TRANSFERRING MONEY TO YOUR SPP PENSION
You can transfer into your SPP account from existing unlocked RRSPs, RRIFs, RPPs and DPSP’s. Transfers must be done in cash, vs. in kind.
Funds transferred to SPP are subject to all SPP rules including the lock-in provision. This means your transferred funds become part of your SPP account and can only be accessed when you choose an SPP pension option.*
Since these are direct transfers between plans, there are no tax implications.
As part of the transfer process, you will be asked for investment instructions directing funds to the balanced fund and/or the diversified income fund.
Your financial institution may charge a fee for transferring these funds to SPP; SPP does not charge you a fee to transfer money into your account.
*Funds are locked in until age 55.