Question about RPP

[maxwaldo]

I know nothing about this so please forgive me for not knowing.

I have an RPP.
Unfortunately due to medical reasons I am no longer able to work indefinitely.
The RPP started in 2009 and I havent worked in many years.
My short and simple question is, Can I cash that out ?
Is that something I get when I'm 65 ?
Can I make a withdrawal from it ?

Any help woule be great.
Thanks.

 

[12344321]

@maxwaldo You can check with your plan administrator to see if you there are provisions for accessing the money east, due to health reasons.

 

[ariesagro]

@maxwaldo Are you receiving a pension currently? Or do you have a locked in retirement account or LIRA? It could also be known as a locked in retirement savings plan or LRSP.

If you're already receiving a pension it's unlikely that you'll be able to draw additional income out of it. You should check with the pension plan themselves.

If you have a LIRA, LRSP or the payout versions of these accounts like a LIF, you'll need to first find out the pension legislation that governs them (federal or provincial). There are rules around how you can access these accounts. For example, you can look up the financial hardship unlocking rules for an Ontario LIRA. It'll probably be easier to talk to the firm that holds your account rather than trying to figure it out on your own.

Keep in mind, all withdrawals on these accounts are fully taxable.

Good luck.

 

[maxwaldo]

@ariesagro Alot of words there I didn't fully understand.
But currently NOT receiving any pension of any kind.

 

[ariesagro]

@maxwaldo Ok. Where is your money at? Go talk to the people who hold your money.

 

[hoangpr]

@maxwaldo Usually when you leave your employer they will ask if you want to leave your money in the pension fund and receive whatever benefit you are entitled to at 65 or you can take the commuted value and put it in a self directed LIRA account. Depending on if your lira is federal or provincial will determine if you can withdraw prior to 65. There will also be rules for early withdrawel due to health or financial hardship.