Defined Contribution Pension Plan (DCPP), Pooled Registered Pension Plan (PRPP) or Deferred Profit Sharing Plan (DPSP)
You will need to specify which percentage of your salary is contributed by you to the plan and also which percentage is contributed by your employer.
These percentages will be used by the TIME MACHINE to make deposits to the account and also to calculate your Pension Adjustment (PA), which reduces your RRSP contribution room.
When your employment ends (whether you leave the company or retire), the account will be automatically converted to either a Locked Investment Retirement Account (LIRA) or a Register Retirement Savings Plan (RRSP), as appropriate. A LIRA will then be converted into a Life Income Fund (LIF) at the specified age that you have specified (the maximum age being 71). Similarly, an RRSP will be converted to a Registered Retiment Income Fund (RRIF) at the age that you have specified. The maximum age for this is 71, or your age when your younger spouse turns 71. LIFs, like RRIFs, have minimum withdrawal limits, and, unlike RRIFs, they have maximum withdrawal limits. These limits vary by province and with the long term Canada bond rate (CANSIM). In some provinces, your age and returns from the past year are a factor. The rules and calculations surrounding LIFs can be quite complicated, so you should always check with the plan holder before making a withdrawal.
The TIME MACHINE will always make the minimum withdrawals required by these plans. If additional funds are necessary, withdrawals will be made considering to your planned withdrawals and priorities, but only to the allowed maximum.