Locked-in RRSP Question

[rclark2]

I was recently terminated from my job. I used to be covered under a defined benefit pension plan. Now, I need to need to transfer the $ value of my pension to a locked-in RRSP.

I am not too familiar with the various features of locked-in RRSP accounts available through financial institutions in Ontario. Are there any major differences between the accounts offered by the different banks that I should be aware of? I currently have my Self-Directed RRSP account with TD bank and my Investment Accounts are currently in the process of being transferred from TD to RBC. So, I'd prefer to open an account at one of these two firms unless other options make more sense.

Any advice on the best place to open up an account would be greatly appreciated.

Thanks in advance.

[monty613]

No difference in product availability or features from that of an RSP - the only catch being you can't deregister any funds (hence, locked-in).

There shouldn't be any difference in LIRA accounts at TD or RBC, maybe except the fees involved.

[florch]

I have one with TD that works exactly like my SDRRSP, shows up on the same screen and everything. I'm sure RBC would be the same.

[Thalo]

Have it at the same institution as your other investments. I'm assuming you mean to say you're moving your SDRRSP from TD Waterhouse to RBC Direct INvesting. I believe RBC DI also offers $10 trades if your household balance is over $100K. Not knowing what your actual balances are, it at least will eventually be beneficial to keep all your investment accounts in one place.