Private pension plans ________.
A)are different from RRSPs
B)cannot be converted to annuity or a RRIF on retirement
C)are voluntary, employer-sponsored plans
D)are the same as RRSPs

Question

Quizplus · Accepted Answer

Private pension plans are voluntary, employer-sponsored plans that are designed to provide retirement benefits to employees, whereas RRSPs are personal savings plans that individuals can contribute to on their own. Private pension plans can be converted to an annuity or a RRIF on retirement, unlike what option B suggests. Option D is incorrect since private pension plans are not the same as RRSPs.

Private Pension Plans ________