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pension transfers

After being laid off from an auto assembly job, I transferred pension moneys from the company`s plan to a locked in money market fund at an insurance company.

I was told that the money was locked until I turned 55 or under a hardship claim I could take out a portion of this pension money.

My question is: If I were to declare bankruptcy, would this pension money be protected like moneys in an RRSP (after a 1 year holding period) or would creditors be entitled to those monies?

Posted from: Ontario

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One Response to “pension transfers”

A licensed trustee said...

I think if you ask, you will find that the locked in funds at the insurance company are in fact in an RRSP. Regardless, if they are locked in such that you cannot make a withdrawal then your trustee will not be able to seize the funds for your creditors either.

The hardship rules amy allow you to make a withdrawal under very special circumstance, BUT if you try do so during your bankruptcy the funds will be paid to your trustee for the benefit of your creditors, not to you – in other words don’t do it.