A Registered Retirement Savings Plan (RRSP) is a registered financial vehicle in which your contributions and accumulated investment earnings are tax deferred. You may transfer your non locked-in funds out of the FPP into an RRSP at a financial institution.
A Locked-In Retirement Account (LIRA) is an RRSP that receives locked-in funds from a provincially registered pension plan. You may transfer your locked-in funds out of the FPP into a LIRA at a financial institution. Locked-in FPP contributions must be transferred to a LIRA that is registered under the BC Pension Benefits Standards Act. Any locked-in funds transferred into the Plan will remain under the originating pension legislation.
Forms Required
To transfer your funds to an external RRSP or LIRA, complete the following form(s):
- Direct Transfer of a Single Amount (T2151) or an equivalent form from your external RRSP/LIRA provider
If you are a non-resident, complete the following form:
If you are a non-resident and have locked-in funds you can apply to have the locked-in restriction removed from your funds and transfer to an external RRSP. For more information and for the required forms, refer to Living Outside Canada.
Submit the completed form(s) to:
Sun Life, Group Retirement Services
PO Box 11001 Stn CV
Montreal, QC
H3C 3P3