Learn how to efficiently manage and edit a client’s pension data
All present and future government benefits and defined benefit pension plans owned by a client can be simulated within the Pensions card. The CPP and OAS information for each client is visible within the card at all times, while defined benefit pensions need to be added manually.
Accessing the Pensions Card
To access the Pensions Card, navigate to the client’s Current Data page and locate the Financial Data section. This is where you can view, manage, and update all pension details for the client.
Government Benefits (CPP and OAS)
Government benefit estimates and eligibility details are automatically available within the Pensions Card as soon as a client is created.
- To customize these benefits, click on the CPP/QPP or OAS estimates.
- This allows you to adjust each client’s expected eligibility, select a start date, specify voluntary income tax deductions, or include survivor benefits if applicable.
By default, clients are assigned 85% eligibility for CPP/QPP and 100% eligibility for OAS.
- These default percentages can be modified as needed to reflect the client’s specific circumstances.
- Estimated benefit amounts based on the specified eligibility are displayed in grayed-out data entry fields for reference.
If the client is already receiving CPP/QPP, flip the Currently receiving CPP/QPP toggle to Yes. In such a case, you are expected to also provide the current monthly amount. This amount will get indexed over the years in the appropriate reports.
Defined Benefit Pensions
Begin by clicking the "+ Defined Benefit Pension" button located at the bottom of the card.
When initially created, defined benefit pensions are displayed in a simplified format. This enables you to input the essential details needed to begin planning, including:
- Pension start date
- Primary monthly benefit amount
- Primary benefit indexation
- Percentage payable to the survivor
- Bridge benefit amount
- Application of survivor percentage to the bridge benefit
- Whether the client is still contributing to the plan
- Whether employee contributions exceed legislated maximums.
- Employee contributions up to the yearly maximum pensionable earnings (YMPE).
- Employee contribution rate applicable to salary up to the YMPE.
- Employee contributions above the YMPE.
- Employee contribution rate applicable to salary above the YMPE.
Additionally, you must provide details about earnings:
-
Earnings up to YMPE:
This includes earnings up to the YMPE multiplied by average earnings up to YMPE and years of service. This forms the first part of the pension benefit and is used to calculate the pension adjustment. -
Earnings above YMPE:
This applies only if the plan member’s average salary exceeds the YMPE. It includes earnings above the YMPE multiplied by average earnings above YMPE and years of service. This forms the second part of the pension benefit and is also used to calculate the pension adjustment.
To provide a more detailed view of the defined benefit pension, click "Promote to Detailed" at the bottom of the card.
Note: The detailed view allows for better calculation of main and bridge benefits, along with a more detailed accounting of pensionable service years, salary factors, and other options.