Upon your death prior to retirement, your Spouse/Common-Law Partner or your designated beneficiary(ies) would be entitled to your death benefit equal to the higher of the commuted value of your pension or 100% of your contributions. Your Spouse/Common-Law Partner is the automatic designated beneficiary unless an applicable provincial waiver has been completed. The Pension Plan administrator will provide the applicable options to your Spouse/Common-Law Partner, if applicable, or designated beneficiary(ies).
Your pension benefits are generally "locked-in" and can't be withdrawn as cash. They must provide retirement income instead. There are some exceptions for small pensions, which depend on provincial rules. For example:
As an Active Plan member, you are not permitted to withdraw your vested pension account until your termination or retirement from your employment.
