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Former employer pension plans and locked in account unlocking
What we do:
Unlock Former Employer Pensions and Locked in Accounts
How we do it:
Apply to the Government for Available Programs Such as Financial Hardship.
How long will it take?
*Proceeds from pension unlocking are paid directly to you.
Which accounts can we unlock?
- Locked-in retirement account (LIRA)
- Locked-in registered savings plan (LRSP)
- Locked-in retirement income fund (LIF/LRIF)
- Former or terminated pension members:
Registered Pension Plan (RPP)
Defined Contribution Pension Plan (DCPP)
Defined Benefit Pension Plan (DBPP)
Deferred Profit Sharing Plan (DPSP)
What provinces can we work in?
- British Columbia
- Northwest Territories
Which accounts can we not unlock?
- Current Employer Pension Plans
- Canada Pension Plan (CPP)
- Old Age Security (OAS)
- Disability Insurance Pension (WSIB)
- Current Pension Plans for people on:
Short-term lay off
What is the tax penalty for unlocking?
- 10% on amounts less than $5,000
- 20% on amounts between $5,000 to $15,000
- 30% on amounts over $15,000