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What are the procedures for transferring a Pension?
Locked-in funds originate from a Registered Pension Plan (RPP). If an employee remains with a company until their normal retirement age, their pension plan will provide an income for life. If an employee terminates their employment at a company, or their pension plan is being wound up, their full vested (owned) pension benefits may be transferred to a locked-in plan. Company pension plans in Canada can be established and registered under either provincial or federal legislation. The legislation governing a client's funds must be established upon opening the RSP locked-in plan, as this will determine the type of plan that will be opened (i.e.; locked-in RSP (LRSP) or a Locked-in Retirement Account (LIRA)).
The pension plan administrator or the financial institution transferring the funds should correctly identify the jurisdiction governing the client’s funds by indicating the details in the documentation.
For transfer requests from a registered pension plan, complete and submit Form T2151, Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3.
NOTE: The pension plan administrator that transfers the RPP may use other forms of documentation to record the transfer. They must also provide the client with confirmation of the details of the transfer.
All completed documents should be mailed to:
Client Documentation Department
ATTN: Transfer Department (Specify particularly if Transfer IN or Transfer OUT)
3500 Steeles Avenue East
Tower 2, 2nd Floor
Markham, ON L3R 2Z1
Originals must be received prior to the transfer being processed. For Pension transfers that consist of a locked-in and non-locked-in portion 2 separate transfer forms are required for each receiving account.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.