Thinking about retiring
Important information for retirees and pre-retirees

Your health is important to us! One key advantage of being a long-term CBM employee is that you can continue have access to health benefits after retirement. To be eligible for the post-retirement benefits plan, you must have been actively employed in the Baptist family of churches for at least 10 years.

Our flexible post-retirement benefits program gives you the opportunity to choose personalized benefits coverage that meets your specific needs and preferences. Here’s how it works.

All plan members will have the following core coverage:

Basic Life Insurance $5,000 Reduces to $2,500 at age 70
Dependent Life (Spouse) $5,000 Terminates when you turn 70
Dependent Life ( Child) $2,000 Terminates when you turn 70

You can then choose between two options – Birch Leaf and Maple Leaf – to supplement these core benefits and get additional coverage for:

  • Life insurance
  • Prescription drugs
  • Paramedical services
  • Emergency travel insurance
  • Vision care
  • Medical services and supplies
  • Dental care
  • Survivor benefits
  • Healthcare spending account (Maple Leaf plan only)

Both options provide meaningful post-retirement benefit coverage; however, they offer different levels of coverage and flexibility. You choose which one best meets your personal needs.

You can also choose to cover:

  1. Member only = You
  2. Member + 1 = You + your spouse or a dependent child
  3. Member + 2 or more = You + your spouse and/or dependent children

All premiums are 100% retiree paid.

For more information, read the Retirement Plan Election Guide.

Thinking about retirement?

As you near retirement, you’ll need to decide how to convert your savings into income to ensure a comfortable retirement. If you are within 6 months of retirement, then you will have access to the READY TO RETIRE program – available at no charge to you.

READY TO RETIRE is designed to ensure that every CBPP member who is transitioning into retirement gets the financial guidance needed to make informed, sound decisions on how to convert their pension assets into retirement income.

READY TO RETIRE is also designed to help you complete any forms or other paperwork required to implement your decision and, when necessary, act as a liaison between you and the financial institution. For more READY TO RETIRE information, email


After years of saving for your retirement, you've reached your goal – now it's time to start spending what you've saved.

The CBPP offers seamless transition to retirement. From READY TO RETIRE to joining the CBPP Retirement Fund, we make it easy for you transition to the next phase of your life. Not only is it easy, it is also beneficial. As a retired member of the plan, you will have access to the same low fees, professional management, and services that you currently enjoy.

The following chart gives you an overview of your options for converting retirement savings into income.

  Retirement savings Retirement income
Registered but not locked-in plans Retirement savings
  • Registered retirement savings plan (RRSP)
  • Group RRSP
  • Spousal RRSP
  • Self-directed RRSP
  • Deferred profit-sharing plan
Retirement income

    You must convert your registered savings plans by the end of the year you turn 71. Your options:

  • Registered retirement income fund (RRIF)
  • Life or fixed-term annuity
  • Cash
Registered, locked-in plans Retirement savings
  • Defined contribution (DC) pension plan
  • Locked-in RRSP
  • Locked-in retirement account (LIRA)
Retirement income

    You must convert your locked-in savings plans to locked-in income plans. Your options:

  • Life income fund (LIF)
  • Locked-in retirement income fund (LRIF)
  • Life annuity
Non-registered investments Retirement savings
  • Tax-free savings account (TFSA)
  • Savings and chequing accounts
  • Non-registered investments, such as mutual funds, segregated funds, GICs, exchange-traded funds, stocks, bonds, Canada Savings Bonds, home/business/investment properties
Retirement income

    You can continue to use the same accounts as you did before retiring.

  • Withdraw, transfer or contribute money at any time.
Government pensions Retirement savings
  • Canada Pension Plan (CPP)
  • Quebec Pension Plan (QPP)
  • Old Age Security (OAS)
Retirement income

    You must apply to begin receiving retirement benefits.