Basic Concepts of Pension and Pension Plans

Description

Introduction to pensions and retirement plans: understanding of general concepts and terminology associated with pensions; distinction between the different retirement plans.

Objectifs

• Understand the basic concepts associated with pensions and retirement plans
  • Recognize the terminology associated with pensions and retirement plans
  • Have a basic knowledge of the main sources of retirement income
  • Exact description of the purpose of a retirement plan
  • Basic knowledge of the content and scope of the various laws on pensions and retirement plans
  • List of the advantages and disadvantages associated with various individual and group incentive plans
  • Brief description of the Canada Pension Plan (CPP) and the Old Age Security (OAS) programs
  • Differentiation between the types of registered pension plans (RPPs); description of the main terms and conditions of the operation of RPPs
  • Differentiation between the types of registered retirement savings plans (RRSPs) offered by financial institutions

Aperçu du contenu

• Terminology associated with pensions and retirement plans
• Sources of retirement income
• Old Age Security Act
• Canada Pension Plan Act
• Pension Benefits Standards Act, 1985
• Special Retirement Arrangements Act
• Registered pension plans (RPPs)
• Registered retirement savings plans (RRSPs)