Overview

Pensions are investment funds from employers or government organizations to help employees plan for retirement. Employers deposit a portion of the employee's paycheque into a pension plan. Upon retirement, the pension is paid out monthly or in a lump sum.

To transfer your pension to Wealthsimple, you must request a lump-sum payout from your current pension provider.

Eligible pensions

You can transfer these pension types to Wealthsimple:

• Registered Pension Plan (RPP)
• Defined Contribution Pension Plan (DCPP)
• Deferred Profit Sharing Plan (DPSP)

To transfer one of these pensions to Wealthsimple, follow the steps below. You can also contact our support team if you prefer.

How to transfer a pension to Wealthsimple

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 can find this information in the documents you received from your previous employer.

These documents include:

1. An account statement from your financial institution (such as Sun Life, Manulife, and Canada Life).
2. A termination package from your employer or pension provider.

If you can't access these documents, please contact your previous employer for help.

Step 2. Decide which account to transfer into

Check your account statement or pension package from Step 1 to see if your pension is locked or unlocked.

• If your funds are unlocked, you'll need a Registered Retirement Savings Plan (RRSP).
• If your funds are locked, you'll need a Locked-in Retirement Account (LIRA).

Step 3. Complete your termination package

When you left your employer, you should have received a pension or termination package. Scan and complete these documents for your records.

Here are some tips for filling out the forms. You might not get all the forms below, and some documents are optional, depending on the payout option you select.

• Complete all sections requesting member signatures or dates.
• Fill out the Statement of Options or Termination Benefits. This document lists the payout options. Select your preferred payout option, then sign and date the form.
• Review the Checklist of documents to be returned. The pension provider creates this checklist, and it includes all the documents they need to process the transfer. Ensure you've checked all the boxes before requesting a transfer.
• (Optional) Fill out the Request for Direct Deposit. If there's an excess portion of your pension that exceeds the transferrable limit (meaning you can't transfer them into a LIRA or RRSP), you have the option of transferring the non-commuted value to your chequing account. If this applies to you, complete the direct deposit form or provide a copy of a void cheque so we can send you the excess funds directly.

You'll also need information for our specialized team (Wealthsimple Investments Inc.) to 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 0418-088
• Wealthsimple account number: Follow these steps to find your account number.

After completing the package, scan all documents into a single PDF file. We can then fill out any required fields.

Step 4. Gather the required documents

Depending on your pension provider, you'll need to submit certain mandatory documents for RPP/DPSP pension transfers:

Step 5. Set up your pension transfer

You can transfer your pension to an existing Wealthsimple RRSP or LIRA account, depending on the type of pension you're transferring. If you don't have the required account type, you'll be prompted to open one before continuing your transfer.

1. Log in to your Wealthsimple profile
2. Select Move an account
3. Select Get started
4. Search for and select the institution currently holding the account
5. Select Next to continue signing in to your relinquishing institution
6. Select Start beside the account you'd like to transfer
7. Select I've got them on the documents screen to proceed
8. Open the Account type menu
9. Refer to your account statement and termination package and enter the details of your pension
10. Select Next
11. Enter your Employer's details
12. Select Next
13. Choose your destination account at Wealthsimple and enter the estimated value of your account
14. Upload all of your pension documents
15. Select Next
16. If required, please provide a signature and accept the agreement
17. Select Submit transfer to complete your request

Frequently asked questions