Unlocking

Under the locking-in provisions of the PBSA, money payable to a member of a plan can generally only be used to provide retirement income, even if the member leaves the plan. Pension benefits are required to be locked-in after two years of continuous membership in a plan; however, some plans may have a shorter locking-in period. There are certain circumstances in which pension funds may be unlocked.

For federally locked-in funds, the financial intermediary that holds the locked-in account may be able to assist in determining applicable unlocking options and in filling out required forms.

These forms are not submitted to OSFI. OSFI does not approve individuals’ forms or provide individual assistance in filling out the forms.

Publications

Type Title Reference
Newsletter Unlocking due to Shortened Life Expectancy – Physician’s Certification InfoPensions 10
Guide Explanatory Document for Form 1 - Attestation regarding withdrawal based on financial hardship 2015
Form Attestation Regarding Withdrawal Based on Financial Hardship (PDF, 90 KB) Form 1
Form Attestation Regarding Spouse/Common-Law Partner (PDF, 79 KB) Form 2
Form Attestation of Total Amount Held in Federally Regulated Locked-in Plans (PDF, 75 KB) Form 3
Guidance Unlocking for Non-Residents 2008-006
FAQ Unlocking FAQ