Individual Pension Plans and Prescribed Retirement Product

Flex Account Retirement Policy

The BF&M Flex Account Retirement Policy is a PRP approved by the Pension Commission to hold locked-in pension funds until retirement. If you leave an employer and have locked-in pension funds, you have the option of transferring these funds into a PRP as opposed to transferring them to your new employer’s pension fund. One of the benefits of this to the member is that the member can start to receive benefits from the Flex Account Retirement Policy as early as age 55. At this time, the member can choose from a variety of retirement options, including those detailed under Retirement Options.

Individual Savings Plan

The Individual Savings Plan allows individuals to supplement their pension savings by putting an additional amount aside on a regular basis. There is no requirement for a monthly contribution to this plan, so the individual can contribute whenever they have the money to put aside. The plan can be used to supplement their future pension income or to save for a specific future event (i.e. wedding, purchase of a house).

Educational Savings Plan

The Educational Savings Plan was designed to help individuals in saving for the future education of their children. The plan requires a minimum deposit of $50 per month or $600 annually to ensure that funds are being put aside. The maturity date of the contract is either the date upon which the beneficiary (i.e. the child) has reached the age of 18 or when the beneficiary starts post-secondary education. Notwithstanding the above, the policy owner has the right to terminate the policy at any time prior to the maturity date.

For all three of the policies above, the investment options available are the same as those available under the Golden Accumulator Retirement Plan.