Authorized transfer instruments
The choice of transfer instrument depends on whether or not the amounts to be transferred are locked in.
Locked-in amounts
When the amounts to be transferred to the spouse are locked in, the following transfer instruments are authorized:
The following are also authorized, provided the supplemental pension plan (SPP) allows:
- The former spouse's supplemental pension plan
- The member's supplemental pension plan, if savings accumulate in the form of capital (capital benefits).
The amounts in a simplified pension plan (SIPP), whether it belongs to the member or his or her former spouse, are credited to his or her locked-in account.
A spouse who wishes to transfer these amounts to a supplemental pension plan should consult the plan administrator to determine if this is possible, find out the terms and conditions of such a transfer, and determine the benefits he or she will receive under this plan if such a transfer is made.
Amounts not locked‑in
When the amounts to be transferred to the spouse are not locked in, and the spouse wishes to transfer them rather than receive a cash payment, the following transfer instruments are authorized:
- Registered retirement savings account (RRSP), if the former spouse is under the age of 71
- Registered retirement income fund (RIFF)
- Life annuity contract (deferred or immediate) purchased from an insurer
- Voluntary retirement savings plan (VRSP). The member's plan or another chosen by his or her former spouse. The amounts are then credited to the non locked-in account.
The following are also authorized, provided the supplemental pension plan (SPP) allows:
- The former spouse's supplemental pension plan
- The member's supplemental pension plan, if savings accumulate in the form of capital (capital benefits).
If the former spouse chooses a simplified pension plan (SIPP), the amounts will be credited to his or her non locked-in account.
A spouse who wishes to transfer these amounts to a supplemental pension plan should consult the plan administrator to determine if this is possible, find out the terms and conditions of such a transfer, and determine the benefits he or she will receive under this plan if such a transfer is carried out.
It is also possible to transfer amounts that are not locked in from a supplemental pension plan to a LIRA or LIF, in which case the amounts are locked in. However, these transfer instruments are not authorized in the case of amounts from a VRSP that are not locked in.
Legal references