| How to make a withdrawal or transfer assets from your Group RRSP
If you need to make a withdrawal or transfer assets from your group RRSP and your plan allows you to make withdrawals, you can now make your request online. If you're not sure if your plan allows you to make withdrawals, check your member booklet or call 1-888-727-7766 to speak with a Customer Service Representative.
Faster than completing and mailing paper forms
Simply log in to the plan member secure site – from the 'My Account' tab in your menu, select 'Make a withdrawal'. This function allows you to make cash withdrawals for amounts up to $20,000 or transfers up to $50,000 to an external financial institution. Withdrawals and transfers requested online before 4 p.m. ET will be processed the same business day. The money will be deposited into your bank account or transferred to the financial institution you specify within a few days.
You will need your Customer Number and Personal Identification Number (PIN) to access
your account online. You can find your Customer Number on the first page of your account statement. If you need a PIN, call 1-888-727-7766 to speak with a Customer Service Representative.
NOTE: In certain situations – and for withdrawals over $20,000 and transfers over $50,000 – you are required you to complete a paper withdrawal form. In these instances, please print and complete the RRSP withdrawal form below.
Retirement Savings Tip – Before making a withdrawal from your Group RRSP, consider the effects making a withdrawal can have on your retirement income:- You pay withholding tax on withdrawn amounts.
- You lose the compounding effect long-term investing has to grow your retirement savings - $2,500 withdrawn today could be worth more than $6,600 in 20 years if you leave it and it earns 5% interest.
- You lose RRSP contribution room that you can never get back.
Withdrawal Form - For Members in Quebec | For Members outside of Quebec (GP0766E) | |
|