Benefits at retirement
At retirement, you may use the value of your Group RSP funds, as follows:
- buy an annuity from Canada Life or another insurance company; or
- transfer the amount to another registered plan.
Current tax laws require that you withdraw your funds or purchase a pension or a Registered Retirement Income Fund (RRIF) no later than December 31 of the year in which you reach age 69. In the event of a spousal RRSP, the deadline is December 31 of the year in which your spouse reaches age 69.
