Registered pension plan (RPP) withdrawal rules
When you change employers, you have some options for your pension plan funds
Depending on the legislation, you may be able to withdraw funds due to financial hardship once they’ve been transferred to a locked-in RRSP, locked-in RRIF, LIRA or LIF
Now that you understand more about RPPs and their withdrawal rules, you may also want to:
Confirm with your employer which type of pension plan you have and what the plan allows
Talk with your advisor about whether your pension plan will meet your retirement needs
This material is for information purposes only and shouldn’t be construed as providing legal or tax advice. Every effort has been made to ensure its accuracy, but errors and omissions are possible. All comments related to taxation are general in nature and are based on current Canadian provincial and federal pension legislation and tax and interpretations for Canadian residents, which are subject to change. For individual circumstances, consult with your tax, legal or accounting professionals. This information is provided by The Canada Life Assurance Company and is current as of date of publication.