Notice for LAPP Retirees: Please accept our apologies if you are still experiencing a delay in receiving your pension payment, which was scheduled for deposit to your bank account July 29, 2021. Our pension benefit administrator has been advised by its financial institution, that LAPP retirees who bank with CIBC, RBC, TD, BMO, ATB and Scotiabank should have received their direct deposit payments by end of the day yesterday. If retirees who use other financial institutions have not received their direct deposits by the end of today, July 30, 2021, please call 1-877-649-5277 and speak to a customer service representative at Alberta Pensions Services and provide your details.
LAPP Corporation will be looking into this matter and ensuring processes are improved so it does not happen again.
Once again we apologize for this delay.
Myth: LAPP members can ‘beat the bank’ and get long-term, double-digit investment returns by quitting their job and removing their funds from the Plan.
Fact: A LAPP defined benefit (DB) pension provides a secure income in retirement without the significant risk that comes from investing. An added bonus is the peace of mind that comes with knowing your pension will last for the life of the member and their spouse or partner, too.
As a member, you work hard and contribute a significant portion of your income throughout your career to provide for your retirement needs. Your Pension is Secure because your contributions are added to a large fund and invested for the long-term, with the risk shared by 275,000 LAPP members, some working and some retired.
Watch our new video to see why you owe it to yourself to skip the water cooler advice about your pension, then check out the Myth Busters page for more tips on how to explain to others the ways in which you’re contributing toward your retirement.