{"id":57773,"date":"2020-09-30T15:36:00","date_gmt":"2020-09-30T15:36:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/take-the-commuted-value-of-your-pension-or-leave-it-in-place\/"},"modified":"2024-02-12T09:26:22","modified_gmt":"2024-02-12T14:26:22","slug":"take-the-commuted-value-of-your-pension-or-leave-it-in-place","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/take-the-commuted-value-of-your-pension-or-leave-it-in-place\/","title":{"rendered":"Take the Commuted Value of Your Pension, or Leave It in Place?"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\">\n\t\t\t\t\t\t\t<span>Savings<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Take the Commuted Value of Your Pension, or Leave It in Place?<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Alexandra Macqueen, CFP<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-229-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-229-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-229-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Thumbnail-default-229-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Take the Commuted Value of Your Pension, or Leave It in Place? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/take-the-commuted-value-of-your-pension-or-leave-it-in-place\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/take-the-commuted-value-of-your-pension-or-leave-it-in-place\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published September 30, 2020 \u2022 7 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>The stakes for this decision can be high, as your choice is irreversible, the value of your pension can be significant, and you may not have much time to decide. How do you make a decision you feel confident about? Here&#8217;s an overview of the choices you might be facing, along with the pros and cons to consider for each option.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Option 1: Leaving the pension in place<\/h2>\n\n\n\n<p>Although you won&#8217;t be working at your job any more, one option that&#8217;s usually offered is leaving the funds that have accumulated in your pension plan in place. Then, when you are eligible \u2013 based on your age and the rules of that plan \u2013 you would receive a monthly income. For example, you might be eligible to start receiving income at age 55, 60, or 65.<\/p>\n\n\n\n<p>If this option is available, when you leave your job you will be provided with information about when your income from the pension plan would start paying out, how much the monthly income would be, and the assumptions that have been used to determine how much you&#8217;d receive.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Option 2: Commuting the pension<\/h2>\n\n\n\n<p>A second option is to \u201ccommute&#8221; your pension entitlement by taking the funds out of the pension plan. This option is typically called commuting your pension to cash, or \u201ccashing out&#8221; your pension benefit.<\/p>\n\n\n\n<p>With this option, the funds in the pension plan would be transferred to a Locked-In Retirement Account (LIRA), up to something called the Maximum Transfer Value, a limit set by the Income Tax Act. Any amount that&#8217;s greater than the Maximum Transfer Value would be paid out to you as taxable cash. You could then contribute some or all of these funds to a Registered Retirement Savings Account, if you have contribution room. (If you don&#8217;t have RRSP room, the full value of the cash portion of your pension benefit will be added to your taxable income for that year.)<\/p>\n\n\n\n<p>A second option for commuting your pension, depending on your pension plan, might be to use the funds set aside for you to purchase a life annuity from a life insurance company. The annuity would need to match the benefits you&#8217;d have under the plan.<\/p>\n\n\n\n<p>The Canada Revenue Agency will allow all of the funds in your pension entitlement to be transferred over to a life insurance company to purchase an annuity without any tax consequences, so long as the annuity is identical or very close to the pension benefit you would have received, if you stayed in the plan. That&#8217;s why this kind of annuity is called a \u201ccopycat annuity.&#8221;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Option 3: Transfer your entitlement to a different defined-benefit pension plan<\/h2>\n\n\n\n<p>Finally, if you&#8217;re moving from a job with a defined-benefit pension to a different job with a defined-benefit pension, you may be able to transfer the funds you&#8217;ve built up in the pension plan from the first job to the plan at the new job. This option will depend on the details of each pension plan.<\/p>\n\n\n\n<p>Which of these options might be right for you? There are pros and cons for each.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-1-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-white-color has-text-color\">The stakes for this decision can be high, as your choice is irreversible, the value of your pension can be significant, and you may not have much time to decide. How do you make a decision you are confident about?<\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Option 1: Leaving your pension in place \u2013 Pros and cons<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Pros:<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>If you have a spouse or common-law partner, the pension can continue to pay them (usually at a reduced rate, such as 60 per cent of your pension payment) after you pass away.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You don&#8217;t have to take any investment risk or make any investment decisions \u2013 those risks and decisions are all in the hands of the pension plan, not you.