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I am on LTD with RBC for just over a year now, and I have made withdrawals to my personal RRSP’s without any affect on my LTD benefits. However, now I am wanting to be able to withdraw from my “GROUP RRSP”.

In the RBC LTD Policy under “Group/Association offset Amendment” it says that the benefit will be reduced “the monthly equivalent of any disability income benefit which you received under any group or association insurance policy.”

They may be referring strictly to disability income only such as CPP, WSIB and other workplace LTD benefits. But since they mention the word “Group” I wanted to get your input.

Will withdrawing from my GROUP RRSP (sponsored by previous employer) affect me receiving my full benefits? Is it reasonable for me to also have RBC confirm that with me before I take the steps to pull the money from my Group RRSP ?

Thank you

You should certainly check with your LTD provider about this. Based on the wording of the provision you quoted it is possible that your LTD payments will be reduced if you make that withdrawal. Check to confirm with the insurer. Get their position on this issue in writing.
Sivan Tumarkin
Direct Tel (Toll Free): 1-888-990-9646     Email: sivan@stlawyers.ca     Web: www.stlawyers.ca
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