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I recently resigned from my HOOPP employer (Defined Benefit Pension Plan ) and will be leaving Canada altogether. I have some money that accumulated in my pension plan and am trying to figure out my options on how to be able to access these funds.. The pension plan has given me a termination package and in that unfortunately the amount did not qualify for a small pension amount that would have allowed me to cash all of it out.
As I will be relocating permanently and will not be a resident of Canada, the only viable option the pension has provided me is to transfer the funds into a Locked In Retirement Account , with excess being paid out to me as cash. Is there any way I can access funds once transferred into a LIRA? I do not want to leave the funds there until retirement , Iām relatively young and still have a long way till retirement I have better use for the money than x amount of years when k retire .
Looking for ideas on how to be able to liquidate these funds or if anyone has been in a similar situation?
TIA
You can unlock as a non-resident.
https://www.fsrao.ca/form-5-application-withdraw-or-transfer-money-ontario-locked-account
You must get it into the LIRA though. Get it in before you move.
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