So you are ready to retire!
While retirement is a goal of most working people, the process to retire, including the numerous forms that must be filled out and decisions that must be made on Pension options can be confusing for many.
In order to retire, the first step is to request a Pension estimate from the Pension Plan Administrator. The Pension estimate that you will receive from them will outline the options that you have regarding the various Pension types and the amount of Pension income that you will receive under each option. Use the Request for Pension Estimate to obtain this helpful information from the Plan Administrator.
Once you have received your Pension estimate and reviewed your choices. Use the Application for Pension Benefits to notify the Plan Administrator of your Pension choice and request the start of Pension payments. If you are applying for a disability Pension, meaning that you are currently receiving Long-Term Disability benefits, make sure to use the Application for Disability Pension form instead.
You will notice on your Pension estimate, that your choice of Pension type may depend on whether you have a spouse or not. Use the Spousal Declaration Form to confirm whether you have a spouse or not. If you have a spouse, you may need to complete the Spousal Waiver Form and the Certificate of Independent Legal Advice if you select certain Pension types.
If you would like your Pension payments to be deposited directly into your bank account, you must complete the Automatic Deposit Form.
Most retirees will want to ensure that the correct amount of income tax is being withheld from their Pension payments. Send both the Personal Tax Credits Return (TD1) and the BC Personal Tax Credits Return (TD1BC) to the Plan Administrator to ensure that they are withholding the correct amount of taxes. Use the TD1 and TD1BC worksheets provided if you need help to complete the TD1 and TD1BC.