Pensions are investment funds created by employers or government organizations to help plan for their employees' retirement. The employer takes a portion of the employee's paycheque and deposits this into a pension plan. Upon retirement, the pension is paid out monthly or in a lump-sum.
To transfer your pension into Wealthsimple, you'll need to request a lump-sum payout from your existing pension provider.
There are three types of pensions you can transfer to Wealthsimple:
- Registered Pension Plan (RPP)
- Defined Contribution Pension Plan (DCPP)
- Deferred Profit Sharing Plan (DPSP)
If you have one of these pensions and would like to transfer it to Wealthsimple, follow the steps below. Or, to speak to someone about transferring a pension to Wealthsimple, you can book a call with one of our portfolio managers.
Step 1: Find out where your pension is held
To set up your transfer, you'll need to know where your pension is held. You should be able to find this information from the documents you received from your previous employer.
There are two types of documents that provide this information:
- An account statement from your financial institution (such as Sun Life, Manulife, and Great West Life).
- A termination package from your employer or pension provider.
If you're having trouble accessing either of these documents, please contact your employer for help.
Step 2. Decide which type of account to transfer into
You’ll need to check the account statement or pension package in step one to determine if your pension is locked or unlocked.
- If your funds are unlocked, you’ll need an RRSP.
- If your funds are locked, you’ll need a LIRA.
Step 3. Complete your termination package
When you left your employer, you should have received a pension or termination package. Please scan and complete the documents for safe-keeping.
We've included tips to help you fill out the forms. Keep in mind that you may or may not receive all the forms below, and depending on the payout option you select, some documents are optional to fill out.
- Complete all sections asking for member signatures or dates.
- Fill out the Statement of Options or Termination Benefits, a document that lists the available payout options. Please select your preferred payout option and then sign and date the form.
- Review the Checklist of documents to be returned. This checklist is created by the pension provider and includes all the documents they'll need to process the transfer. Make sure you've checked all the boxes before requesting a transfer.
- (Optional) Fill out the Request for Direct Deposit. If there is an excess portion of your pension that exceeds the transferrable limit (ex they cannot be transferred into a LIRA or RRSP) you have the option of transferring the non-commuted value to your chequing account. If this is applicable, you will need to complete the direct deposit form or provide us a copy of a void cheque so that the excess funds can be sent to you directly.
You’ll also need information for our back-office (Wealthsimple Investments Inc.) to help you complete the transfer documents:
Name of Receiving Institution: Wealthsimple Investments Inc.
Mailing Address: 201- 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Specimen Plan Number/CRA Registration Number: RSP 521-145
Wealthsimple Account Number: You can find your account numbers at any time in the My Documents section of our website. They are listed in each of your trade confirmations, monthly statements, and Investor Policy Statement.
Once the package is complete, please scan all documents into a single PDF file, and we’ll be able to fill out any of the required fields to be completed by us. You now have everything you need to request a transfer.
Step 4. Set up your pension transfer
- Head to my.wealthsimple.com and login to your Invest & Save account
- Select Move funds
- Select Transfer an account
- Select Pension
- Choose from the list of pension providers or select Other
- Refer to your account statement and termination package and enter the details of your pension
- Upload all required documents (Pension package, and proof of age if required)
- Provide a signature and accept the agreement