If your employment terminates for any reason other than retirement or death, you will be entitled to your total pension benefit credit. However, if the value of your pension benefit credit is locked-in at your termination date, it must be used to provide some form of lifetime income and cannot be taken as cash. If Locked-in, your commuted value of your pension may be left in the Plan to receive a deferred monthly pension at your retirement date (as early as age 55) or transferred to a Locked-In Retirement Account (LIRA) or Locked-In RRSP depending on the applicable provincial legislation . If non-locked-in, your commuted value of your pension may be taken as a taxable lump sum cash payment or transferred to your Registered Retirement Savings Plan (RRSP).
If you would like more information, please refer to the website or contact the Pension Plan administrator.
Your pension benefits are generally "locked-in" and can't be withdrawn as cash.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.
