One of the ‘Frequently Asked Questions’ we get asked is about Pastor’s Pensions. Many find retirement planning confusing, frustrating and fearful. But take heart. We have help. And a hotline to call…
Who Should I Call? Call the GROUP RETIREMENT SERVICES at Great West Life Assurance: 1-800-754-3402. This is the Call Centre who will verify your account and connect you with a live representative. They can help you with reviewing your account, your investments and to help you with any change.
What Do I Need? You will need your individual Member ID (you can find this number on your pension plan statement) and the FMCiC Policy Number – 65475. If needed, they can also refer you to an investment and retirement specialist for help with other investments/RRSPs.
When Should I Call? You can call anytime and asked to be referred to a retirement planning specialist. You should call about 1 year before you plan on retiring. Retiring take time to prepare and process. Group Retirement Services will help you with what forms you need to fill out, and give you an idea of how much you can expect each month, when you can expect to receive pension payments and for how long.
What Happens if I Go into Transition? While you are in transition, you are not contributing to your pension plan. However, when you return to an appointed position, you can resume your contributions to the plan. Upon termination in the plan, you will receive a complete disclosure package with your account balance and the available options to you as a terminated member.
What I Should Do Now? You may be years from retirement. But there are things you can do now that will help place you in the best position before living on a fixed (and potentially smaller) income:
- Review Your Plan Annually – steward your investments wisely
- Live on a Budget and Get Out Of Debt
- Simplify your Lifestyle
- Complete and Pay-off Major Purchases – home repairs, downsizing, car repair/replacement
- Get Checked – While you still have coverage, get any dental work, physicals and eye exams recommended.
- Get healthy – stewarding your health now will mean less health costs associated with diabetes, blood pressure and coronary heart disease, mobility issues and more that come from not eating right, not exercising and not getting enough rest.
- Get Involved – what are you going to do with your retirement? What ministry do you want to get involved in? What can you do now to be ready to serve then?
This spot is going to be a place where you can ask both church and personal financial questions. If you have a financial question send it here and we will send you the answer and may post them here!