When to retire is an important decision. As members begin to consider their retirement date, there are a number of factors to take into account, including other sources of retirement income they may have in addition to their MEPP pension benefit.

Sources of Retirement Income

The money a member receives once they retire will likely come from different sources. The Canada Pension Plan (CPP) and Old Age Security (OAS) are the two retirement incomes most Canadians will collect. Members may also qualify for a Guaranteed Income Supplement (GIS).

Members may have Registered Retirement Savings Plans (RRSPs) or other investments, or perhaps they have a pension from another employer.

Retirement Planning Advice

MEPP recommends that members seek advice from an independent financial professional before making any retirement decisions. To help choose the right financial professional, the Government of Canada has some helpful guidelines.

Other Sources of Retirement Income

Employer-Sponsored Pensions

  • MEPP defined benefit pension
  • Other defined benefit pensions
  • Defined contribution pensions
  • Deferred profit-sharing plans
  • Group RRSPs

Non-Registered Savings and Investments

  • Personal savings
  • Guaranteed Investment Certificates (GICs)
  • Tax-Free Savings Accounts (TFSAs)
  • Dividends from or sale of stocks
  • Interest from or maturing of bonds
  • Dividends from or redemption of mutual funds
  • Conversion of home equity
  • Income from business assets
  • Income from real estate
  • Sale of personal assets

Government-Sponsored Pensions

  • Canada Pension Plan (CPP)
  • Old Age Security (OAS)
  • Guaranteed Income Supplement (GIS)

Registered Investments

  • RRSPs
  • Locked-In Retirement Accounts (LIRAs)
  • Locked-In Retirement Income Funds (LRIFs)
  • Annuities