Show me the Money?

For those who have been reading for a while, I had to decide about whether to leave my pension in my former employer’s pension fund (which is under funded) or to take a cash settlement and transfer most of the contents into a Locked In Retirement Account (LIRA) (and take the remainder as a cash settlement).

I got a lot of advice from different folk about whether I felt confident enough to invest the money wisely enough to mimic or improve on the growth I might get in the Pension fund, however, in the end I just did not trust that my former employer will:

1. Exist in 5 years
2. Whomever buys, or takes over them will not replenish the pension fund short fall

So I have decided to take my money out, and move it to a LIRA (and a small portion to a TFSA and whatever else I can into my RRSP).

I tried to show as much diligence as I could to the documentation that I had to submit, because the default answer if I do not submit my request in time is for the company to keep the money in the (under funded) Pension. I had the Investment Councilor at the bank that set up the LIRA, check over to make sure all the forms had the correct info and then I had Mrs. C8j check everything over as well. No point in making this big a decision and not being careful with the forms.

I mailed the forms using Registered Canada Post delivery, so I have a tracking number and will know when then the forms were delivered as well (can’t be too careful here). Paranoid? Maybe, but again, it would be imprudent to trust regular mail with these forms.

Advent Financial Calendar Box Day 5

We continue the Safety Deposit box in a box idea, but in that box is an official looking piece of paper, you open it to see it is your Will.

Do you have a Will? Is it up to date? Now is the time to think about updating or writing it, using either a Lawyer or some of the Will at Home kits that are available out there. If you are single, a Will is not as important, but if you have kids and/or Property or substantial holdings, you must have an up to date Will, or your wishes after you are gone will not be followed.