It depends on the type of plan:
- a group RRSP is the employee’s own savings, so it can usually move to a personal RRSP or a new employer’s plan, or be withdrawn, which is taxable;
- in a deferred profit sharing plan (DPSP), employer contributions vest within two years of joining. Vested amounts can be transferred or paid out, and amounts that haven’t vested are forfeited;
- in a registered pension plan, the money is locked in. It can stay in the plan or move to a locked-in account, but generally can’t be cashed out.