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Individual

Individual. Pension Plans. Ken Zawalykut | www.kenzawalykut.ca Email: ken.zawalykut@ipcsecurities.com Phone: 905.372.0800. What is an IPP?.

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Individual

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  1. Individual Pension Plans Ken Zawalykut | www.kenzawalykut.caEmail: ken.zawalykut@ipcsecurities.com Phone: 905.372.0800

  2. What is an IPP? • An Individual Pension Plan (IPP) is a registered, defined-benefit pension plan sponsored by an employer. It is set up for a single individual and spouse. An IPP seeks to guarantee a certain level of income in retirement

  3. Key Benefits of An IPP • Allows for larger contributions compared to an RRSP. Provides pre-determined retirement benefits. Benefits are indexed to increase with inflation. Assets are protected from creditors. Pension benefits may be split with spouse.

  4. Additional Flexibility • A member can retire at 65. • A plan member can begin receiving benefits as early as 55. • Retirement may be extended to the end of the year in which the member turns 71. • An IPP can be terminated at any time, with assets being transferred to the members locked in RRSP.

  5. Possible Disadvantages • IPP assets must be used for lifetime retirement pension. • Cannot be de-registered unless member is in ill health or leaves Canada. • There are some additional costs, however additional tax savings outweigh the costs.

  6. How Are Benefits Paid? • A guaranteed life annuity must be purchased form a life insurance agency. Assets may be transferred to a Life Income Fund (LIF) or a Locked In RIF (LRIF). Assets may be used to pay pension, and after death remaining assets go to spouse or estate.

  7. For a Comprehensive Look at Your Financial Planning Needs… • ….Call or email today • Ken Zawalykut • Financial Advisor • IPC Securities Corporation24 Covert Street, Suit 201Cobourg, ON K9A 2L6 • Phone: 905.372.0800 • Email: ken.zawalykut@ipcsecurities.com • Website: www.kenzawalykut.ca Trademarks owned by Investment Planning Counsel Inc. and licensed to its subsidiary corporations. Investment Planning Counsel, is a fully integrated Wealth Management Company. Mutual Funds available through IPC Investment Corporation and IPC Securities Corporation. Securities available through IPC Securities Corporation, a member of the Canadian Investor Protection Fund. Insurance products available through IPC Estate Services Inc.

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