Personal Changes
Whether you receive your pension cheque by mail or by direct deposit directly into your bank account, it is very important that you inform the LPF Office of any change in your address.
For your protection, the LPF Office will not accept changes to your banking information over the telephone.
Your monthly pension is taxable income. The LPF Office is required to deduct income taxes from monthly pensions, however you should complete the federal and provincial tax forms in order that the correct amount of income taxes may be deducted.
Depending on the pension choice you made at retirement and/or your personal circumstances at that time, you may wish to update your beneficiary by completing a new Beneficiary Designation Form.
If your doctor tells you that you have a life expectancy of less than two years, you may be able to apply to withdraw the remainder of your pension as a lump sum payment.
Have you appointed someone to handle your pension and financial matters if you become incapacitated? It is very important to do so in the event that you are no longer able to deal with your financial decisions in the future.
