Pension plan or locked-in RSP?

Pension plan or locked-in RSP? | October 27, 2010

When it comes to deciding between a company pension plan for life versus a locked-in retirement savings plan (RSP), the choice can pose a big dilemma. What is worth more down the line? Age, financial circumstances, health, lifestyle and risk tolerance are just a few things to consider if you are given the choice between the two retirement plans.

To start, choosing between the two options is often not a strict “math” decision, says Scott McKenzie, regional vice president, general manager and fee-based financial planner at T.E. Wealth in Toronto. “The first point to consider is that the commuted value number [the monetary value] and the pension are equal amounts,” he says.

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