Retired or thinking about retiring?
UNDERSTANDING YOUR PENSION PLAN

The Canadian Baptist Pension Plan (CBPP) is an important and valuable part of your compensation, and a key tool to helping you save for your retirement.

The CBPP is a defined contribution (DC) plan, contributions are fixed, but your pension depends on your account balance at retirement. Making regular CBPP contributions via payroll deduction is a convenient and easy way to save for the future. And when you contribute 6% of your earnings to the CBPP, your employer matches that contribution, automatically doubling your plan investment!

As a member of the CBPP, you also have access to a tax-free savings account (TFSA) to help you save even more toward your financial future.

For more information, refer to the TFSA overview.

New to CB Benefits?
> Plan eligibility and enrollment
> How to choose your investments
> Understanding the TFSA
> For more information
Current plan member?
> Want to save even more for retirement?
> Planning for retirement
> For more information
Thinking about retiring?
> Important information for pre-retirees
> Your retirement options
> READY TO RETIRE – how it works (high-level overview), key advantages & how to access it
What is a TFSA? A tax-free savings account (TFSA) is a flexible and convenient way to save money, whether you’re saving for the future or just for a rainy day. You can contribute up to $5,500 to your TFSA every year and watch it grow tax-free. Funds can be withdrawn tax-free at any time, and you can carry forward unused contribution room each year. Unlike a pension plan, you aren’t required to start withdrawing from your TFSA at age 71. You can find out more about the TFSA here.