Leaving Funds in a Public Service Pension Plan or Transferring to a LIRA

[visualk]

I am looking for those that have transferred their public service pension plan(PSPP) to a LIRA or have left it with the PSPP. I have left my old job where there it was part of a PSPP and my new employer does not provide a PSPP but provides an RRSP plan. I am trying to determine the differences with leaving the funds with the PSPP or transferring them out, what are the benefits of each and the drawbacks?

[skandalouz_08]

The biggest thing to look at in this case is what you are going to get out of the PSPP when it comes time for retirement and you start pulling money from it? What interest rate (return) will you get on your money from now until retirement?

Then once you've answered that question ask yourself if investing in a LIRA, whether yourself or through a financial advisor, will get you a better return on your money?

Lastly, a PSPP typically is going to give you a fixed income throughout retirement, paid monthly, whether you need the money or not. A LIRA will give you more flexibility in how much money you withdraw annually and possibly have better tax benefits. PM me if you want more info or have direct questions, I'm a wealth advisor.