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I like the way Seguin Financial always asks for my input and fully involves me in the decision-...

Nick Cardone

7150 Hawthorne Dr. Unit 104
Windsor, ON, N8T 3N3

Phone: (519) 974-6688
Toll Free: +1 866-973-4846
Fax: (519) 974-7192

Locked-in RRSP

When you leave a company and you are eligible to take your pension funds along, the funds must be transferred directly into a Locked-in RRSP, also called a Lock in Retirement Account (LIRA) in certain provinces. You cannot make any additional contributions to the plan. Lump sum withdrawals may be allowed under special circumstances such as shortened life expectancy or a fund value below a certain amount. The funds can only be transferred to a Life Income Fund (LIF), life annuity or in certain provinces, to a Life Income Retirement fund (LRIF). LIFs and LRIFs are very similar to RRIFs where a minimum amount must be withdrawn each year. But, there is also a maximum annual limit on LIFs and LRIFs to ensure that you maintain a lifetime income from the plan, just as you would from a pension plan.

Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Seguin Financial Group Ltd. Seguin Financial Group is a trade name used for both mutual fund & Insurance business activities. Banking products and services are offered through referral.