I meet a lot of OMERS and OPG pension holders in Peterborough who say, “We have strong pensions—why would we need a financial planner?” It’s a fair question. A defined benefit pension is a powerful foundation. But the decisions around it—indexing, survivor benefits, commuted value vs. lifetime payments, taxes, spending rules, and the human side of retirement—still benefit from careful, personal planning.

This post shares what I’m seeing in real conversations, and the practical steps that help pensioned households feel confident and live their lives to the fullest in retirement.

Indexing changes are a quiet game-changer

For years, many people assumed their pension would rise with inflation forever. In practice, indexing (or cost-of-living adjustments) can change by plan, by date, or by member category. Some OMERS members, for example, may have benefits where indexing is limited or absent. The difference compounds dramatically across a 25–40-year retirement. Without indexing, a pension that feels plentiful at 60 can feel tight at 80.

Step one in any plan is a plain-language audit of your booklet and statements: do you have indexing, when does it apply, and how does it interact with bridge benefits? Once we know that, we can build a clear savings and withdrawal plan that protects your lifestyle against inflation instead of hoping for the best.

Defined benefit doesn’t mean ‘set it and forget it’

A lifetime pension acts like a paycheque you don’t outlive—and that’s invaluable. But it also has limits. You can’t usually pull an extra lump sum for a special trip or a kitchen renovation. That’s why pension households still need flexible “top-up” capital outside the plan (TFSA, RRSP/RRIF, non-registered).

We coordinate those accounts so the core pension covers the essentials, while a well-managed side fund handles one-off goals—without risking long-term security.

Commuted value vs. lifetime payments

Some members can choose between taking the lifetime pension or commuting (taking the lump sum).

• With a commuted value, you gain flexibility and investment control, but you also need discipline through market swings and spending temptations.
• With lifetime payments, you get simplicity and guarantees, but less flexibility for large, irregular expenses.

A good plan doesn’t push one “right” answer; it shows scenarios side-by-side (before-tax and after-tax), highlights the behavioural guardrails each path requires, and matches the choice to your temperament and goals.

Two pensions, one household: survivor benefits and legacy

In couples where both partners have strong pensions, the household income can look rock-solid—until we model what happens when one partner passes away. Survivor benefits vary by plan and option chosen at retirement. The resulting income drop can ripple through housing choices, travel plans, and gifts to family or charities.

Clear planning sets the survivor option intentionally and pairs it with TFSA/RRSP/RRIF strategy and, where appropriate, insurance—so the survivor’s lifestyle stays steady and any legacy you care about still happens, by design rather than by accident.

‘What if the employer changes?’ Calm comes from clarity

Major plans like OPG and OMERS are designed to be resilient, but headlines from other industries make people understandably uneasy. Rather than worrying in the abstract, we focus on what’s in your control: confirming plan provisions, understanding provincial protections, and stress-testing your retirement against unlikely events. Facts on the table reduce anxiety—and often reveal simple backup plans (like building a modest contingency reserve) that buy a lot of peace of mind.

Retirement is the longest project you’ll ever manage

Many people spend more time planning a one-week vacation than a decades-long retirement. Yet it’s common today for retirement to last 30–40 years—sometimes longer if you retire early.

Small choices compound: CPP/OAS timing, the sequence of withdrawals, pension income splitting, how you use credits and benefits, investment costs, and inflation assumptions.

A professional plan lines these decisions up in the right order so your cash flow feels smooth month to month and your lifetime tax bill is lower.

Money is only half the plan: what are you retiring to?

There’s a practical side of retirement we don’t talk about enough: identity, routine, and community. Leaving work doesn’t only change income; it changes your week and your social circle.

Before your last day, map what you’re retiring to—part-time work you enjoy, volunteering, classes, travel with intention, or mentoring. The happiest retirees I see have a short list of meaningful roles, not a 365-day sport schedule.

We build cash flow around that vision—predictable monthly income for the base, plus a flexible “fun” bucket—with spending rules that keep the long game intact.

If you’re an OMERS or OPG pension holder in Peterborough (and across Bobcaygeon, Haliburton, and the Kawarthas) and want to see exactly how your pension fits into a confident, flexible retirement, bring your booklet and questions. I’ll bring clear explanations, side-by-side scenarios, and a plan you can live with—for the next season and the ones after it.

Adam McInroy leads McInroy & Associates Private Wealth Management, helping families in the Kawarthas turn financial complexity into calm with clear, purpose-driven plans and a steady, down-to-earth approach.

Email: adam.mcinroy@igpwm.ca 
Phone: (705) 748-1950

^{This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Adam McInroy is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Advisor. Insurance products and services distributed through I.G. Insurance Services Inc. Insurance license sponsored by The Canada Life Assurance Company.}