# Can a LIRA be transferred back to a pension plan?



## Blush (Jan 9, 2014)

I left a job 7 yrs ago and was only given the option to transfer my pension money to a Lira. I went to a govt job with defined pension plan but the company didn't do transfers nor was I allowed to leave the pension money in the company's pension plan. Now I am close to retiring and want answers as to why I wasn't given any options. The company today does plan to plan transfers. These 7 yrs are crucial to my retirement but I am at a loss as to my next course of action.

Any info provided is greatly appreciated! 

Tks


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## Beaver101 (Nov 14, 2011)

Blush said:


> I left a job 7 yrs ago and was only given the option to transfer my pension money to a Lira. I went to a govt job with defined pension plan but the company didn't do transfers nor was I allowed to leave the pension money in the company's pension plan. Now I am close to retiring and want answers as to *why I wasn't given any options. The company today does plan to plan transfers.* These 7 yrs are crucial to my retirement but I am at a loss as to my *next course of action.*


 ... you might want to direct your enquiry with your provincial pension plan regulator (FSCO in Ontario), if not, re-enquire with your previous employer. I'm no pension expert but it's very unlikely that a LIRA can be transferred back to a previous pension plan. When you left your employment, you would have been given a choice to leave the funds in the pension plan or take the pension monies and transfer them to a LIRA. When you're set to retire, you would convert the LIRA to a RLIF. Perhaps an enquiry with your present pension plan administrator can provide you with right advice as what you can do next? Good luck.


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## carverman (Nov 8, 2010)

Blush said:


> I left a job 7 yrs ago and was only given the option to transfer my pension money to a Lira. I went to a govt job with defined pension plan but the company didn't do transfers nor was I allowed to leave the pension money in the company's pension plan. Now I am close to retiring and want answers as to why I wasn't given any options. The company today does plan to plan transfers. These 7 yrs are crucial to my retirement but I am at a loss as to my next course of action.
> 
> Any info provided is greatly appreciated!
> 
> Tks


Here's *some info* on that:

Can I transfer money from a LIRA?

*Money can only be transferred from a LIRA to:*

another LIRA

a LIF (Life Income Fund}

*a pension plan (if the plan permits*)
or
an insurance company to* buy a life annuity*

more FAQ detal: 
http://www.gov.mb.ca/labour/pension/faq/specific/lira.html


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## Blush (Jan 9, 2014)

Beaver101 said:


> ... When you left your employment, you would have been given a choice to leave the funds in the pension plan or take the pension monies and transfer them to a LIRA.


I wasn't given any other options but to transfer to a LIRA. I would have left it with the company pension plan or if the option was offered, to transfer to the government pension plan. This is a fairly big company so a plan to plan/reciprocal transfer should have been offered. I have contacted the pensions division of this company and await a response. My fear is that they will respond with that there wasn't a transfer plan in place but I know they have done these transfers for other people in the past 5 or 6 yrs. Tks for the info.


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## Blush (Jan 9, 2014)

[QUOTE*Money can only be transferred from a LIRA to:* *a pension plan (if the plan permits*)

If a pension plan permits? So some plans do permit LIRA transfers? I will ask about this as a possible option. 
Thank you.


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## Eclectic12 (Oct 20, 2010)

^^^

"If the pension plan permits" most likely refers to whether the receiving pension plan allows the transfer.

For example, I left company A for company B and in due time, qualified for a pension with company B. 
Company B's pension plan did not allow transfers so the was the usual signup paperwork, with no transfer option provided.

I then left company B for company C and in due time, for a pension with company B. 
Company C's pension plan did allow a transfer so as part of the signup process, in addition to the usual signup paperwork, I was given the option to transfer my LIRA to the new company C pension.


The key here is what your current employer's pension plan allows.


Cheers


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## gibor365 (Apr 1, 2011)

carverman said:


> Here's *some info* on that:
> 
> Can I transfer money from a LIRA?
> 
> ...


I've read somewhere that partial amount can be trasfered from LIRA to RRIF... anyone knows?

ok, just googled it and yeas you can "unlock" 50% of LIRA and transfer to RRSP or RRIF and other 50% into new LIF.
I just don't understand exactly if you need first transfer to new LIF and than transfer 50% to RRSP/RRIF or you doing as One transfer.
How 50% is established? Market value on day you initiate 1st transfer, 2nd transfer or maybe year-end of previous year?
Any amount limitations?

http://www.theglobeandmail.com/glob...oping-out-lifs-rrifs-and-liras/article622473/


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## Beaver101 (Nov 14, 2011)

gibor said:


> I've read somewhere that partial amount can be trasfered from LIRA to RRIF... anyone knows?
> 
> ok, just googled it and yeas you can "unlock" 50% of LIRA and transfer to RRSP or RRIF and other 50% into new LIF.
> I just don't understand exactly if you need first transfer to new LIF and than transfer 50% to RRSP/RRIF or you doing as One transfer.
> ...


 ... I read somewhere sometime ago, the 50% transfer availabiity is due to financial hardship or shortened life expectancy. The rules are constantly being updated so best to check with FSCO (Ontario), the source.


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## fraser (May 15, 2010)

Why I last looked up some info on LIRA's I discovered that different provinces have different rules. This surprised me.


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## My Own Advisor (Sep 24, 2012)

LIRAs I believe are provincially regulated, different provinces, different LIRA rules.


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## gibor365 (Apr 1, 2011)

My Own Advisor said:


> LIRAs I believe are provincially regulated, different provinces, different LIRA rules.


LIRA can be Provincial or Federal, I remember when I was transfering my LRRSP to LIRA, there was a checkbox indication legislation, same when my wife did such transfer


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