Monday, October 17, 2016

Survivor pension benefits

7:21 PM


Question:

I have a 57 year old receiving roughly $10,000 of QPP survivor benefits and roughly $1,200 annually of private pension survivor benefits. Keep in mind the client will begin receiving regular reduced QPP retirement benefits sometime after age 60.

How do I enter these amounts?

Answer:

I've looked briefly at the plan and have a few comments.

  1. You can put the $10,000 of QPP survivor benefits in non-registered or TFSA (I assume it's a one-time lump sum and has been paid). If it's coming in the future put it as an 'Other Asset' in the Financial Information page.
  2. You have $1,680 annual pension of $1,680 at 65, with an actuarial reduction to age 50. You may want instead put this as a 'Pension or Annuity Income from Registered Pension Plan' on the Financial Information page. 
  3. You have QPP starting at 65 not 60. Enter the age you want the QPP to start.
  4. In 'Asset Mix for Projections' on the Options page, you have the asset allocation percentages for non-registered adding up to 110%. It should add up to 100%.


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