Pension Plans

Make the most of your retirement

What is a pension plan?

A pension plan is a way to save for retirement. You contribute to the plan throughout your working life and withdraw funds when you retire.

Need help?

It’s never too early or too late to start thinking about your retirement goals. Our advisors are here to help!

Make an appointment

The 3 main sources of retirement income

Retired couple on a park bench smile at each other

Government pensions and benefits

Public pension plans provide a basic income in retirement. You may be entitled to payments under the Canada Pension Plan (CPP) or the Old Age Security (OAS) program. The amount you receive from the CPP depends on how much and for how long you paid into the plan, while OAS benefits are based on the number of years you have lived in Canada. Low-income seniors are entitled to an additional benefit called the Guaranteed Income Supplement (GIS).

The Quebec Pension Plan (QPP) is Quebec’s equivalent to the CPP. You can receive a pension under the plan provided you have made the minimum contribution required.

Couple drinking coffee in their kitchen

Company pension plans

A company pension plan is a retirement plan that you alone, or you and your employer, contribute to. The income from these plans complements the income received from public retirement plans.

If you change jobs, you may be able to transfer the funds accumulated to your new employer’s pension plan, or move them to a locked-in retirement account (LIRA).

To start making withdrawals, you must transfer your company pension plan to a life income fund (LIF) no later than the year in which you turn 71.

Couple drinking coffee in their kitchen
Couple drinking coffee in their kitchen
Couple drinking coffee in their kitchen
Magic wand tip icon

Tip

Find the right retirement solution for your business. Choose a group retirement plan that maximizes your tax benefits and motivates your employees.

Little boy playing a game with his grandfather

Personal savings

If your employer doesn’t offer a pension plan, or if you’re self-employed, it’s up to you to save money to supplement your income from public pension plans. Whatever your situation, smart saving now can make a real difference to your retirement lifestyle.

Take advantage of RRSPs, a tax-sheltered retirement savings vehicle. Also consider contributing to a TFSA—another way to grow your savings tax-free. No matter which solution you choose, a systematic savings plan can help. Simply set up automatic withdrawals so that you can put money aside on a regular basis.

See our savings solutions
Newsletter icon

Get more information by email

Sign up for our newsletter to get the latest offers and advice to power your ideas.

Speech bubble icon

Learn more about retirement

Boy playing ping pong with his mother and grandmother
Couple doing their accounts
Man with headphones jogging

Ready to plan out your dream retirement?

Meet with an advisor to get tailored advice.

Make an appointment
Telephone icon
Locator icon
Back
Terms of use
National Bank’s virtual assistant

When using our Virtual Assistant Service (the "Chatbot"), you accept these Terms of Use, which are subject to change without notice. Furthermore, you agree to consult these Terms of Use from time to time and acknowledge that your continuing use of the Chatbot means that you have accepted any changes that may have been made. Your continued use of the Chatbot means that you’ve read, understand and agree to these Terms of Use, the Terms of Use for our website, our Online transaction services, and to our privacy policy. You also understand any other agreements that you have with us will continue to apply when you use the Chatbot.

1. Our Services and your responsibilities

The Chatbot is an automated service which is integrated into our online banking platform.

The Chatbot is preprogrammed to answer general questions concerning the use of our online banking platform solely for informational purposes. The Chatbot is not able to answer questions on personal monetary transactions or products you hold with us.

By using the Chatbot, you understand and agree that:

  • The Chatbot does not provide financial advice or financial planning services.
  • The Chatbot does not conduct any banking transactions.
  • The Chatbot may not be able to answer all your questions. Therefore, it may not be able to provide you with the information you require. You must judge whether the answer provided responds to your question accurately. In the case of uncertainty, a customer service representative would be happy to help you. You can call us toll free at 1-888-483-5628 or 514-394-5555.
  • The Chatbot is not a complaint service. You cannot use the Chatbot to file complaints. If you have any complaints, you can contact us at the number indicated above.
  • We monitor, record and store the discussion that you have with the Chatbot to improve our interactions with our clients.
  • You will not provide the Chatbot with any confidential, personal, or private information. For example, you will not provide the Chatbot with your login information, PIN or other personal banking information.

2. Limitation of Liability

You acknowledge that we won’t be liable for any losses or damages that you may suffer as a result of your use of the Chatbot, including if the Chatbot is unavailable for any reason.

We cannot guarantee that the results obtained via the Chatbot will be accurate and reliable and that the answers provided will meet your expectations.

We will not be held liable for damages you incur as a result of:

  • Any delay, error, interruption or omission on our part or any other event beyond our control.
  • Any deficiency or technical error or any unavailability of our systems and wireless networks.
  • Your failure to meet any of your obligations.
  • Any amendment to or suspension, refusal or blockage of the Chatbot.
  • Any decision or measure you take in response to information and data obtained via the Chatbot.
  • Any other damages you may incur that are not caused by negligence on our part.

3. Language

You have requested that these Terms of Use, and related documents be drawn up in English.

4. Governing Law

These Terms of Use are governed and must be interpreted in accordance with the laws in force in the province or territory where you reside. If you reside outside Canada, the laws in force and the courts of competent jurisdiction are those of the province of Quebec.

Virtual assistant