Long-time lurker, 1st time poster. I've learned so much here. Thank you all for the wisdom.
I've just changed jobs after 10years + at my old job. I've just received paperwork requesting instructions on what to do with my Defined Benefit Pension. I am really not sure how to proceed.
Option 1 - Transfer into a Locked in Retirement Account (LIRA) or Life Income Fund (LIF)
Option 2 - Deferred Pension - accept the pre determined amount as indicated on the forms once I retire at 65 (which is not my plan) paid for the rest of my life
I'm leaning towards Option 1 as I am concerned about the company eventually disappearing. Where do I go to setup a LIRA or a LIF?
Any help would be appreciated.
Thank you in advance