Winter 2013 Pension Perspectives GET MORE Have you ever wished you could sit down with an expert and hash out all of your questions about retirement? Well, you can! PEPP’s Pension Information Officers are dedicated to helping people just like you. Here’s a list of our member’s most frequently asked retirement questions to help you out. I’m one year away from retirement. How do I get ready? • Attend a free RetireWithEase workshop • Talk to PEPP - call us to get a retirement estimate - ask us about your retirement income options - let us show you how to use Retire@Ease TM (our online retirement planning tool) • Talk to Service Canada - request estimates for Canada Pension Plan (CPP) and Old Age Security (OAS) • Review your finances - use the MY EXPENSES worksheet available on Retire@Ease I can’t decide which retirement income option to choose, what’s everybody else doing? From April 1, 2011 to March 31, 2012 retiring members transferred into: Variable Pension Benefit Sask Pension Annuity Fund Outside Annuity Outside pRRIF 75% 8% 1% 16% Members must make a decision that suits them best. When choosing a retirement income option, it’s important to consider your time horizon, risk tolerance, and personal financial situation. Ask a Friend - Us SUMMER 2014 Opportunity PEPP Steps Guidance R@E Upgrade Diversification Investment Tweaks Options New Funds Choice Make a Choice FALL 2012 SUMMER 2013 SUMMER 2014 FALL 2014 Coming soon Dive into Paper Free Communications with... E-comm is a quick, easy and convenient way for you to get the latest Plan news and personal information (like your Member Statement). Once you sign up you will be notified by email that Plan material is available on the website or in your PEPP Access account. To sign up, click on the E-Comm logo on the PEPP homepage. How much money should I take? It’s hard to know how much retirement income you should take if you don’t know what’s available to you. Call us, get a retirement estimate, and/or book an appointment with us. Then, you can compare your pension estimate with your estimated retirement expenses. We also encourage you to use Retire@Ease, to see how long your money may last in retirement. Retire@Ease allows you to create different retirement scenarios. We can’t tell you how much retirement income you will need; but, we can give you the tools and tips so you can make an informed decision. As part of PEPP’s GET MORE initiative, PEPP will be introducing GET MORE Guidance this summer. GET MORE Guidance will give you a better picture of how much money you may withdraw and when to start taking it so your money can last through retirement. Look for more details about GET MORE Guidance in Pension Perspectives this spring. -c mm
Transcript
Winter 2013
Pension Perspectives
GETMORE
Have you ever wished you could sit down with an expert and hash out all of your questions about retirement? Well, you can! PEPP’s Pension Information Officers are dedicated to helping people just like you. Here’s a list of our member’s most frequently asked retirement questions to help you out.
I’m one year away from retirement. How do I get ready?
• Attend a free RetireWithEase workshop • Talk to PEPP - call us to get a retirement estimate - ask us about your retirement income options - let us show you how to use Retire@EaseTM (our online retirement planning tool)
• Talk to Service Canada - request estimates for Canada Pension Plan (CPP) and Old Age Security (OAS)
• Review your finances - use the MY EXPENSES worksheet available on Retire@Ease
I can’t decide which retirement income option to choose, what’s everybody else doing?
From April 1, 2011 to March 31, 2012 retiring members transferred into:
Variable Pension Benefit
Sask Pension Annuity Fund
Outside Annuity
Outside pRRIF
75% 8% 1% 16% Members must make a decision that suits them best. When choosing a retirement income option, it’s important to consider your time horizon, risk tolerance, and personal financial situation.
Ask a Friend - Us
SUMMER 2014
OpportunityPEPP Steps
GuidanceR@E Upgrade
DiversificationInvestment Tweaks
OptionsNew Funds
Choice Make a Choice
FALL 2012 SUMMER 2013 SUMMER 2014 FALL 2014
Coming soon
Dive into Paper Free Communications with...
