You set the policy for when exceptions can be made, but you should consider things like penalties, admin costs, etc while setting those exceptions.
Some best practices are when it is being used towards a home purchase, when they want to exit the plan to move to another managed portfolio, divorce/separation, after X number of years of contribution. Group RRSPs should not be treated like a shared checking account, and too many exceptions will create an administrative nightmare for you you to manage.
Your plan advisor should be able to help you to develop a policy that minimizes your costs and need for intervention.
HR Insider Staff
