Unlike in a registered pension plan, the Common Good Plan offers flexibility when members can start receiving retirement income because it is composed of a RRSP/TFSA/RRIF. For example, members can start payments even as they are working part-time later in their career.
Members must convert their RRSP to a RRIF no later than the end of the year they turn 71, at which time minimum payments must be made. The TFSA is flexible, and members can start receiving retirement income at an age that accommodates their needs.
The plan will provide members with planning tools to assist with developing a retirement income plan – converting savings to income in retirement and integrating various income sources, such as government benefits.