Office of the Superintendent of Financial Institutions
Pension Benefits Standards Act, 1985 and the
Pension Benefits Standards Regulations, 1985 (PBSR) prohibit assigning, making a charge against, anticipating or using locked-in RRSPs as a security. Any transaction attempting to do so is void. However, funds unlocked in accordance with the PBSR can then be used at the individual's discretion.
No. However, if you choose to transfer your funds to a Life Income Fund (LIF), or to a restricted LIF, or to purchase an immediate life annuity, the monthly or annual payments could be seized by a creditor.
No. No amounts in a defined contribution account can be withdrawn while the account holder is a member of the pension plan.