What is a pension?
Pensions are investment funds created by employers or government organizations to help plan for their employees' retirement. The employer takes a portion of the employee's paycheque and deposits this into a pension plan. Upon termination or retirement, the pension is paid out monthly or in a lump-sum.
What types of pensions can I transfer?
- Registered Pension Plan (RPP)
- Defined Contribution Pension Plan (DCPP)
- Deferred Profit Sharing Plan (DPSP)
How can I transfer my pension?
To set up your transfer, you'll need to determine where your pension is held. This depends on the documents you received from your previous employer or pension provider. Depending on the documents, this will determine which path you'll take in order to transfer your pension.
There are 2 types of documents:
- Did you receive an account statement from your financial institution such as Sun Life, Manulife, and Great West Life? If yes, then you'll want to transfer your Existing Pension at another Financial Institution.
- Did you receive a termination package from your employer or pension provider? If yes, then you'll want to transfer your Previous Employer Pension.