We Can Help
For more information, please contact Jordan McCormack to schedule a no-fee consultation.
Email: jmccormack@campbellwealth.ca
Cell: 289-697-5174
Jordan will review your specific situation and present your retirement options in greater detail.
GM Employees - Understanding your retirement options
Are you a current GM employee or soon to be GM retiree?
Keep your pension with GM
Advantages
- Provides Income for life with no market risk
- Income payments pre-determined for life.
- Pension income splitting
Disadvantages
- Continued income depends on financial health of the company’s Defined Benefit Pension Fund.
- No protection from inflation
- Once DB plan income starts, you can’t exchange your expected income stream for a lump sum cash payment.
- Limited coverage in case of plan insolvency
Take the lump sum payout of your pension’s commuted value
Advantages
- More control and flexibility with your money
- Potential to leave for your estate
Disadvantages
- Returns are subject to market fluctuations
- Insufficient RRSP room can generate large tax liabilities upon commuting.
- No LIF/RRIF income splitting until age 65
Transfer your pension to a “Copycat” annuity from a Canadian Insurance Company
Advantages
- Provides Income for life with no market risk
- Income payments pre-determined for life.
- Backed by Assuris in case of Insurance company insolvency – Covers monthly annuity income payments of $2000/month or 85% of your benefit –whichever is higher.
- Annuity income splitting
- Potential for surplus funds to be directed back to pension holder
Disadvantages
- No protection from inflation
- Once annuity income starts, you can’t exchange your expected income stream for a lump sum cash payment.