Do You Have Pension Options?
Updated: Mar 25
A client of mine emailed me last week saying that her previous employer told her she had 2 options with her pension; leave it where it was or move it to another pension plan. They were wrong.
Qualified people can make us aware of more options
Some options require more from you
Advice is great!
Generally speaking, the administrators of a pension plan are not really involved in things like financial planning and understanding your investment personality in order to recommend a good fit. They do what their job title says – they administer.
This can actually leave you with more responsibility for your financial future. You will likely need to do your own research within the limits of the investments that company’s pension plan offers, you may need to work out your own asset allocation and you may have to do all your own income calculations for retirement.
When it comes to financial matters, one of my clients put it really well. He could tell that my “financial universe was bigger” – his way of saying I am at the centre of more information, more knowledge and more financial matters come to light in my office than in other people’s everyday lives.
So, back to the pension. Sure enough, there is a third option, a Locked-In Retirement Account (LIRA). I often move the investments from a pension to a LIRA and the reasons are simple: I give advice, I help with the plan and I lend my information to your decision making.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider servicing local Regina households and businesses. Since 2001, Chris has been committed to providing a high standard of financial service to individuals, families and business owners. Chris listens and provides a personalized financial plan.