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your pension will start as promised, and pay out as promised, even if investment markets dip before or during your retirement.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The monthly income from your pension is eligible for \u201cpension income splitting,&#8221; which can reduce your household tax bill if you have a spouse or common-law partner.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Cons:<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The money in the plan is not liquid, but is paid out from month to month.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If the pension plan \u201cruns into trouble,&#8221; your pension benefit might be at risk.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The pension income dies with you, or your spouse, if you have one \u2013 there is usually no estate value left after the second spouse passes away. If you don&#8217;t have a spouse or common-law partner, the income from your pension plan ends when you pass away.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Option 2: Commuting your pension \u2013 Pros and cons<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Pros:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>If you commute your pension to cash, the money in your plan is accessible to you and, subject to tax rules that govern how the funds in a locked-in retirement account can be \u201cunlocked,&#8221; can be spent to meet goals other than providing retirement income.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You can manage the funds in your locked-in account directly, taking more or less investment risk as you choose.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you pass away earlier in retirement, the remaining value in your account can be left to your beneficiaries.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you commute your pension to a \u201ccopycat annuity,\u201d you can avoid any risk of the pension plan becoming insolvent, and failing to make the promised payments. The income from a copycat annuity is also eligible for pension income splitting, and is protected from default through&nbsp;<a href=\"https:\/\/assuris.ca\/\" target=\"_blank\" rel=\"noreferrer noopener\">Assuris<\/a>, the not-for-profit organization that protects Canadian policyholders if their life insurance company fails.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Cons:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>If you\u2019re not comfortable making investment decisions, you may have concerns about making all of the investment decisions for your locked-in retirement account yourself.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The amount of your commuted value that is above the Maximum Transfer Value can be high \u2013 as much as 50 per cent of the plan value, or more \u2014 meaning that you might face a significant tax bill if you commute to cash.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Without a financial plan in place, you may be tempted to deplete the funds that had been set aside for retirement on other, shorter-term goals \u2014 meaning you might fall short once you hit or when you\u2019re in retirement.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Market downturns just before or early in retirement, when withdrawals start, can limit the amount of retirement income your commuted value can produce.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Usually, the amounts you invest on your own don\u2019t have the same guarantees as the payments from a pension plan. For example, funds you invest on your own aren\u2019t guaranteed to provide income for as long as you\u2019re alive, usually don\u2019t offer any guaranteed inflation protection, and aren\u2019t guaranteed to pay out the same amount even if markets drop.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you commute your pension plan to cash, the income you receive from the commuted amounts is not eligible for pension income splitting.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you commute your pension plan to a copycat annuity, the income is not liquid and, like payments from your pension plan, the annuity income dies with you, or your spouse, if you have one \u2013 there is usually no estate value left after the second spouse passes away. If you don\u2019t have a spouse or common-law partner, the income from your annuity ends when you pass away.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>As you can see, there are pros and cons for each option you might be considering. If you&#8217;re facing this decision, how will you know which option is right for you? Here are a few points to consider.<\/p>\n\n\n\n<p>First, any decision you make \u2013 whether staying in the plan, commuting to cash or a copycat annuity, or transferring your pension benefit to a new pension plan \u2013 should be made in the context of your overall goals. If you don&#8217;t have a clear picture of what you want your financial future to look like, this could be an opportunity to create one.<\/p>\n\n\n\n<p>Of course, you&#8217;ll also want to review the details of your specific options carefully, to make sure you&#8217;ve thought through all of the choices available to you. You&#8217;ll also want to assess the overall health of your employer pension plan, to evaluate whether you expect it will be able to pay out the promised benefit when the time comes.<\/p>\n\n\n\n<p>All in all, if you&#8217;re facing a decision about remaining in or leaving your defined-benefit pension plan, it might make sense to get some personalized financial advice from a pro who is suited to provide the advice you need.