Help centre
If I quit my job, what happens to my pension plan or fund with my former employer?
You have several options:
- Transfer the accumulated funds to a Locked-In Retirement Account (LIRA). When you retire, the funds can be transferred to a Life Income Fund (LIF) so you can make withdrawals.
- Transfer the funds to your new employer's pension plan.
Leave the funds in your former employer's pension plan and receive a pension after retirement.
Related questions
-
Are RESP withdrawals taxed? Learn about withdrawing from an RESP. -
Are TFSA contributions tax deductible? Learn the tax benefits of a TFSA. -
Are TFSA withdrawals taxed? Learn if TFSA withdrawals are taxable. -
By what age must a child withdraw funds from an RESP? Learn the maximum age to withdraw funds from an RESP. -
Can I carry forward my unused FHSA contribution room? Once you open an FHSA, you can carry forward your unused contribution room. Check out the details.
Chat with our virtual assistant
Ask a question for immediate answers to your questions, available 24/7