The Storick Group Retirements Plan (1)

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Pension plan
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Pension plan

• Pension plans are individual retirement plans
  that let you allocate a part of your saving for
  your future.
• A pension plan can be understood as a plan that
  guarantee you to provide a good salary after your
  retirement.

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Importance

• It ensures a financial support in your post
  retirement age.
• It ensures your independency for money, even in
  those days when there will be no income and job
  in your life.
• It is a planning for secure future.

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Qualified pension plans

• Defined benefit plan (DB)
• Defined contribution plan (DC)

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Defined benefit plan

• Defined benefit pension plan guarantees a certain
  payout at retirement, for life.
• Amount of pension is paid according to a fixed
  formula which usually depends on the member's
  salary and the number of years' membership in
  the plan.
• If the pension plan allows for early retirement,
  payments are often reduced to recognize that the
  retirees will receive the payouts for longer
  periods of time.

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Defined benefit plan

• In most pension plans, the employee, the
  employer, or both may make contributions.
• plans are better for people who have 20 years
  until retirement or less, since the annual
  contributions can be larger.
• If there is any shortfall in the money required,
  your employer must pay the difference.

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Defined contribution plans

• A defined contribution plan will provide a payout
  at retirement that is dependent upon the amount
  of money contributed and the performance of the
  investment vehicles utilized.
• DC allows the employer and/or employee to make
  contributions, so that the final benefits depend
  on how much was in the account and the rate
  earned by the account's investments.
• An individual account must be set up for each
  participant in the plan.

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Defined contribution plans

• With a DC plan, contributions are guaranteed, but
  retirement income is not.
• You are responsible for investing all
  contributions to grow your savings. In this way,
  the plan is similar to an RRSP (Registered
  retirement Saving Plan)
• The amount available for your retirement depends
  on the total contributions made to your account
  and the investment returns this money earned.

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Why Storick Group Plans
Compare and buy the best retirement plan at
Storick Group We understand your need and
preferences. We make your comparison easy and
systematic. We believe, a right pension plan
makes a secure plan for your retirement in a
phased manner. We always advise to choose the
best retirement plan that can act as a savior of
your life in those golden years. We believe in
your satisfaction.