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ddb51eba-b194-4ea4-8fc9-920cbf8e10a8\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Take the Commuted Value of Your Pension, or Leave It in Place? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/take-the-commuted-value-of-your-pension-or-leave-it-in-place\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/take-the-commuted-value-of-your-pension-or-leave-it-in-place\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-0bb76126-90b6-4275-8b51-5d1c8da2d8c5\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/pension\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Pension<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/protecting-wealth\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Protecting Wealth<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Middle-aged couple walking dog while reflecting on retirement savings and future financial security; image representing retirement readiness planning\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg 6720w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/\">\n\t\t\t\t\t\tPlanning for Retirement\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/behind-on-retirement-savings-what-to-do-now\/\" class=\"card-title h4 mar-t-0\">Behind on retirement savings? What to do now.<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"662\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/shutterstock_2490670013_talking-to-aging-parents-about-money.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Adult children and retired parents sitting together on a couch showing how to talk to aging parents about money in a comfortable, collaborative setting.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/shutterstock_2490670013_talking-to-aging-parents-about-money.jpg 6644w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/shutterstock_2490670013_talking-to-aging-parents-about-money.jpg?resize=300,194 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/shutterstock_2490670013_talking-to-aging-parents-about-money.jpg?resize=768,496 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/shutterstock_2490670013_talking-to-aging-parents-about-money.jpg?resize=1024,662 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/shutterstock_2490670013_talking-to-aging-parents-about-money.jpg?resize=1536,993 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/02\/shutterstock_2490670013_talking-to-aging-parents-about-money.jpg?resize=2048,1324 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/\">\n\t\t\t\t\t\tPlanning for Retirement\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/how-to-talk-to-aging-parents-about-money\/\" class=\"card-title h4 mar-t-0\">How to Talk to Aging Parents About Money<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/The-Million-dollar-retirement.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Young couple using the laptop in the bed at home\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/The-Million-dollar-retirement.jpg 3864w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/The-Million-dollar-retirement.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/The-Million-dollar-retirement.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/The-Million-dollar-retirement.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/The-Million-dollar-retirement.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/01\/The-Million-dollar-retirement.jpg?resize=2048,1366 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/\">\n\t\t\t\t\t\tPlanning for Retirement\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/million-dollar-myth\/\" class=\"card-title h4 mar-t-0\">How Much Do You Really Need to Retire Comfortably in Canada? Debunking the Million Dollar Myth<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-ddb51eba-b194-4ea4-8fc9-920cbf8e10a8 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-ddb51eba-b194-4ea4-8fc9-920cbf8e10a8 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-0bb76126-90b6-4275-8b51-5d1c8da2d8c5 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-0bb76126-90b6-4275-8b51-5d1c8da2d8c5 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>You are leaving your job.  Do you keep your pension plan in place, or commute your pension to cash? Here are some pros and cons to consider.<\/p>\n","protected":false},"author":128,"featured_media":67468,"parent":57299,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[143,97,48],"rbc_content_type":[31],"rbc_audience":[93],"rbc_lob_group":[71],"rbc_difficulty_level":[70],"rbc_mmm_category":[303,352,313],"class_list":["post-57773","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-pension","tag-protecting-wealth","tag-savings","rbc_content_type-article","rbc_audience-seniors","rbc_lob_group-investments","rbc_difficulty_level-intermediate","rbc_mmm_category-goals-aspirations","rbc_mmm_category-planning-for-retirement","rbc_mmm_category-retirement"],"acf":{"contently_publication_id":"264614","custom_author":"Alexandra Macqueen, CFP","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"You are leaving your job. Do you keep your pension plan in place, or commute your pension to cash? Here are some pros and cons to consider.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/take-the-commuted-value-of-your-pension-or-leave-it-in-place\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"You are leaving your job. Do you keep your pension plan in place, or commute your pension to cash? 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