Should you receive the unfortunate news of being let go. First thing you need to do is take your notice to an employment lawyer. Second thing would be line up an accountant to ensure all your bases are covered in terms of taxes and other fees, including your RRSP payouts. Research your options to transfer your RRSP now, you will have a bit of a window to determine which establishment you want to carry on your locked-in RRSPs.
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Faced with that decision before.
Here is a good link for everyone:
https://www.manulifeim.com/retail/ca/en/viewpoints/retirement-planning/the-pension-decision-to-commute-or-not-to-commute
Well, probably it is a concern only for those who are close to 50 (and close to retirement eligibile) and have worked for the company for 20+ years.
Anyone else, take the commuted value and run.
The pension is complicated. If you opt for transferring into a LIRA, not all of it may be eligible for transfer, and there are major tax implications. You can leave it in the pension, but there are aspects to consider, and there are points of no return.
In addition, some geographic regions permit you spreading your payout across two fiscal years to limit the taxes you must pay. Others do not.
Yes. Get some help. Even if you think you have a handle on all of it, it's still generally money well spent.