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, 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. Find this information in the documents you got from your previous employer.  

These documents include:

1. An account statement from your financial institution (such as Sun Life, Manulife, and Great West 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 (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 give us a copy of a void cheque, so we can send you the excess funds directly.

You’ll also need information for our back office (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. 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 account
2. Select Move from the top menu
3. Select Move an account to Wealthsimple
4. Open the Account type menu
5. Under Retirement, select Pension
6. Select Next to continue 
7. Choose from the list of pension providers
8. Select Next to continue
9. Refer to your account statement and termination package and enter the details of your pension
10. Upload all required documents (pension package, and proof of age if required)
11. If required, please provide a signature and accept the agreement