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  • Mar 4th, 2014 3:56 pm
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[OP]
Newbie
Jan 18, 2013
26 posts
3 upvotes

RPP question

This is probably a stupid question...

I just got a letter about being in a Registered Pension Plan with manulife through my employer, I don't remember every signing up for this, am I able to cash out any of this?
2 replies
Sr. Member
User avatar
Oct 24, 2011
623 posts
179 upvotes
Timmins
Generally, you are not able to opt out of a Registered Pension Plan with an employer; it is a condition of employment. It is set up so that eventually you have a pension at retirement. You will contribute part of your pay and your employer will contribute his part.

Double check about the plan, however. Manulife handles many Registered Group Retirement plans (RRSPs). The rule for these plans are different. It depends on your employer's conditions of employment whether you must join or not, and how long you have to wait before you can join.

Either way, they can be a good thing for you as they provide income in the future. Learn what you can about them.
Deal Fanatic
Jul 1, 2007
8315 posts
1282 upvotes
nelsontran wrote:
Mar 4th, 2014 1:23 am
This is probably a stupid question...

I just got a letter about being in a Registered Pension Plan with manulife through my employer, I don't remember every signing up for this, am I able to cash out any of this?
Sigh... when I'm retired and paying tax on my RRIF payments and investment income taxes on the huge portfolio I've built up over the years they'll be going to pay for this dude's OAS, GIS and whatever other entitlements they come up with for non-savers between now and then.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.

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