Workplace Pensions and LIRAs in Canada
DB vs DC pensions, commuted values, LIRAs and unlocking.
If you have a workplace pension, some of your biggest retirement decisions are about it: what kind of plan it is, whether to take a lump sum when you leave, and what you can do with locked-in money. This hub is for Canadians with a pension or a locked-in account.
Start with the defined benefit versus defined contribution guide, then the commuted value decision if you're leaving an employer. The LIRA unlocking guide explains the rules by province, linked to each pension regulator, because unlocking is set provincially or federally depending on the plan.
Ask the plan administrator for your own figures before acting; these guides explain how to read them.
What this hub helps you decide:
- What kind of pension do I have?
- Should I take the commuted value?
- Can I unlock my LIRA?
- How does my pension fit with CPP and OAS?
Updated November 2026 · 3 guides by Andrew
Start here
- Defined Benefit vs Defined Contribution Pensions in Canada
- Commuted Value: Take the Pension or the Lump Sum?
- LIRA Unlocking Rules by Province (2026): 50% Unlock, Small Balances and Hardship
New to retirement? Read the overview first: How to Build a Canadian Retirement Plan in 7 Steps.
All Pensions & LIRAs guides
LIRA Unlocking Rules by Province (2026): 50% Unlock, Small Balances and Hardship
How to unlock a LIRA or LIF in Canada in 2026: 50% unlocking, small-balance limits ($14,920 to $37,300) and hardship rules, province by province.
Commuted Value: Take the Pension or the Lump Sum?
A commuted value is the lump sum your plan calculates in place of a lifetime pension. It is not a CRA table. The termination statement separates what can transfer to a locked-in account from what is paid in cash and taxed. This page did not load a discount rate.
Defined Benefit vs Defined Contribution Pensions in Canada
Your employer offers you a $54,000-per-year pension for life OR a $780,000 lump sum.