How to Access Pension Plans in Canada
Before the age of 65
Most Canadians believe that they are not able to access their former employer pension plans, LIRA, LRSP, or LIF until retirement.
That is not always the case.
By understanding federal and provincial registrations and unlocking rules, you can access your funds now rather than waiting until retirement age.
Take the Assessment Quiz below to see if you are eligible to unlock funds.
Get your money now
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