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You may change employers several times during your career and wonder what you should do with your accumulated savings. It’s important to understand your options.

If you contributed to a group registered retirement savings plan (RRSP), you can transfer that money to an RRSP in your name or, if there’s no locked-in requirement, you can withdraw the money as cash. If you take your contributions in cash, you’ll have to pay taxes on them.

If you contributed to a group registered pension plan (RPP) you have several options.

If your employer’s contributions are vested (which means they belong to you), they’re locked in and can only be withdrawn when you retire. When you withdrawal the money, you’ll still have to pay taxes on it.

If the RPP doesn’t have vesting, you still keep your own contributions, but forfeit any employer contributions made on your behalf.

Locked-in funds can be transferred to a locked-in RRSP or another group pension plan.

If you are a member of a group plan administered by Canada Life, arrange to speak with one of our specialists by calling 1-800-724-3402, weekdays between 8 a.m. and 8 p.m. ET.