Hello, sorry if this has already been answered, but I tried to use the search function on the site but it was down at the time I wrote this.
I recently released from the reserves, and I received information in regards to my pension. I was just looking to clarify something in terms of the two transfer values that I am seeing. There is a within tax limit portion (lets call this value 1,000 - not the real number) and an outside tax limit portion (lets call this 2,500). I know the within tax limit portion needs to go into a RRSP or some sort of locked in retirement vehicle, and that the outside tax limit portion is something I can have sent straight to my bank, but I'm not sure about the details.
If I choose to have the outside tax limit portion sent to my account, would I receive the full 2,500? Or would that value be subtracted by the within tax limit and I would receive 1,500 with the remaining amount heading to an RRSP? I tried calling the toll free number provided, but sadly I found it difficult to understand the lady due to her thick french accent (no fault of her own, she tried her best) and I went to a financial adviser but she didn't really understand it either.
Any assistance or a point in the right direction would be greatly appreciated.