Beneficiaries and your Pension
While planning retirement, I took the right decision to go for a pension plan. The hardest part of buying the right pension, you need to go through lots of documentation and choose the right policy that protects my family after me. This is not a pessimistic view; The sake of my loved ones I gave my extra time arranging my accounts and making sure the proper plans. We all need to be smart about planning for retirement everybody wants a plan that offers a lot of financial advantages, and while going through the paperwork I was confused with assigning my pension benefiter. Earlier, I was worried to have enough money to enjoy my retirement phase, now my whole concern is to ensure it gets into the right hands after my death. I want to give the best out of best; I worked hard to earn money to give my family a luxurious life. You can take a risk of anything but when it’s family, you need to go through every single pros and cons. In all this confusion, I consulted the retirement shield advisor to know that my pension plan is a secure, lifetime income source after my death.
The retirement shield guided me so well how my pension plan, provide financial care for your beneficiaries after your death and how can I have the option to name over one alternate for each beneficiary. My family members, my spouse, my kids, my friends, charities, or organizations anybody can be my pension beneficiary. Many clauses confused me a lot about how to divide the equal percentage of pension to each beneficiary or allocate a different percentage for beneficiaries. My expert explained to me how I can divide the pension plan between spouse or my ex-spouses and my children. It’s important to have over one beneficiary, trusts or any organizations in case a beneficiary dies before you, the pension benefit automatically goes to the alternative one when I die.
SPOUSE
After my death, my pension benefits automatically go to my spouse and my blood relatives that can be my parents or children. My pension benefit will work as if I died and before my earliest retirement age or after that, in both cases, my spouse is eligible for an immediate monthly pension but before my earliest retirement age my spouse can either go for or a payment equal to the commuted value of my pension.
A CHILD
I have three kids and I named all my kids as a beneficiary in case something misfortune happens, I just want my kids to be under safety zone after my death. My elder son is under 19 and the other two are 13 and 10 years old so I named a trustee to manage and distribute the pension benefits equally between them eldest one reaches age 19. My retirement shield advisor told me if I have not nominated a trustee, then my pension will be managed by the public guardian.
EX-SPOUSE
There are so many ways like if my spouse giving his rights as the beneficiary then my Stepchildren and step-grandchildren or adopted children can receive benefits in that case. But was a little confused because my last marriage stayed over 10 years and my spouse is taking care of my kid? I got to know that I divorced years back so my ex-spouse is not eligible for it because at the time of my divorce my pension was not considered being marital assets. Otherwise state divorce courts to decide whether and how pension assets are divided, and whether survivors’ benefits are payable.
I know, too much information but helps you decide the right beneficiary. It’s never too late to take the right step and consulting the right person for it. Be confident consulting retirement shield at “info@canadainsuranceplan.ca” or call them at 416-613-9535, 613-699-2361, 416-900-6052 & 866-517-0606.
