# Urgent question re: Company pension!!!



## seeker (Oct 23, 2009)

Hello All,

I am in desperate need of some advice about my company pension. I am in my mid 40's and have just been laid-off from a company I worked seven years for. During my employment, I participated in a mandatory pension program, where the employer matches the employee contribution. Apparently, this is a LOCKED-IN type pension I am currently not getting enough $ from E.I. to support my family or pay my mortgage. I really need to be able to access the funds I have accumulated in that pension to save my house while I find another job. Does anyone know how I could do that? Or Who would I go to for advice?

Joe Blow at the Bank says, there is no way to access it and the company that is holding my pension, says it cannot be liquidated.

There MUST be a way, some kind of loop hole perhaps?

Thanks in advance to anyone who can help me out.


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## billiam (Aug 24, 2009)

There may be a way to access the funds but it would involve commuting the pension to a LIRA first. The rules for access to the LIRA funds vary by who's jurisdiction the original pension falls under. If it was Ontario for example you would refer here for information on how access to locked-in accounts:

http://www.fsco.gov.on.ca/english/PENSIONS/unlocking/

Other provinces have similar websites with this type of information.

Good luck.


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## seeker (Oct 23, 2009)

*Thank You!*

Thank-you, Thank-you, so much for your speedy response! I will look into this and let you know how it turns out. I am in Manitoba, by the way


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## ghostryder (Apr 5, 2009)

Don't quote me on this but IIRC Manitoba only allows "unlocking" of a LIRA for someone who's life expectancy is "shortened". I don't think MB allows a "financial hardship" unlocking.


Of course, as billiam pointed out it is the province which has jurisdiction for the original pension plan which will determine the rules.


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## seeker (Oct 23, 2009)

*"Unlocking" In Manioba*

Hello and thank-you for your response.

I have contacted the pensions commissions office and left a message and hope to actually speak with somebody.

I have also done some more reading and from what I have found, you are correct, MB seems to only allow a LIRA to be unlocked if life is shortened. It is not fair.

I am allowed to move 50% my LIRA though and I wonder, if I can move it out of province?

I will post my outcome to this forum ... I'm sure I;m not the only person who needs answers to these issues.


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## Aolis (Nov 26, 2009)

*Mortgage in an RRSP*

You could convert to a locked in RRSP and the possibly hold a second mortgage on your house on it. I don't know if that would work.

http://www.canadiancapitalist.com/mortgages-in-a-rrsp/

It might be easier to just get a secured line of credit from the bank.


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