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How does a LIRA work after a pension transfer?
– moneysense.ca
Q: I recently transferred my pension from Bombardier to Sun Life. I completed all the documentation and expected the fund to be transferred to an RRSP “Fidelity Clear Path 2035 Port Seg Fund” with around $70,000. Instead Sun Life has put the funds into a LIRA with the same account allocations as my other investments. I am concerned as I believe the “LIRA” limits how much can be removed at any given time? I think I’m getting this confused with a life annuity? How do you calculate this? I am 54 now. Please confirm that the LIRA does not limit my access to the funds when I’m ready to retire.
– Ted
A: It sounds to me, Ted, like you transferred a Defined Contribution (DC) pension plan into a locked-in retirement account (LIRA) after retiring or leaving your employer.
There are generally two options for a DC Pension when you leave. You can transfer the money into a LIRA, or you can use the balance to buy an annuity.
Ask a Planner: Leave your question for Jason Heath »
A LIRA is like a Registered Retirement Savings Plan (RRSP), just with some restrictions on the minimum and maximum withdrawals…
– Ted
A: It sounds to me, Ted, like you transferred a Defined Contribution (DC) pension plan into a locked-in retirement account (LIRA) after retiring or leaving your employer.
There are generally two options for a DC Pension when you leave. You can transfer the money into a LIRA, or you can use the balance to buy an annuity.
Ask a Planner: Leave your question for Jason Heath »
A LIRA is like a Registered Retirement Savings Plan (RRSP), just with some restrictions on the minimum and maximum withdrawals…
