Which retirement savings option is NOT locked-in?

A Group Registered Retirement Savings Plan (GRRSP) is the correct answer as it is not locked-in. In a GRRSP, contributions made by the employee and employer can be withdrawn at any time, subject to tax implications. This flexibility allows individuals to access their savings if they need funds before retirement, which is a significant feature that distinguishes it from other retirement savings plans.

In contrast, pension plans such as a Defined Benefit Pension Plan (DBPP) and a Defined Contribution Pension Plan (DCPP) typically involve locked-in provisions. This means that funds accumulated in these plans cannot be accessed until retirement age, ensuring that the savings are preserved for retirement needs. Additionally, a Registered Retirement Income Fund (RRIF) operates under specific withdrawal rules but is primarily intended for individuals who have already retired and are utilizing their accumulated savings from a locked-in plan. Thus, the locking-in features of pension plans emphasize the importance of long-term savings until retirement, while a GRRSP offers more accessible options to its holders.