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Technical

We are building a comprehensive glossary of techincal terms often used in the financial services industry. Feel free to contact us if the phrase or word you need defined is not listed below.

Commuted Value

It is the value of your pension plan as a lump sum instead of taking the monthly income. You can commute until you are able to receive the pension plan, usually age 55, and you may commute afterwards but that’s up to the pension plan.

Vested

Usually 2 years after being in a pension plan you are entitled to both your contributions and the contributions of your employer. You would see “fully vested” on a pension statement. Note: If in a pension plan for under 2 years you are entitled to your own contributions only.

TFSA

Tax Free Savings Account: a new vehicle to invest where the earnings are tax free.