Office of the Superintendent of Financial Institutions
Subject to the terms of the existing contract, existing locked-in vehicles can generally be amended to reflect any new provisions in the
Pension Benefits Standards Regulations, 1985 (PBSR). Financial institutions and clients can generally amend existing agreements via an addendum, rather than drafting entirely new contracts. Any new or amended contract must incorporate the current requirements in the PBSR.
There is nothing in the
Pension Benefits Standards Regulations, 1985 that prevents financial institutions or advisors from charging transfer fees for locked-in retirement savings plans. The financial institution that holds the locked-in retirement savings plan should be contacted for details.