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Email this5:04 pm
January 3, 2013
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Some of you might recall when I asked about where to transfer my Locked RSP. Even though Oaken doesn't mention anything about LIRA on their web site but as Loonie mentioned, they have Locked option on the application. I called and they confirmed that they don't advertise as they don't have LIRA per say but they can transfer a locked RSP to their locked RRSP. The only problem would be that, the account will require a transfer to LIRA upon retirement in another bank. For me, it will be (hopefully) couple decades from now and nobody knows what happens tomorrow so that's not a concern.
Bottom line: You can transfer locked RRSP or RSP to Oaken. And this applies to all Canadian residents including Quebec.
7:33 pm
October 21, 2013
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just for clarification, when you say "locked RRSP", do you mean LIRA? Similarly, upon retirement, LIRA would become LIF, no? Sounds confusing!
Even if you should need it before retirement age, it's quite difficult to get this money out early, perhaps impossible, so might as well put it with Oaken as long as it doesn't put you over insurable limit. If they count it as "RSP" money, then the limit would include any other RSPs you held there. But as an LIRA, it would be entitled to separate insurance. This is where the implications of their terminology create confusion. Actually, I never heard of a locked RRSP per se, so I'm not sure what they mean.
By the time you do retire, perhaps Oaken will be offering LIFs.
3:01 pm
January 3, 2013
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Loonie said
just for clarification, when you say "locked RRSP", do you mean LIRA? Similarly, upon retirement, LIRA would become LIF, no? Sounds confusing!Even if you should need it before retirement age, it's quite difficult to get this money out early, perhaps impossible, so might as well put it with Oaken as long as it doesn't put you over insurable limit. If they count it as "RSP" money, then the limit would include any other RSPs you held there. But as an LIRA, it would be entitled to separate insurance. This is where the implications of their terminology create confusion. Actually, I never heard of a locked RRSP per se, so I'm not sure what they mean.
By the time you do retire, perhaps Oaken will be offering LIFs.
What they told me over the phone is that they don't have LIRA but they can transfer locked RSP to similar thing within their organization. When I wanted to do the transfer, Manulife told me it needs to be LIRA but what I have in Manulife is not LIRA but locked RSP. It is confusing to me too but will be sorted out in 1 week and I can update on what happened.
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