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THE EMPIRE LIFE INSURANCE COMPANY HEAD OFFICE, 259 KING ST E, KINGSTON ON K7L 3A8Lockedin Retirement Account (LIRA) Addendum To RESP Contract THIS IS AN ADDENDUM TO AN RESP CONTRACT BETWEEN: (the
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How to fill out locked-in retirement account lira

01
To fill out a locked-in retirement account (LIRA), follow these steps:
02
Contact your employer or pension plan administrator to determine if you are eligible for a LIRA.
03
Obtain the necessary forms from your employer or pension plan administrator to open a LIRA.
04
Provide all the required personal information, such as your full name, date of birth, and contact details.
05
Fill out the beneficiary designation form, specifying who will receive the funds in the event of your death.
06
Decide how you want to invest the funds within your LIRA. Consult with a financial advisor if needed.
07
Calculate the amount of money you want to transfer from your existing retirement account to the LIRA.
08
Provide any additional information or documentation requested by your employer or pension plan administrator.
09
Review the completed form and make sure all information is accurate before submitting it.
10
Submit the form to your employer or pension plan administrator for processing.
11
Wait for confirmation that your LIRA has been set up and the funds have been transferred.

Who needs locked-in retirement account lira?

01
Locked-in retirement account (LIRA) is suitable for individuals who have accumulated pension funds through a previous employer's plan.
02
It is typically required by people who have left a company or organization where they had a pension plan, and they can't withdraw the funds directly.
03
LIRA is designed to preserve and invest these pension funds until retirement, providing individuals with a source of income in their golden years.
04
Financial regulations and rules for LIRA may vary by jurisdiction, so it’s important to consult with a financial advisor or research the specific requirements of your location.
05
Overall, if you have locked-in pension funds and need a vehicle to manage and grow those funds until retirement, a locked-in retirement account (LIRA) is for you.
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