Locked In Retirement Funds
August 19th, 2010 by Questions
I was fully discharged from bankruptcy last year. I was able to keep my locked in retirement funds. Recently I decided to switch financial planners to manage this LIRA account. However, the company currently managing this account says there is a hold on it due to a bankruptcy. Since the funds will remain locked in until I retire, why should this company have this hold on my account? Can the funds not be transferred to another financial management company?
Posted from: Ontario
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August 20, 2010 at 6:44 am, A licensed trustee said:
Just so we’re clear – your trustee didn’t put any kind of hold on your funds. The investment componay did that when they were notified of your bankruptcy (their policy, not the law). If you ask your trustee to send thema letter advising that you have been discharged from bankruptcy and the funds belong to you then they should lift the “hold”. If they don’t you may want to speak to a lawyer…