If your Account Value (Employer Account and Member Account) is greater than 20% of the Year’s Maximum Pensionable Earnings (YMPE) in the year of termination/retirement, your Account Value is locked-in. This means the Account Value must be transferred to a LIRA or LIF or used to purchase a Life Annuity. If the Account Value is less than 20% of the YMPE in the year of termination/retirement, you have the option to transfer the Account Value to a RRSP or receive as a taxable lump sum cash payment less applicable withholding tax. Unless specified, your Voluntary Account is not locked-in.
As an Active Plan member, you are not permitted to withdraw your vested pension account until your termination or retirement from your employment and based on the provisions of the CBA...
