total earnings on which you contributed to the CPP.


Your employer may also have operated a company pension (known as a supplemental pension plan or SPP) that you have contributed to during your employment. If you left a company and moved on, that pension might have been kept safe in a LIRA.


Which means if you haven't worked, or plan to spend years out of work to have children for example, you could have a big hole in your finances for retirement. The same would apply if you are self-employed, as you won't have the benefit of a company pension income.


This is where a private pension plan can help.


What are private pensions?

Private pensions are a pension scheme set up by yourself, for yourself. You can set up your own pension fund simply by contributing to a RRSP. This registered savings plan is tax-efficient and straightforward to set up, and the earlier you start saving, the more you can enjoy your retirement! If you want to save more than the limit allowed by the RRSP, you'll need to look at various savings and investment strategies.


How can Jeff help?

Setting up your own pension provision might seem daunting, but Jeff and the team can help make it simple and understandable. Jeff will talk through your current pension provision, and discuss what your financial goals are for retirement. He'll then help formulate a plan to ensure you'll be able to fund the retirement lifestyle you want. His expert knowledge and straightforward approach to private pension provision is there for asking; just call and make an appointment.


For expert advice on how to set up a private pension in Ontario, give us a call at 519-485-5801 or send us an email.

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7 St. Andrew Street

Ingersoll, Ontario

N5C 1K6 Canada


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