What happens when
you retire

Pays an annual pension for as long as you live, on top of the core DB component — 0.70% of your final average earnings (FAE) multiplied by your credited service earned.

Your DC account balance is locked-in to provide retirement income. When you retire, you can convert your account balance into a locked-in retirement account (LIRA) to keep your money invested, or into a life income fund (LIF) that you can use to withdraw money. You choose how much to withdraw each year (within set minimum/maximum limits).

Alternatively, you can purchase an annuity with your DC account balance. An annuity pays a monthly pension for as long as you live, similar to the DB option.

You will receive an account balance that you can use to boost your retirement income. The account balance is based on contributions and investment earnings. You can withdraw as much or as little as you need. Note that you will need to pay tax on the money you withdraw from your RRSP. You must convert your RRSP into a Registered Retirement Income Fund (RRIF) by age 71.

You can also use the RRSP for the Homebuyers’ Plan  and the Lifelong Learning Plan  Plan before you retire.

You can use your OAC account to purchase additional DB benefits (i.e., to increase your monthly pension or improve benefits to your spouse or beneficiary), up to the CRA maximum . The unused balance of your OAC account will be paid in cash (less tax deductions).

You will receive an account balance that you can use to boost your retirement income. The account balance is based on contributions and investment earnings. You can withdraw as much or as little as you need.

You will receive an account balance that you can use to boost your retirement income. The account balance is based on contributions and investment earnings. You can withdraw as much or as little as you need.

• Leave your money in the pension plan and draw a pension at age 55 or later (this is called a deferred pension), or
• If you are younger than 55, you may transfer the lump-sum value of your pension to a locked-in plan (e.g., your next employer’s pension plan (if allowed) or a personal locked-in retirement account, LIRA).

You will receive the total value of your account (including your own and Johnson & Johnson’s contributions, plus investment returns). You can:

• Transfer the money to a locked-in plan (e.g., your next employer’s pension plan (if allowed) or a personal locked-in retirement account, LIRA), or
• Purchase a deferred annuity.

You will receive the total value of your account (including your own and Johnson & Johnson’s contributions, plus investment returns). You can:

• Transfer the money to a personal RRSP, or
• Take a cash payment less tax deductions.

• If you choose a deferred pension for your DB benefits, your OACs will also stay in the plan until retirement, at which point OACs will be used to improve your DB benefits.
• If you choose a lump-sum payout for the DB benefits, your OACs will also be paid out.

You will receive the total value of your account (including your own and Johnson & Johnson’s contributions, plus investment returns). You can:

• Transfer the money to a personal TFSA, or
• Take a cash payment without any tax deductions, since contributions were made with after-tax dollars (i.e., tax was already withheld).

You will receive the total value of your account (including your own and Johnson & Johnson’s contributions, plus investment returns) as a cash payment without any tax deductions, since contributions were made with after-tax dollars (i.e., tax was already withheld).