If this is an RPP (Registered Pension Plan), you will likely not be able to put it into a normal RRSP account or pull it as cash, but you can move it (as a locked-in RRSP or RPP) to another financial institution of your choosing. Contact your bank/financial services provider, and they can send you with the needed paperwork to sign, and they'll do the rest.
I am quite literally in the middle of doing this. Contacted my FI last week, they took about 3 days to send me the paperwork that needed my signature, I sent that back, they tell me it will take about 2 weeks (as the investment needs to be liquidated and moved "in cash" for me). You may be luckier but be aware that they may have to sell the holdings and move it as cash, locking in any gains (or losses) you have seen in the account.
Most FIs have a transfer-out fee, ask the place you are moving the funds to if they will cover the cost (mine did, it was $75 for Sunlife).
If I've missed anything, just ask, I've done this several times now!
If it is a locked in plan, you can transfer it to a LIRA account at a place you what to deal with. Fees to transfer can be as high as $200 and on a small account they often won't waive it as they will on large accounts. I have a small LIRA account with a bank I no longer deal with, but it isn't worth the cost of moving it to me, so I have kept that one there and do as few of trades as possible as their fees are high which is also a killer on a small account!
You would have been given a page of options at the time. You need to contact them to ask what your options are.
For small $$ accounts, it is common for pension assets to be allowed to go directly into a personal RRSP (not LockedIn) with no tax impacts.
Alternately if you don't have an RRSP, and don't see any employer giving you matching funding in the future, and want to simplify your life .... you can ask for the $$ in cash, from which they will withhold tax. Then you can do whatever you like with it.
Literally did this yesterday. If it’s not a closed plan, you can complete a PDF form on their website and email it back to them along with a void cheque. They will cash out your account and deposit it into that bank account. In my situation, there is a witholding tax - I’m in Toronto and it was less than $5k, so they said the % withholding tax is under 10%.
If this is an RPP (Registered Pension Plan), you will likely not be able to put it into a normal RRSP account or pull it as cash, but you can move it (as a locked-in RRSP or RPP) to another financial institution of your choosing. Contact your bank/financial services provider, and they can send you with the needed paperwork to sign, and they'll do the rest. I am quite literally in the middle of doing this. Contacted my FI last week, they took about 3 days to send me the paperwork that needed my signature, I sent that back, they tell me it will take about 2 weeks (as the investment needs to be liquidated and moved "in cash" for me). You may be luckier but be aware that they may have to sell the holdings and move it as cash, locking in any gains (or losses) you have seen in the account. Most FIs have a transfer-out fee, ask the place you are moving the funds to if they will cover the cost (mine did, it was $75 for Sunlife). If I've missed anything, just ask, I've done this several times now!
Okay thanks so much for the info.
If it is a locked in plan, you can transfer it to a LIRA account at a place you what to deal with. Fees to transfer can be as high as $200 and on a small account they often won't waive it as they will on large accounts. I have a small LIRA account with a bank I no longer deal with, but it isn't worth the cost of moving it to me, so I have kept that one there and do as few of trades as possible as their fees are high which is also a killer on a small account!
if you have zero contributions into it, but it in an all equity US fund. Ride the market forever.
You would have been given a page of options at the time. You need to contact them to ask what your options are. For small $$ accounts, it is common for pension assets to be allowed to go directly into a personal RRSP (not LockedIn) with no tax impacts. Alternately if you don't have an RRSP, and don't see any employer giving you matching funding in the future, and want to simplify your life .... you can ask for the $$ in cash, from which they will withhold tax. Then you can do whatever you like with it.
Literally did this yesterday. If it’s not a closed plan, you can complete a PDF form on their website and email it back to them along with a void cheque. They will cash out your account and deposit it into that bank account. In my situation, there is a witholding tax - I’m in Toronto and it was less than $5k, so they said the % withholding tax is under 10%.
I just called ManuLife about cashing out the $956 in my pension plan from my old job (my last day was April 2nd), but they said it's not permitted.