Did you know you can transfer other registered retirement funds into your CSS Pension Plan account?

Consolidating your retirement income can make managing your money simpler and help you feel more confident about your long‑term plan.

Many CSS members hold several registered accounts - RRSPs, LIRAs, LIFs, and pensions from past employers - which can be difficult to track and manage. Bringing your funds together in one place can reduce complexity, streamline decision‑making and potentially lower fees.

But before you decide, it’s important to understand whether consolidation is the right move for you now or in the future.

What to consider before consolidating

Consolidation isn’t right for everyone. Before making a decision, think about:

1. Your investment mix

Your portfolio should balance short‑term, long‑term and market‑based investments. Bringing your accounts together under one roof may help you structure a mix that works for your goals.

2. When you’ll need the money

If you expect to need your funds in the near term, transferring your other registered accounts into CSS while you’re still an active contributing member may not be the best option since funds in your pension account are not generally accessible while you are still employed by a CSS employer.

But for long‑term retirement planning – and specifically if you’re eligible to start a retirement income from CSS – moving funds into an option such as a CSS Variable Benefit (VB) account may help your savings grow while you withdraw gradually. Considering many Canadians spend 25+ years in retirement (Mercer), you may still have a long-term investment horizon to accumulate growth even after you retire.

3. Fees

Every account you hold may carry different fees. Consolidating can mean fewer accounts to track - and potentially fewer fees to pay over time.

Note: Some financial institutions charge withdrawal or transfer-out fees. CSS doesn’t cover these, and the amount varies by institution. We encourage members to ensure they understand any maturity dates and fees that might impact their decision to transfer.

4. Taxes

Registered funds can be transferred into CSS without taxable consequences, since they remain in a tax‑sheltered environment. Withdrawals, however, are taxable.

5. Estate planning

Having fewer retirement accounts can make estate planning and beneficiary updates easier and simplify things for your loved ones when settling your estate.

How to start the consolidation process

CSS accepts many types of registered accounts, and the process is generally straightforward. The steps vary slightly, however, depending on your membership status and the type of funds you're looking to transfer in, as shown in the chart below:

Making the decision

Because retirement planning is personal, we strongly recommend meeting with a CSS Retirement and Pension Advisor - or your financial advisor - before making the decision to consolidate.

If you decide consolidating is the right fit for you:

1. Contact us and we’ll provide the required transfer forms and any assistance you need to complete them.

2. We’ll coordinate the transfer with your financial institution directly on your behalf.