{"id":25755,"date":"2024-10-29T09:57:50","date_gmt":"2024-10-29T13:57:50","guid":{"rendered":"https:\/\/carleton.ca\/hr\/?post_type=cu_description&#038;p=25755"},"modified":"2024-11-08T13:49:42","modified_gmt":"2024-11-08T18:49:42","slug":"what-happens-to-my-pension-on-termination-of-employment","status":"publish","type":"cu_description","link":"https:\/\/carleton.ca\/hr\/description\/what-happens-to-my-pension-on-termination-of-employment\/","title":{"rendered":"What happens to my pension on termination of employment?"},"content":{"rendered":"\n\n\n<p class=\"wp-block-paragraph\">On termination of employment at Carleton University you have the following options regarding your pension monies:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Leave pension monies in the plan to accrue interest until retirement age or transfer out at a future date<\/li>\n\n\n\n<li>Transfer the monies from the plan to a LIRA (locked-in RRSP) account with your bank<\/li>\n\n\n\n<li>Transfer the monies to your next employer\u2019s pension plan if that plan\u2019s administrator will accept the monies<\/li>\n\n\n\n<li>In some cases the small pension rule may apply, then monies can be taken in cash or transferred to an RRSP<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">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.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You will then have an additional 90 days to make your decision once you are in receipt of the Statement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Please ensure your mailing address is correct and provide a personal email address prior to leaving\/terminating from Carleton University.<\/p>\n\n\n","protected":false},"author":54,"template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"cu_description_type":[267],"class_list":["post-25755","cu_description","type-cu_description","status-publish","hentry","cu_description_type-pension-faq"],"acf":[],"_links":{"self":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/cu_description\/25755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/cu_description"}],"about":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/types\/cu_description"}],"author":[{"embeddable":true,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/users\/54"}],"version-history":[{"count":2,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/cu_description\/25755\/revisions"}],"predecessor-version":[{"id":25816,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/cu_description\/25755\/revisions\/25816"}],"wp:attachment":[{"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/media?parent=25755"}],"wp:term":[{"taxonomy":"cu_description_type","embeddable":true,"href":"https:\/\/carleton.ca\/hr\/wp-json\/wp\/v2\/cu_description_type?post=25755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}