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Clear Form Page 1/5 Form A119.3 02/17PROVINCE OF SASKATCHEWAN ADDENDUM TO THE LOCKEDIN RETIREMENT ACCOUNT (LIRA)___ ___ Annuitant\'s Name (Please print) Social Insurance Number___ LIRA Account NumberUpon
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How to fill out locked-in retirement account for

01
Gather necessary documents, including employment records and previous pension information.
02
Choose a financial institution that offers locked-in retirement accounts (LIRAs).
03
Complete the application form provided by the financial institution, ensuring all personal information is accurate.
04
Indicate the source of the funds being transferred into the LIRA.
05
Submit any additional required documents, such as proof of previous pension plans or employment.
06
Review the investment options available within the LIRA and select the appropriate investments for your retirement goals.
07
Sign and date the application form, acknowledging the terms and conditions.
08
Follow up with the financial institution to ensure the account is opened and funds are transferred successfully.

Who needs locked-in retirement account for?

01
Individuals who have a pension plan and leave their employer.
02
Employees looking to consolidate their retirement savings after changing jobs.
03
People wanting to preserve their pension benefits while planning for retirement.
04
Those seeking tax-advantaged ways to save for retirement beyond standard RRSPs.
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A locked-in retirement account (LIRA) is designed to hold pension funds in a tax-deferred environment for individuals who have received a pension payout but want to transfer those funds to a retirement savings plan. It ensures that the funds are preserved for retirement and cannot be accessed until a certain age or condition is met.
Individuals who have funds from a registered pension plan that they wish to transfer into a locked-in retirement account are required to file for this account type. This typically applies to those who have left an employer or changed jobs.
To fill out an application for a locked-in retirement account, individuals must complete the appropriate forms provided by the financial institution managing the account. This often includes providing personal information, details about the pension plan from which the funds are being transferred, and signing declarations to acknowledge the locked-in nature of the account.
The purpose of a locked-in retirement account is to protect retirement savings by ensuring that funds remain untouched until the individual reaches retirement age. This helps to prevent early withdrawals that could jeopardize long-term financial security.
When filing for a locked-in retirement account, individuals must report personal identification details, information about the originating pension plan, the amount being transferred, and any relevant tax implications.
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