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Consolidating Your Employee Pensions

February 12, 20243 min read

Navigating the Transition: A Guide to Moving Your Pension After Leaving Your Job

Good morning! As you embark on a new chapter in your career, it's crucial to consider the fate of your pension when transitioning away from an employer. Whether you're changing careers, starting your own business, or entering retirement, moving your pension can be a strategic financial decision. In this blog, we'll explore the ins and outs of moving your pension after leaving your job, providing insights and guidance to help you make informed choices for a secure financial future.

  1. Understanding Your Options:

Upon leaving your job, you typically have several options for your pension plan. Understanding these options is the first step in making an informed decision. You may choose to leave your pension where it is, transfer it to a new employer's plan, or move it to a personal retirement savings vehicle. Each option comes with its own set of considerations, and assessing your financial goals is essential in determining the most suitable path.

  1. Unlocking Flexibility with a Personal Pension Plan:

Moving your pension to a personal retirement savings vehicle, such as a Registered Retirement Savings Plan (RRSP) or a Locked-In Retirement Account (LIRA), provides you with increased flexibility and control over your investments. This option allows you to tailor your investment strategy to align with your risk tolerance, financial goals, and timeline, providing a personalized approach to retirement planning.

  1. Consolidating for Clarity:

If you've accumulated pensions from multiple employers over the years, consolidating them into a single account can simplify your financial management. Not only does this make it easier to track your retirement savings, but it also streamlines the decision-making process when it comes to investment choices and withdrawal strategies.

  1. Mitigating Risks:

Transferring your pension to a personal retirement savings plan can also help mitigate risks associated with changes in your former employer's financial health. By taking control of your pension, you safeguard your retirement funds from potential company-related challenges, ensuring that your hard-earned savings remain secure and unaffected by external factors.

  1. Exploring Investment Opportunities:

Moving your pension provides an opportunity to explore a broader range of investment options than those offered within an employer-sponsored plan. This flexibility allows you to diversify your portfolio, potentially increasing your investment returns and better aligning your investments with your risk tolerance and financial objectives.

  1. Seeking Professional Advice:

Moving your pension should be a smooth and well-managed process. Plume Financial Services takes pride in offering a seamless experience for clients looking to transfer their pensions. By leveraging their expertise and commitment to client success, they ensure that your pension journey is navigated with care and precision.


As you bid farewell to your current job and embrace new opportunities, the decision regarding your pension is a pivotal one. By understanding your options, unlocking flexibility, consolidating for clarity, mitigating risks, exploring investment opportunities, and seeking professional advice, you can make a well-informed decision that sets the stage for a financially secure and fulfilling retirement. Remember, your pension is a key component of your financial future, and taking the time to make the right choices now will pay dividends in the years to come.  

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Mike Plume

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