November is Financial Literacy Month

Understanding your pension is an important step toward retirement readiness and financial literacy.

Since 2011, Financial Literacy Month has helped Canadians build knowledge and skills to improve their financial well-being. This month, we are sharing easy-to-understand highlights of the Teachers’ Pension Plan (Plan) so you can feel confident about your financial future.

Plan Highlights:

  • Guaranteed Lifetime Income
    As a member of a defined benefit pension plan, you will receive a predictable, monthly pension for life when you retire, calculated using a formula based on your years of pensionable service and your average earnings over your eight highest-paid years.

  • Retirement Security
    The Plan takes a long-term approach to investing, helping to manage the impact of short-term market fluctuations. You can feel confident that your pension is professionally managed by experts who help keep the Plan financially strong for the future.

  • Survivor Benefit
    Your pension can provide ongoing financial support to eligible loved ones after you pass away.

  • Disability Benefit
    Your Plan offers financial protection in the event you become disabled before retirement and are unable to continue working.

  • Shared Contributions
    Your employer matches your contribution of 11.35% to help fund your future pension.

The more you know about your pension, the better prepared you can be for retirement. If you have questions about your pension, please contact us. 

Email: memberservices@tppcnl.ca      Phone: 709-793-8772 or 1-833-345-8772
In-person: 140 Kelsey Dr., Suite 300, St. John’s, NL

 

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