Title Details

Bruce Cohen established himself as one of Canada's top personal finance writers when he was personal finance columnist for the Financial Post. He is a freelance writer for financial companies and the author of the bestseller, The Money Advisor.

Brian Fitzgerald is a prominent actuary and expert in retirement program design and operation. He recently retired as a principal from one of Canada's leading pension and benefits consulting firms.

Preface

PART ONE: The Pieces of the Puzzle

Chapter 1: How Much, How Long?
Income Replacement Ratio
Life Expectancy
Relating Concepts to Cash
Worksheet 1: How Much Do You Need for Retirement?
Worksheet 2: Where Does Your Money Go?

Chapter 2: Are You on a Tricycle or a Bicycle?
The Government Wheel
The Employer Wheel
The Personal Wheel
Worksheet 3: Where Will You Get Your Retirement Money?

Chapter 3: Government Benefits: Cash for Life
Why Does OAS Exist?
How Does OAS Work?
How Much Can You Expect?
What About the Clawback?
Worksheet 4: How Deep Does the Clawback Bite?
Can OAS Be Received Outside Canada?
Can You Count on Getting OAS?
Worksheet 5: What Can You Expect from OAS?
Low-Income Supplements

Guaranteed Income SupplementSpouse's AllowanceSurvivor's AllowanceHow Do These Supplements Work?How Much Can You Expect?Provincial Low-Income Supplements Worksheet 6: The Price of Pessimism: OAS

Chapter 4: CPP: Pension Plan or Pyramid Scheme?
Calculating Your C/QPP Pension
Worksheet 7: Your C/QPP Contributory Period So Far
But You Don't Have to Wait Until 65 to Start Your Pension
Worksheet 8: What Can You Expect So Far from C/QPP?
Splitting Your Pension— Voluntarily or Otherwise

If Your Marriage Splits Up, Your C/QPP Credits May Split Up TooIf You're Still Together at Retirement Time, There's a Way to Potentially Save Tax
But None of this Matters if CPP Goes Broke, Right?
Worksheet 9: The Price of Pessimism: C/QPP

Chapter 5: The Tax Shelter Umbrella
Are RRSP Limits Too High?
Pension Adjustment (PA)

The Factor of 9
Pension Adjustment Reversal (PAR)
Past Service Pension Adjustment (PSPA)
Is Your 18% Umbrella Big Enough?So, Is the System Fair?

Chapter 6: Employer Plans: Overlooked Value
Defined Benefit Registered Pension Plans (DB RPPs)

Final Average Earnings PlansCareer Average Earnings PlansFlat Benefit Plans— Multi-Employer PlansFlexible Pensions
Money Purchase PlansDefined Contribution Registered Pension Plans (DC RPPs)Group RRSPs (G-RRSPs)Personal RRSPsDeferred Profit Sharing Plans (DPSPs)
Which Plan is Best?Which Plan is Easiest to Understand?Which Plan Offers the Greatest Security?Which Plan is Best for Mobile Workers Who Change Employers?Which Plan Offers the Best Deal for Retirees?Which Plan is Best for Your Spouse?
Hybrid and Combination Plans
Worksheet 10: Pension Plan Shopping List

Chapter 7: Your Own Plan: RRSPs, RRIFs and Annuities
Tips for RRSPs
Tips for Both RRSPs and RRIFs
Tips for RRIFs and Annuities

Chapter 8: Will It Be STEW for You?

Not Cast in StoneReasonable ReturnsFudge It
Worksheet 11: What Should You be Saving for Retirement?

PART TWO: The Real Nitty Gritty

Chapter 9: Who Makes the Rules?
Where Do You Find the Rules?
Annual Pension Statement

Chapter 10: When Can You Join the Plan— and Who Pays How Much?
Full-Time versus Part-Time
Mandatory versus Optional Plans
Should You Join the Plan if It's Optional?
Who Pays?

Defined Contribution PlansDefined Benefit Plans
Past Service Contributions

Chapter 11: What Happens to the Money?
The F-Word: Fiduciary
Pension Fund Audit
How Do You Know You'll Get the Pension Promised?
Who Owns the Surplus?Partial Plan Wind-Ups

Chapter 12: When Can you Retire?
The Early Retirement "Penalty"

Past Service Pension Credits
Phased Retirement

Chapter 13: What Do You get in Retirement?
Defined Contribution Plan

Purchasing a Life AnnuityLump Sum Transfer to Another Registered Vehicle
Defined Benefit PlanFinal Average PlanCareer Average PlanFlat Benefit PlanReciprocal AgreementsIntegration With C/QPPBridge BenefitsApproved DownsizingsPregnancy and Parental LeaveFlexible Pension Plans
Hybrid and Combination Plans

Chapter 14: What If You're Highly Paid?
Supplementary Employee Retirement Plan (SERP)

DocumentationPension DueVestingFundingHow Strong Are the Ties That Bind?
Secular Trust
Individual Pension Plan (IPP)

Chapter 15: What Happens If You Change Jobs?
Vesting
Locking-InOption #1: Stay PutOption #2: Transfer the Money to Your New Employers Pension PlanOption #3: Transfer the Money to an Insurance Company to Buy an AnnuityOption #4: Transfer the Money to a Special RRSP or RRIF
Is There Any Way Just to Take the Money and Run?
Job Transfers Out of Canada

Chapter 16: LIRAs, LIFs and LRIFs
Why Were L-Plans Created?
Which L-Plan Rules Apply?
Can You Consolidate L-Plans?
Be Careful About Fees
What About Early Access?

Chapter 17: What About Death and Disability?
Beneficiary DesignationsBeneficiaries and the Tax Man
Pre-Retirement Death
Death During RetirementJoint and Survivor PensionsGuaranteed PaymentsCash Refund Plans
What About Pre-Retirement Disability?

Chapter 18: What Happens If Your Marriage Ends?

Chapter 19: Can Your Employer Change the Plan?
Conversions
Winding Up
What if Your Employer Is Sold?
What if Your Employer Fails?

Appendix A: Canada's International Benefits Agreements
Appendix B: Highlights: Minimum Pension Standards
Appendix C: Who's a Spouse for Pension Purposes?
Appendix D: Retirement-Related Links
Appendix E: The Actuarial Report: Keeping a DB Plan Healthy

Glossary

Index

"The Pension Puzzle is destined to become the definitive reference book on retirement plans for financial advisers and their clients."
— Jonathan Chevreau, The National Post

"Spending each day as you choose and getting monthly cheques to pay for it is neither boring nor painful, yet the mention of pensions brings on tension. Bruce Cohen and Brian FitzGerald are right on the money with a sensible, straightforward, and practical guide to how much you can expect, where it will come from, and whether it will be enough. Don't leave work without it."
— Michael Kane, The Vancouver Sun