Overview: What to Expect in the Retirement Process

Retirement is a big step! In this video, we’ll explain what your pension options are and how to make an informed decision.

Topics covered: Choosing a pension benefit option; the pension retirement package; choosing a retirement date

Transcript for Overview: What to Expect in the Retirement Process

(Background music: jingle with acoustic guitar. Welcome page on white background showing hexagonal shaped icons with different images, and a logo of the Government of Canada Pension Centre. Soft instrumental music playing. The narrator is a woman with short dark hair, dressed with a brown blouse. She is sitting on a couch in a modern alternative workspace environment. In the room is office furniture such as Node chairs, white boards, glass walls. In the background is a group of employees sitting at a boardroom table.)

At the Government of Canada Pension Centre, we’re here to help!

Hi, my name is Carron. Are you soon starting a new chapter in your life? Changing your routine from being at work to being at home, or taking on new projects? Retirement can be a fulfilling time for you and your loved ones. But, before you leave the public service, here are steps you’ll need to follow:

First order of business, you need to choose your retirement date. I know—for some, this could be the hardest step of the process. Once you have a retirement date, you must submit your resignation letter to your manager for approval. Your manager will then send your accepted resignation letter to the Public Service Pay Centre or your departmental compensation services. Finally, you should also send the Government of Canada Pension Centre proof that your resignation has been accepted by your manager. This could be either a copy of an email, a form, or a letter, and do this at least three months before you retire.

Upon approval of your resignation contact the Pension Centre. This will allow us to prepare and mail your personalized retirement package. It will include a Pension Benefit Options Statement indicating what your available pension choices are.

(While the narrator is speaking, the image on the screen changes. On screen is an aerial view over the Government of Canada Pension Centre building. Scene change: a male employee is walking to his workstation with some documents in his hands. He sits down at this desk and inserts the documents in a large envelope.)

Now, to make your pension choice, you must complete your Pension Benefit Options Statement. Then, return it to the Pension Centre. It’s that simple! But first, check out our video on “How to complete the Pension Benefits Options Statement PWGSC-TPSGC 2011.” While you’re at it, also view the videos regarding your available pension options, such as: Immediate Annuity, Annual Allowance, Deferred Annuity and Transfer Value.

(The narrator is back on screen, sitting on a couch. When she says “But first, check out our video…,” a grey text box with white letters appears on the top-left corner of the screen with the words HOW TO COMPLETE: PENSION BENEFITS OPTION STATEMENT PWGSC-TPSGC 2011. The text box disappears upward. When the narrator says, “… regarding your available pension options…,” the words IMMEDIATE ANNUITY/ANNUAL ALLOWANCE/DEFERRED ANNUITY/TRANSFER VALUE appear in a text box on the top-right corner. The text box disappears.)

You should choose your pension option as soon as possible. In certain cases, a delay can have financial implications. Waiting too long could also result in making your option invalid. So ideally, you should contact the Pension Centre before terminating your employment.

So, to recap, here’s what you need to do:

  • Choose your retirement date
  • Submit your resignation letter to your manager
  • Send proof of your resignation approval to the Pension Centre
  • Contact the Pension Centre to obtain your personalized retirement package and
  • Choose your pension option as soon as possible

(When the narrator says, “… here’s what you need to do” the words CHOOSE YOUR RETIREMENT DATE/SUBMIT YOUR RESIGNATION/SEND PROOF OR APPROVAL/CONTACT US/CHOOSE OPTION appear in a text box, on the top-left corner of the screen. The text box disappears.)

Once you retire, you should receive your first monthly pension payment within 45 calendar days from your retirement date. Of course, this takes into consideration that you and your employer have correctly completed and sent all required documents. These also need to be received prior to your retirement date. What happens if the Pension Centre receives your documents more than 15 days after your retirement date? Well, you would then get your first pension payment within 30 days from the day we receive your documents.

Your first pension payment will be issued as soon as it is processed. And for all future pension payments… You can look forward to receiving them in your bank account on the third last banking day of each month.

(When the narrator says “… you can look forward to receiving them…,” the image of a calendar page appears on the top-right corner. There is an “x” on all the dates, except for the third last banking day, which is circled. The image disappears.)

I hope this was helpful to you! Should you have any questions regarding this video, feel free to contact us! To better prepare your retirement, I encourage you to view our other videos! You can also access more information by visiting: Canada.ca/pension-benefits.

(The narrator stands up and takes a few steps forward. When she says “You can also access more information…,” the words CANADA.CA/PENSION-BENEFITS appear on the bottom of the screen. The text disappears.)

Thanks for watching!

(Background music playing… Contact information page, with the words CONTACT INFORMATION [underlined]: GOVERNMENT OF CANADA PENSION CENTRE—MAIL FACILITY, PO BOX 8000, MATANE, QC, G4W 4T6. Logo of a small telephone, followed by the word TELEPHONE: 1-800‑561‑7930. Logo of a small envelope, followed by the word EMAIL: pwgsc.pensioncentre-centredespensionstpsgc@pwgsc-tpsgc.gc.ca. Black screen with the Government of Canada Pension Centre logo in white, with a small red Canadian flag. The Canada logo appears in white, on black background. The volume of the music goes down and stops.)

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