How long has it been taking people out there for Sunlife to transfer the index funds to your brokerage of choice? Also, for those taking a lump sum from the pension plan, how long before those funds hit a LIRA account once the forms are submitted?
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LIRA was slow, mainly because they send a cheque to your institution and then it takes a few days for the institution to cash it. It took about 3 months for me.
Took me 3 months to get it in my LIRA account.
@fj the folks handling the LIRA are called the EM Pension and Benefits centre but it’s actually outsourced to a company called Alight. EM got sold a lemon with this outsourcing, cause they are awful and manage to mess up everything.
@es So true. You basically have to chase them down to confirm they even received your paperwork — even when you submit it on time — because the EM folks in Pension and Benefits have a remarkable talent for messing things up. They move at the speed of snails on vacation, and honestly, it wouldn’t shock me in the slightest if they managed to botch the transfer to a LIRA account too.
Yeah, the LIRA is probably a couple months if you're lucky, worse if they mess it up, which seems to happen far too frequently. The outsourced Pension and Benefits center seems to be very slow and incredibly incompetent.
LIRA is slow, months to transfer.
Sunlife, if you move everything as cash it can be relatively quick (7-10 days). If you want to transfer the units of share/fund as is, it takes much longer.