I had decided to attend a "Know Your Pension Plan Benefits" workshop today. Even if I wasn't sleep deprived (which I am), I couldn't even tell you how everything works. The guy kept on throwing out formulas and example with calculations, and I just sat there thinking, "Can you talk about it in non-number terms?"
Here's what I did learn:
- I should always check my paystub to ensure that the right amount was taken out for my pension
- Only my spouse can waive the right to not be my beneficiary on the pension, regardless of who I name as beneficiary. Well, this is according to the BC Pensions Act.
- UBC has a pretty kick-ass pension plan
- It's highly recommended that I leave the money with UBC, regardless of what happens to me pre-retirement.
Of course, after this money talk, the next question that begs to be asked is: How much money do you really need to retire on?
I personally think it's more than most people think. So every little bit helps, like having a pension. But that will be a post for another day.