Provide a brief (point form) description of the benefits and drawbacks of a defined benefit pension plan and a defined contribution pension plan as viewed by an employee.
Defined Benefit Pension Plan
Benefits
Drawbacks
Defined Contribution Pension Plan
Benefits
Drawbacks
Question 2
Provide a brief (point form) description of the benefits and drawbacks of a Registered Retirement Income Fund and a Fixed-term Annuity as viewed by a retiree.
RRIF
Benefits
Drawbacks
Fixed Annuity
Benefits
Drawbacks
Question 3
Dakota is 64 years of age worked as a brew master for Big Knuckles Brewery. He retired last year and has a Locked-in Retirement Account (LIRA) that holds his RPP from Big Knuckles. Dakota wants to transfer the LIRA to a type of account that will provide retirement income. Explain to Dakota the options available and any specific restrictions, if any, that apply to those options