Recently, advertisements have been appearing in media sources promoting opportunities for you to withdraw your pension account from the Government’s pension fund and invest it with a private financial company. Before you make a life changing decision that will impact you and your family for the future, we urge you to understand:
– As a public sector retiree, you will be depositing your funds into an investment account that is subject to market unpredictability; your monthly investment pension income can change from month to month; there will be no stability;
– After you possibly pay off some accumulated debts, such as mortgage, buy a new vehicle, set aside money for grandchildren’s education, the balance to support you into your retirement will be seriously diminished;
– Once the funds that you have deposited are depleted, there will be no going back….. your pension account is gone;
– As you will no longer be a public sector retiree, you will lose your health insurance benefits;
– Any spousal benefit will no longer be available;
– Any benefits for dependent children between the age of 18 and 24 to attend a post secondary education institution will be eliminated.
Before you take this action, please talk to someone who can give you advice on the realities of short term gain. If you make a hasty decision, you could be inviting long term pain.
For more information, call the Newfoundland and Labrador Public Sector Pensioners’ Association at 709-754-5730, toll free 1-800-754-4188, or email firstname.lastname@example.org .