u/Fit-Fig-1862

Hi,

I currently have an RBC Investment Advantage Locked-In RRSP that holds pension funds transferred from Sun Life after I left my previous job.
The funds are presently invested in RBC mutual funds, but I’d like to move them into a self-directed investing account.

My financial planner advised that they’re unable to provide guidance on this and suggested I open a Direct Investing account myself. When I look at the options, I see:

1. Locked-In Retirement Account (LIRA) – for reinvesting a locked-in employer pension
2. Registered Locked-In Savings Plan (RLSP) – for reinvesting a federally regulated locked-in pension plan

Could you please tell me which type of account would be appropriate in my situation (LIRA or RLSP)?

Also, once the account is opened, can I complete the transfer of funds online, or are there additional steps required?

Thank you in advance for your help.