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Locked-in RRSP

When termination of employment occurs and the participant is not eligible for retirement, he/she has two options:  

• The participant can leave his/her assets in the pension fund until he/she is entitled to receive pension benefits, yet remain eligible for a transfer through one of the RBA’s transfer agreements.
• The participant can withdraw his/her assets from the plan.

In almost all cases, a portion is locked in and the remaining assets must be refunded in cash. There is a vehicle tailored to the needs of participants who wish to leave their assets with the RBA, yet receive the cash portion to which they are entitled.

The RBA’s locked-in RRSP is an account where the participant may transfer funds from his/her RBA pension plan. Unlike a conventional RRSP, funds in this type of vehicle are locked in because they will serve as income upon retirement. A participant cannot receive income from a locked-in RRSP. Funds must first be transferred to a LIF or be used to purchase a life annuity.

A former participant may choose the type of investment best suited to him/her; however, the participant alone assumes the risk associated with managing his/her capital.