DCPP, DBPP and employer pension withdrawal rules
You can’t withdraw the money in a DCPP before you retire (age 55 or older)
However, there are some instances where withdrawals may be permitted by law
With a DBPP, if you leave your employer before you retire, you can take the commuted value of your pension out and invest it yourself, in a locked-in account
Now that you understand more about the types of pension plans and their withdrawal rules, you may also want to:
Confirm with your employer which type of pension plan you have
Talk with your advisor about whether your pension plan will meet your retirement needs
The information provided is based on current tax legislation and interpretations for Canadian residents and is accurate to the best of our knowledge as of the date of publication. Future changes to tax legislation and interpretations may affect this information. This information is general in nature and is not intended to be legal or tax advice. For specific situations, you should consult the appropriate legal, accounting or tax advisor.