Can a locked-in retirement account (LIRA) or a life income fund (LIF) be seized?
If there has been no bankruptcy: LIRAs and LIFs are also unseizable if the amounts come from a plan subject to the Supplemental Pension Plans Act. Exceptions: • The amounts can be seized for: • the payment of a support debt (maximum 50%) • the partition of family patrimony • the payment of a compensatory allowance • Sums from a plan administered by the Commission administrative des régimes de retraite et d’assurances (CARRA) that are transferred to an LIRA or an LIF can be seized. In the case of bankruptcy, all LIRAs and LIFs are unseizable. Exception: for LIRAs and LIFs that would have been seizable if not for the bankruptcy (for example, an LIRA for which the amounts come from the RREGOP*), the sums paid into an LIRA or LIF in the 12 months preceding the bankruptcy are seizable.
Related Questions
- What happens if the financial institution pays amounts that it should not have paid from a locked-in retirement account (LIRA) or a life income fund (LIF)?
- Can I withdraw my Locked-in Retirement Account (LIRA) funds as a lump sum in cash?
- How can money be withdrawn from a locked-in retirement account (LIRA)?