E-comm is a quick, easy and convenient way for you to get the latest Plan news and personal information (like your Member Statement). Once you sign up you will be notified by email that Plan material is available on the website or in your PEPP Access account. To sign up, click on the E-Comm logo on the PEPP homepage.
How much money should I take?
It’s hard to know how much retirement income you should take if you don’t know what’s available to you. Call us, get a retirement estimate, and/or book an appointment with us. Then, you can compare your pension estimate with your estimated retirement expenses. We also encourage you to use Retire@Ease, to see how long your money may last in retirement. Retire@Ease allows you to create different retirement scenarios. We can’t tell you how much retirement income you will need; but, we can give you the tools and tips so you can make an informed decision.
As part of PEPP’s GET MORE initiative, PEPP will be introducing GET MORE Guidance this summer. GET MORE Guidance will give you a better picture of how much money you may withdraw and when to start taking it so your money can last through retirement. Look for more details about GET MORE Guidance in Pension Perspectives this spring.
-c mm
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Public Employees Pension Planc/o Public Employees Benefits Agency1000 - 1801 Hamilton StreetREGINA SK S4P 4W3
This newsletter provides general information about the Public Employees Pension Plan and its operation. It does not replace or supercede the legislation governing the Plan.
Take a day to plan for your life in retirement. The Public Employees Benefits Agency (PEBA) hosts free RetireWithEase workshops throughout the province to help PEPP members (and their spouses) make a retirement plan. The workshops are facilitated by Certified finanCial PlannersTM who present retirement information in everyday language. Sessions are interactive allowing members to ask questions while they learn about tools and information available to them.
Here’s what some members have said about RetireWithEase:
• “RetireWithEase is a must for anyone within 10 years of retiring. I learned how to prepare myself so that I can set my retirement date and just GO!”
• “Great day with lots of relevant information; I wish I had attended five years ago!”
• “Although my retirement is quite far off, I found this extremely useful and interesting. I would recommend the workshop to everyone.”
To register for a RetireWithEase workshop visit our website at www.peba.gov.sk.ca and click on the RetireWithEase registration image.
Is PEPP Steps Right for You?
Growing Your Money Would you like to reduce your taxable income and grow your money? PEPP can help. You can reduce your taxable income by making voluntary contributions to PEPP through payroll deduction. A voluntary contribution is money you choose to contribute to your PEPP account, in addition to your regular contributions, to help build your retirement income. Putting additional money into your PEPP account gives you immediate tax savings and lets your money grow tax-sheltered. Contact your payroll department if you wish to make voluntary contributions to PEPP.
The Income Tax Act (Canada) set the 2013 yearly maximum for member and employer pension contributions as the lesser of $24,270 or 18 per cent of your annual income. When making voluntary contributions, make sure you do not exceed this limit.
To further grow your money, you may now transfer spousal RRSP’s into PEPP, provided you are the annuitant of the spousal RRSP. For more information, contact PEPP at 1-877-275-7377.
Public Employees Pension BoardKenneth R. Horsman : Chair Dennis Terry : Vice-ChairJack Duvall Kathy MartinDerrick Goulet Jocelyn RobinsonSean Engemoen Cathy UherskyJacalyn LuterbachInquiries to the Board may be directed to the Public Employees Benefits Agency.
In the last few newsletters we talked about changes to the PEPP Steps Fund, which happened on November 1, 2012. Members can transfer into PEPP Steps at any time.
If you’re thinking about switching to PEPP Steps, it’s important to ask yourself if the fund is a good fit for you. Consider factors like your personal financial situation, how close you are to retirement, and your risk tolerance. You may want to complete My PEPP Investor Profile. This profile will ask questions to measure your comfort level and knowledge of investing, as well as your attitude toward risk and return to help you determine which PEPP fund may suit you best.
If you would like to transfer into PEPP Steps, complete an inter-fund transfer online using PEPP Access, or submit a completed Investment Option Change form (available online).
