What happens to my pension on termination of employment?

On termination of employment at Carleton University you have the following options regarding your pension monies:

• Leave pension monies in the plan to accrue interest until retirement age or transfer out at a future date
• Transfer the monies from the plan to a LIRA (locked-in RRSP) account with your bank
• Transfer the monies to your next employer’s pension plan if that plan’s administrator will accept the monies
• In some cases the small pension rule may apply, then monies can be taken in cash or transferred to an RRSP

Within 30 to 40 days of your last day of employment at Carleton, a Statement and Election of Benefits on Termination of Employment will be mailed to you. 

You will then have an additional 90 days to make your decision once you are in receipt of the Statement.

Please ensure your mailing address is correct and provide a personal email address prior to leaving/terminating from Carleton University.