Defined Benefit & Contribution Plan Changes

by | Mar 8, 2023 | YCS

As most members are aware, a change to your Defined Benefit Plans (DB) is on the horizon. With the completion of this change in September 2023, all members will be required to make important financial decisions regarding their pension plans. These decisions will involve choosing what to do with their current Defined Benefit (DB) and Defined Contribution Pension (DC) plans.

Options will include transferring these plans to a new Locked-In Retirement Account (LIRA) or using these amounts to buyback years of service under the new NEBS DB plan.

Given the significant impact that these decisions can have on your retirement, it is important to take the necessary steps to prepare for this transition.

One important step is to ensure that your financial house is in order. This means having a good understanding of your current financial situation and having the right tools and resources in place to make informed decision.

To help with this preparation, we recommend that all members have a MyCRA online account and a My Service Canada Account (MSCA) online. These accounts will provide you with quick and easy access to important information regarding your RRSP contribution room and future CPP benefits. Additionally, we strongly recommend obtaining financial advice prior to making any pension-related decisions.

We are pleased to offer YCS members the opportunity to book a 30-minute discussion with us to review your pension options and receive advice on how to make informed decisions.

Please click on our online calendar to book your discussion:

It is important to note that once the transition is announced, members will have a limited time to make their decision. Therefore, we encourage all members to start preparing now to ensure that they are ready to make informed decisions when the time comes.

In conclusion, we recognize that these changes can be complex and overwhelming. However, by taking the necessary steps to prepare, we are confident that our members will be well-positioned to make informed decisions and secure a successful retirement.

Dave Cooper, CFP®, CIM®
Senior Investment Advisor Portfolio Manager
[email protected]

Tyler Cockbain, BA, CFP®, CIM®
Senior Investment Advisor Portfolio Manager
[email protected]


Justin Nekechuk, B. Ed
Associate Investment Advisor
[email protected]

 Tower Wealth Advisory
212, 1524 91 St. SW, Edmonton, Alberta T6X 1M5
780.484.5777 ext. 1 or 891
Email: [email protected]

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