For customer service and all business enquiries, call +1 441 295 5566  |  For website support or to set up an online account, call +1 441 298 0301

Back to FAQs

Can I receive my funds in cash or a lump-sum?

Whether you’re moving from one employer to another or you’re leaving the workforce, what happens to your pension funds is up to you. You can choose any of the following options:

1. Transfer the funds to a Prescribed Retirement Product, such as BF&M’s Flex Account Retirement Plan
2. Use the funds to purchase a deferred annuity to provide you with income starting at age 65
3. Transfer the funds to your new employer’s pension plan

Lump-sum payments are generally only allowed from plans that are not registered (i.e. not subject to the Pension Act). The ability to take funds in cash is highly dependent on the plan you are in and BF&M’s representatives can help you to determine what is specifically allowed for you.

Don’t put all your eggs in one basket

Setting up an individual Prescribed Retirement Product, like BF&M’s Flex Account Retirement Plan, provides for more diversification of your investments. If you transfer your pension funds into your new employer’s plan, all of your retirement savings will be invested in one set of funds. By using the Flex Account to hold your accumulated pension funds separate from your current employer’s plan, it gives you more choice for where your funds are invested.

We can help

We recognize that each person has different needs when it comes to planning for retirement. It is important to start early and make your pension funds work for you. For assistance with transferring your pension funds from your previous employer’s plan, let BF&M help. Contact one of our customer service representatives at +1-441-295-5566.

More My Policies FAQs

Didn't find what you were looking for?

Call a BF&M representative for more information.