Pension Plans, also referred to as Registered Pension Plans are sponsored by the employer. The employee does not have to contribute. Under the pension legislation, when the employee leaves his or her employment, he or she can either move the Pension Plan into a locked-in Registered Retirement Savings Plan (RRSP), or transfer it to another Pension Plan.
The plan member cannot take the money out, unless the case qualifies for ‘Small Balance Unlocking’ policy. This means that the balance in the account should be under a threshold amount; if that is the case, the employee can take the money out and use it for other purposes.
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