Quantcast
Leaving company - what to do with pension - Beyond.ca - Car Forums
Results 1 to 10 of 10

Thread: Leaving company - what to do with pension

  1. #1
    Join Date
    Mar 2014
    Location
    Calgary
    Posts
    417
    Rep Power
    9

    Default Leaving company - what to do with pension

    I have a considerable amount of pension that I've accumulated over the years at my current job.

    I've never left a company before with a pension and nobody at work seems to know what my options are.

    Cashing it out doesn't seem wise and I'm sure it's the same tax hit as withdrawal from an RRSP.

    Can I transfer to an existing RRSP? Any sort of advice will be appreciated.

  2. #2
    Join Date
    Feb 2004
    Location
    Calgary
    Posts
    3,707
    Rep Power
    22

    Default

    your company/pension plan will provide you with some options.

    I believe mine was to
    - keep it in the existing pension plan (pay fees)
    - move to a LIRA (can put in a mutual fund or just throw it all in an ETF)
    - move to a LIRA and keep it in the same pension company (select a new plan etc)

  3. #3
    Join Date
    Jan 2008
    Location
    Nothingburger Hill
    My Ride
    Oil boom
    Posts
    11,008
    Rep Power
    100

    Default

    Locked in account / LIRA / LIRSP works. No biggie. Your pension manager will give you info.

  4. #4
    Join Date
    Mar 2014
    Location
    Calgary
    Posts
    417
    Rep Power
    9

    Default

    Sounds like it just moves to a different locked in fund. I was reading that you can transfer it to a locked in rsp, im assuming you can't use a portion of this to count as RRSP contributions for the year?

    Trying to think of tax savings here haha

  5. #5
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    8,105
    Rep Power
    75

    Default

    Your pension contributions have already counted against your rsp historically.

    So no, transferring it does not count as another contribution.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  6. #6
    Join Date
    Jul 2010
    Location
    Calgary
    My Ride
    BB6
    Posts
    40
    Rep Power
    0

    Default

    Don't overthink it. The company administering your work pension plan can transfer it in-kind to one of your personal locked-in retirement accounts

  7. #7
    Join Date
    Jan 2004
    Location
    Calgary, Alberta
    My Ride
    Bicycle
    Posts
    8,853
    Rep Power
    33

    Default

    Quote Originally Posted by jabjab View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I have a considerable amount of pension that I've accumulated over the years at my current job.

    I've never left a company before with a pension and nobody at work seems to know what my options are.

    Cashing it out doesn't seem wise and I'm sure it's the same tax hit as withdrawal from an RRSP.

    Can I transfer to an existing RRSP? Any sort of advice will be appreciated.
    Unless you know someone that has pulled the same move in your company before and give you advice, you just have to deal with HR/Pension admin to go over your options.

    If you can just straight transfer into RRSP, that would be the most flexible/best option. If keeping it LIRA is the only choice then it is what it is.

  8. #8
    Join Date
    Sep 2016
    Location
    Calgary, Ab
    My Ride
    2021 Zonda CRV
    Posts
    908
    Rep Power
    13

    Default

    Its probrably in a LIRA RSP.
    You can transfer it out. It has to go into another LIRA RSP. That is the instrument. You have to set that up first with who you want to invest with.
    Example. Set up a LIRA RSP account at the Bank. Transfer the money in. Then from that you can decide what you want to do with it. eg. Mutual fund, ETF, or stocks.

    If your investments are with a bank,advisor etc. Speak with them. They should be falling over helping you do this.

  9. #9
    Join Date
    Jul 2004
    Location
    YYC
    Posts
    3,653
    Rep Power
    47

    Default

    It's probably in SunLife or an equivalent. Move it out by talking to your financial provider (rbc direct investment, etc)

    Usually a $250 fee from SunLife to move out. Have rbc cover your fee given they're realizing the gain of your portfolio. Should be an easy negotiation.

  10. #10
    Join Date
    Jan 2019
    Location
    ES Art Room
    My Ride
    #SadLife
    Posts
    2,806
    Rep Power
    91

    Default

    .... Edit.....

    Apparently, the title wasn't "... what to do with penis on?" so my comments about mutilation aren't applicable, here...

Similar Threads

  1. Replies: 12
    Latest Threads: 05-28-2021, 12:19 PM
  2. Replies: 1
    Latest Threads: 07-03-2012, 11:05 AM
  3. Gov't Pension Plan

    By Sharpie in forum Real Estate / Finance
    Replies: 6
    Latest Threads: 08-17-2007, 11:32 AM
  4. Pension advice needed

    By variance in forum Real Estate / Finance
    Replies: 4
    Latest Threads: 07-03-2007, 11:23 PM
  5. leaving a company

    By ApexDrift in forum Careers
    Replies: 7
    Latest Threads: 06-28-2007, 08:13 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •