Defined contribution currently, considering job with defined benefit
I'm currently in a job with a defined contribution pension, and am considering applying to a new job which offers a defined benefit. This isn't the reason for the change, but it's one factor that I'm weighing and I'm not sure where I land on it. I love the security of a defined benefit, but my current arrangement appears generous from what I've read on here.
Before I get into numbers, yes I'm very fortunate and I've worked hard to get to where I am. I just need advice on this pension issue.
Current: salary is $260k likely increasing to $272k this year, with 15-20% annual bonus. My employer matches RRSP contributions up to 9% (but not on bonus), and when RRSP maxes out they continue to match 9% in a non registered account. It's with Sunlife so there are some fees.
Possible job: $376k but no bonus. 7% pension contribution, indexed pension beginning at 65 with 50-60% of salary.
The salary in the second job is more competitive. That's a consideration but not the consideration here for my question - I'm interested strictly in the pension aspect. Thanks!!
Posted Jul 2, 2025, 3:26 PM UTC