Are you close to retiring or have you been recently terminated from a job where you had a pension plan? If so, you’ve probably been given a time-limited list of options for your pension money. We can help you determine the best choice for you. If you wish to have more control over the investment of your pension savings, we can facilitate a tax-free transfer to your individual Retirement Savings Plan. The locked-in portion of your pension can be transferred (tax free) to a Locked-In RRSP or Locked-In Retirement Account (LIRA). As with an RRSP, a LIRA allows for tax deferred growth on your investments. However, withdrawals are far more restricted from a LIRA (as with a pension). At maturity, a LIRA can be transferred to a Life Income Fund (LIF) from which retirement income is paid out. The payout schedule from a LIF is structured with a maximum as well as a minimum annual withdrawal and treated as taxable income. Under certain circumstances (e.g. financial hardship, terminal illness) it is possible to access locked-in funds before maturity; check with us to find out if you qualify.