Summary
Pension transfers differ from standard account transfers. In most cases, the pension administrator controls the process, provides the required forms, and determines the available transfer options.
Before a pension transfer can be completed, the appropriate receiving account must be opened at ModernAdvisor. Depending on the pension legislation and administrator requirements, additional documentation such as Locked-In Agreements, Locked-In Addendums, spousal declarations, or CRA forms may be required.
If the pension administrator requires a receiving institution signature, ModernAdvisor can obtain the required custodian approval and return the signed documents for submission.
Understanding Pension Transfers
Unlike a standard RRSP, TFSA, or non-registered account transfer, pension transfers are governed by specific pension legislation.
When you leave an employer, the pension administrator will typically:
Provide available transfer options
Explain any restrictions
Supply required forms
Determine what documentation must be completed
The pension administrator remains the primary party managing the transfer process.
Pension Legislation
The options available for your pension transfer depend on the legislation governing the pension plan.
Important: Pension legislation is based on where the pension benefits were earned and accumulated—not necessarily where you currently live.
Depending on the pension legislation, eligible transfer destinations may include:
Locked-In Retirement Account (LIRA)
Locked-In Retirement Savings Plan (LRSP)
Registered Retirement Savings Plan (RRSP)
Registered Retirement Income Fund (RRIF)
Life Income Fund (LIF)
Registered Pension Plan (RPP)
Pooled Registered Pension Plan (PRPP)
Saskatchewan Pension Plan (SPP)
Because the receiving account type must match the governing legislation, it is important that the correct jurisdiction is identified before the account is opened.
LIRA vs. LRSP
LIRAs and LRSPs are very similar types of locked-in retirement accounts.
Generally:
LIRA (Locked-In Retirement Account)
Typically used for:
Provincially regulated pension plans
LRSP (Locked-In Retirement Savings Plan)
Typically used for:
Federally regulated pension plans
The appropriate account type depends on the pension legislation governing the plan.
Forms and Documentation
Pension transfer requirements vary depending on:
Governing legislation
Pension administrator requirements
Employee age
Employer plan rules
Common documentation may include:
Pension administrator forms
Locked-In Agreements
Locked-In Addendums
Spousal declarations
CRA tax forms
T2151 forms
Not every pension transfer requires every document.
T2151 Forms
Some pension administrators require a T2151 – Direct Transfer of a Single Amount Under Subsection 147(19) or Section 147.3.
If required:
The client and/or advisor is responsible for completing the form.
The custodian does not sign the T2151.
The completed form is submitted to the pension administrator as instructed.
If completing Part D of the T2151, use the receiving LIRA account number and select the applicable transfer option as required by the pension administrator.
Receiving Institution Information
The receiving institution shown on pension forms depends on the account number assigned to the account.
CI Investment Services Inc.
Typically used for accounts with a 10-digit account number.
Address
15 York Street, 7th Floor
Toronto, ON M5J 0A3
Phone
1-888-365-0075
Aviso Financial Inc.
Typically used for accounts with an 8-character account number.
Address
700-1111 West Georgia Street
Vancouver, BC V6E 4T6
Phone
1-855-714-3900
How Pension Transfers Work
Step 1: Open the Appropriate Receiving Account
The correct account type must be opened before the pension transfer can proceed.
Examples include:
LIRA
LRSP
RRSP
Other eligible locked-in registrations
Step 2: Confirm the Pension Jurisdiction
The pension jurisdiction determines:
Which account type is required
Which Locked-In Addendum applies
What transfer options are available
If a LIRA account already exists and the jurisdiction was not specified during account setup, contact support so the jurisdiction can be recorded correctly.
Step 3: Complete Required Documentation
Review the package supplied by the pension administrator.
Requirements may include:
Pension administrator forms
Locked-In Agreements
T2151 forms
Spousal declarations
Other supporting documentation
Step 4: Obtain Required Custodian Signatures
Some pension transfers require the receiving institution to sign a document before it can be submitted back to the pension administrator.
Examples include:
Locked-In Agreements
Receiving institution approval sections
If a custodian signature is required, send the completed documents to support for processing.
Typical turnaround time is 2–3 business days.
Step 5: Submit the Completed Package
Once all required forms have been completed and signed, submit the package to the pension administrator.
The pension administrator will:
Review the documentation
Process the transfer
Communicate any outstanding requirements
Frequently Asked Questions
Can ModernAdvisor initiate a pension transfer?
No.
Pension transfers are generally administered by the pension administrator, who provides the available options, forms, and transfer instructions.
How long does a pension transfer take?
Timelines vary significantly depending on:
The pension administrator
The pension plan
Legislative requirements
Documentation completeness
If a receiving institution signature is required, that portion is typically completed within 2–3 business days.
Who determines whether I need a LIRA or an LRSP?
The governing pension legislation determines the appropriate account type.
This is usually based on where pension benefits were earned rather than where you currently reside.
What if my pension package includes a Locked-In Agreement?
If a receiving institution signature is required, send the documents to support and we will obtain the required custodian signature.
Does every pension transfer require a T2151?
No.
Some pension administrators require a T2151 while others do not.
Follow the instructions provided by the pension administrator.
What happens if paperwork is incomplete?
Incomplete paperwork is one of the most common causes of pension transfer delays.
The pension administrator may return documents for correction before processing can continue.
Troubleshooting
Pension Administrator Requests a Receiving Institution Signature
If a document requires a custodian signature:
Ensure the client sections have been completed first.
Ensure the account number is included.
Ensure the client has signed where required.
Submit the document to support for processing.
Unsure Whether the Pension Is Provincial or Federal
The governing legislation determines whether a LIRA, LRSP, or another account type is required.
Consult the pension administrator documentation or contact support for guidance.
Transfer Is Delayed
Common causes include:
Missing documentation
Incomplete forms
Missing signatures
Incorrect account type
Pension administrator processing timelines
Concepts & Definitions
Pension Administrator
The organization responsible for administering an employer's pension plan and overseeing transfer requirements.
LIRA
Locked-In Retirement Account, commonly used for provincially regulated pension plans.
LRSP
Locked-In Retirement Savings Plan, commonly used for federally regulated pension plans.
Locked-In Agreement
A document confirming that pension funds remain subject to pension legislation and withdrawal restrictions.
Locked-In Addendum
A jurisdiction-specific document required for many locked-in pension accounts.
T2151
A CRA form used for certain direct transfers of registered pension assets.
Compliance Notes
Pension legislation governs available transfer options.
The pension administrator determines documentation requirements.
The correct receiving account type must be opened before transfer processing.
Locked-in funds remain subject to legislative restrictions after transfer.
Some transfers require additional forms, declarations, or receiving institution approvals.
Transfer timelines are largely determined by the pension administrator and cannot be guaranteed.