I'm going to commute the value of my pension at age 47 early next year. There will be a lump sum payout and the remainder (currently $211,000) will be required to be transferred to a LIRA and then later converted to an LIF. I want to transfer as much as I can of that out of the LIRA/LIF to an RRSP and think that will be possible. I want more control over that money.
I know that I can do a one-time transfer of 50% of the LIRA/LIF to an RRSP and then it looks like I will likely be able to withdraw more based on "financial hardship" which would seem laughable to pretty much anyone here. "Financial hardship" is defined as annual income below $32,200.
Just curious to know if anyone else has unlocked a LIRA/LIF and if he or she had any difficulty doing so.
