Ways to “unlock” retirement savings in a LIRA Dec 12th

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Ways to “unlock” retirement savings in a LIRA

– moneysense.ca

Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.
Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:

Since I was already at retirement age, was it really necessary for the financial institution to create the LIRA, or could all the proceeds simply have been consolidated into my RRSP account?
In order to simplify the management of my portfolio, is there any way of “unlocking” the LIRA so that I can place the proceeds into a normal RRIF?

–Keith
A. Leaving a group pension or retirement savings plan often means you have decisions to make. Some plans allow retirees to keep their investments with the provider, either in the same plan or with their retiree program.
Plan members often transfer their investments out to invest with an advisor or on their own. Certain accounts need to be transferred to new accounts, while others can be transferred to the same receiving account…

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