Joined
·
44 Posts
Hi :
I found this one that is based on the British Pound so you have to convert from Canadian currency . The Pension Annuity Table is the 4th one down. http://www.fsa.gov.uk/tables/
However , it tells me that my 2008 Cash Value of $184,000 will only provide me with $928 month at 60 years of age (10 year guarantee - for single life & no increase) , yet my Termination Statement from last summer (2008) says that I will receive $2044 (not including a possible Bridge Benefit) on my normal retirement date (60 years of age) .
I thought I had a handle on it but I obviously don't .
My pension booklet tells me that I can retire early and the administrator confirmed that my monthly cheque will be reduced by 6%/year from age 60 , or 30% if I retire at age 55 , which means a cheque of $1430/month. So I thought maybe the small amount of Annuity payout was because of this factor , but it still doesn't even come close .
Man , no wonder people go running to FA's to help them out with this stuff . I may still , but I'd like to know what he/she is talking about the next time I see one . The last time I didn't have a clue what he was advising me to do , so I ended up not doing anything .
Any help is greatly appreciated .
G J D Swain
I found this one that is based on the British Pound so you have to convert from Canadian currency . The Pension Annuity Table is the 4th one down. http://www.fsa.gov.uk/tables/
However , it tells me that my 2008 Cash Value of $184,000 will only provide me with $928 month at 60 years of age (10 year guarantee - for single life & no increase) , yet my Termination Statement from last summer (2008) says that I will receive $2044 (not including a possible Bridge Benefit) on my normal retirement date (60 years of age) .
I thought I had a handle on it but I obviously don't .
My pension booklet tells me that I can retire early and the administrator confirmed that my monthly cheque will be reduced by 6%/year from age 60 , or 30% if I retire at age 55 , which means a cheque of $1430/month. So I thought maybe the small amount of Annuity payout was because of this factor , but it still doesn't even come close .
Man , no wonder people go running to FA's to help them out with this stuff . I may still , but I'd like to know what he/she is talking about the next time I see one . The last time I didn't have a clue what he was advising me to do , so I ended up not doing anything .
Any help is greatly appreciated .
G J D Swain