That's basically what we got in the 2012 government forced contract. In 2017, as mentioned, we achieved CWIPP.tsgarp wrote: ↑Mon Sep 23, 2019 5:41 pm Sorry, really dumb question.
Under the DC plan, does the company choose how your pension fund is invested, or do you select an investment advisor? Also, if I'm understanding this correctly, you contribute 6% of your wages up to 140K, the company matches it and when you retire that money is yours?
It's a target benefit plan with a guaranteed payout for life. Payout is based on years in the plan and total career earnings. If you have a high earning career, ie. early upgrade it is likely to pay more than a DB plan. If you ride as an RP your whole career, you will have a lower payout.
You have nothing to manage or choose. Just make your contributions - 7.5% and without CRA cap on how much you can tax shelter.
Earliest unreduced pension at 20 years service and 60 years old.
If you leave the company, the money is still yours, you can take a deferred pension, or buyout.