I have a Sunlife pension (registered pension plan) with my previous employer, where I want to take a fixed portion out for a pension buyback with my current employer.
It appears Sunlife won’t allow me to partially withdraw from it, so I may use an intermediary bank to transfer the full amount into them withdraw a portion to fund my current pension buyback.
From talking to TD I can open up a locked in rrsp with them and this allows me to access 50% of the funds within the first 60 days of account opening.
Does WS have a similar product and option to transfer out?
Sunlife said they will only transfer to a LIRA as my RPP is provincially regulated whereas a locked in rrsp would be federally regulated but in the end said they will send it if TD will accept it.
My understanding is a LIRA can’t be withdrawn til retirement age which I’m nowhere near.
Any experience would be appreciated.