GM CAMI Severance & Pension Options

This Applies To You If:

• You were recently laid off or retiring from GM CAMI
• You received a pension or severance package
• You are deciding between a GM pension, lump sum or annuity

GM CAMI Retirement and Pension Decisions

If you were laid off or are retiring from GM CAMI in Ingersoll, Ontario and received a pension or severance package, you now face one of the most important retirement decisions of your life. We help you understand your severance package and make the correct retirement decision.

Your pension is years of hard work, your decision now will affect your income for the rest of your life.

GM CAMI workers are given three main options:

1. Option 1. Stay with GM company Pension
2. Option 2. Take the lump sum
3. Option 3. Transfer to a life annuity (copycat annuity)

Why People Choose a Copycat Annuity

Many workers prefer to receive their pension income from a Canadian insurance company instead of an employer pension plan.

Your pension would be protected because Canadian life insurance companies are strictly regulated and Assuris provides protection if an insurance company fails.

Option 1: Stay with GM Company Pension

Pros

• You receive a monthly income for life
• Your spouse can continue receiving income but at a reduced amount
• You don't manage or invest the money yourself

Cons

• You don't control your pension the company does.
• You can't take a lump sum if you change your mind.
• Pension depends on company plan and in rare cases benefits can be reduced.

Option 2: Lump Sum (Commuted Value)

Pros

• You receive a large amount of money upfront.
• Full control over the money is used and invested.
• You can leave money behind to your children.

Cons

• Income is not guaranteed, depends on your investment performance
• You take on market risk, your money can go up or down.
• Part of the money can be taxed if not sheltered properly

Option 3: Transfer to an Annuity (copycat annuity)

Pros

• You receive the same monthly income as your GM pension from a Canadian insurance company.
• Your monthly income is guaranteed for life, no more market risk.
• Your spouse can continue receiving monthly income at a reduced amount.
• In some cases, you may receive extra cash upfront or increase your monthly income.

Cons

• The monthly income is fixed and can't be changed.
• You give up control of the lump sum.
• Like a pension, payments stop after both spouses pass away.

Compare Your 3 Options

Important: Each option above has its trade-offs and the right choice depends on your personal situation.

Copycat Annuity: Extra Cash or Higher Income Potential

In some cases, Canadian life insurance companies may require less funds to provide the same monthly income as your GM pension.

What this means for you, is that you could receive additional cash upfront while still keeping the same monthly income. This extra cash potential can range from thousands to tens of thousands of dollars depending on your situation.

With a copycat annuity, we compare multiple Canadian insurance companies to help you receive the same income and potentially receive any extra cash available.

3 Key Features of a Copycat Annuity

• 1. Exact Copy: With a copycat annuity you get the same or slightly higher monthly income to those of your employer's.
• 2. Protection From Default: Transferring your employer's pension benefits to a high credit rated insurance company, you'll eliminate the risk of losing your pension to bankruptcy or financial problems.
• 3. Federal & Provincial Regulations: Copycat annuities are regulated by the Canadian federal and provincial insurance regulators, making sure that the insurance company is financial stable.

Get a Second Opinion on Your GM Pension

Before you make a final decision, let us help you understand all your options.

We'll review all 3 options, GM pension, lump sum and annuity options to help you make the correct decision.

Copycat Annuity Form

Complete our Copycat Annuity Form and we'll provide you with a quote and help you transfer your employer's pension to a copycat annuity.