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Disability and your private pension plan

Depending on the type of plan and your situation, your pension plan (pension fund) may provide provisions or benefits in the event of disability:

Are you a member of a defined contribution plan?

Refund

If you are disabled and are no longer an active member in the plan:

  • Your plan may allow you to receive a refund of the amounts credited to your account or to transfer the amounts to a registered retirement savings plan (RRSP). Consult your plan summary or contact the plan administrator to find out whether or not your plan offers this option and, if so, the conditions that apply.
  • You can also transfer the amounts credited to your account to a locked-in retirement account (LIRA) in order to obtain a refund or transfer the amounts to an RRSP.

Retirement income

When you end your active membership in the plan, because you are disabled or for any other reason, you have the right to transfer the balance of your account to an authorized transfer instrument.

Some transfer instruments, for example, a life income fund (LIF) or an annuity contract, will allow you to draw an income.

Consult the retirement section of our website to learn more about the transfer conditions that apply to your defined contribution pension plan. 

Are you a member of a defined benefit plan?

Refund

If you are disabled and are no longer an active member in the plan:

  • Your plan may allow you to receive a refund of the value of your benefits or to transfer the amounts to an RRSP. Consult your plan summary or contact the plan administrator to find out whether or not your plan offers this option and, if so, the conditions that apply.
  • If you are entitled to a transfer, you can transfer the value of your benefits to a locked-in retirement account (LIRA) in order to obtain a refund or transfer the amounts to an RRSP.

Consult the retirement section of our website to learn more about the transfer conditions that apply to your defined benefit pension plan. 

Disability pension

If your disability requires you to stop working for the employer who offers the plan or forces you to end your active membership, your plan may offer a disability pension. Consult your plan summary or contact the plan administrator to find out whether or not your plan offers this option and, if so, the conditions that apply.

The value of your disability pension must be at least equal to the value of the benefits to which you would have been entitled if you had not become disabled. The amount of your disability pension may therefore be different than your vested retirement pension.

Retirement pension

You can apply for your retirement pension:

  • if you are less than 10 years from the normal retirement age under the plan (for example, if you are at least 55 and the normal retirement age is 65)

    and
  • if you are no longer an active member of the pension plan or if you have stopped working because you are disabled (or for any other reason).

Are you a member of a simplified pension plan (SIPP)?

Refund

If you are disabled, you can withdraw, in cash, the balance in your locked-in and not locked-in accounts, even if you are still an active member of the plan. Consult the retirement section of our website to learn more about the transfer conditions that apply to your simplified pension plan.

Do you need more information about retirement plans?

See our "Retirement" section to find out more about:

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