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locked in RSP with company

Hi there,
I`ll declare bankruptcy soon, since my job has been relocated and I won`t have anymore job. I currently have some RSP with the company, and was told that these funds will be transfered out to any of my locked in RSP account (if I have one, if not the bank will open one for me). My question is: will the trustee liquidate these locked in RSP? Please advise…Thanks

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One Response to “locked in RSP with company”

A licensed trustee said...

If the funds are deposited into a locked in RRSP account by your employer when your jo ends then those funds will be protected if you file for bankruptcy. If you can’t withdraw the money than neither can your creditors…

Depending on how long you’ve been with your employer, you may be entitled to receive a cash payout for part (perhaps all) of your pension contributions – if that happens these funds may be taken by your trustee. I suggest you use the links to find a trustee in your area and give them a call before you start moving money around.